Ascension H1 distribution per A-linked unit 19.95c v 19c

Ascension Properties (AIA‚ AIB) on Monday declared a distribution of 19.95c per A-linked unit in the six months to December 2013‚ compared with 19c in the same period a year ago.

The property fund also declared a 10.36c distribution per B-linked unit.

The company has a dual-linked unit structure consisting of A-linked units and B-linked units. The A-linked unit has a preferential right to distributions that escalate by 5% per annum for the first five years.

The B-linked units are entitled to the residual distributable income after the distribution on the A-linked units has been paid.

“The company achieved distributable earnings of R100.6m for the six months ended December 31 2013 in line with expectations‚” it said.

The fund said it would continue to target portfolio growth through its focused acquisition strategy of acquiring centrally located‚ larger commercial office buildings at yield accretive prices.

Despite the recent increase of 50 basis points in the repo rate‚ “the board remains confident that Ascension will meet its previously announced forecast distributions”.

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