Rebosis declares interim distribution of 48.50c per linked unit

The black-managed real estate investment trust‚ Rebosis Property Fund (REB) reported on Thursday a 9.0% rise in its distribution per linked unit to 48.5c for the six months ended February 2014 from 44.5c in the year-earlier period.

Diluted headline earnings per linked unit rose to 54.79c from 66.79c previously. An interim distribution of 48.50c per share linked unit was declared.

The fund said it had reached an occupancy level of 98% and increased its assets under management by 51% to R7.01bn through “yield-enhancing strategic acquisitions delivered on distribution growth targets”.

“Given our strong portfolio fundamentals of long term leases with contractual escalations in the office sector combined with strong turnover growth in the retail sector‚ we remain confident about the performance of the fund. Demand for space is strong‚ vacancies are low and operating costs are well managed. The current retail expansion and tenant mix optimisations will further position the centres for exceptional growth in the future‚” the fund said.

Rebosis said despite a tougher economic environment‚ it forecasts distribution of between 97c and 99c per linked unit for the year ending August 2014.

The property portfolio is valued at R6.592bn‚ an increase of R175.2m since August 2013. The portfolio has a total gross lettable area of 414‚398m2‚ located in Gauteng‚ the Eastern Cape‚ KwaZulu-Natal and the North West.

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