Dipula achieves 7% increase in total distribution growth
Real estate investment trust Dipula Income Fund has achieved a 7% increase in total distribution growth during the 12 months ended August to 149.98c.
The company reported on Thursday that its total distribution attributable to its A-linked units increased by 5% to 83.39c, while full-year B-linked distribution increased by 9.6% to 66.64c.
During the year, Dipula’s market capitalisation climbed from R1.8-billion to R2.8-billion.
Dipula CEO Izak Petersen attributed the company’s solid performance to Dipula’s strategy, which was improving the quality of its growing diversified property portfolio to deliver inflation-beating income growth sustainably.
“We acquired good assets on an income-enhancing basis and we are running our portfolio efficiently as shown in the favourable expense-to-income ratio of 20.7%,” he said.
Meanwhile, the company’s acquisitions for the year totalled more than R1.1-billion at an average yield in excess of 9.8%, which helped increase revenue.
“Dipula’s distributable income increased by 45.5%, while its portfolio grew by 54% from R2.4-billion to R3.75-billion as a result of acquisitions and capital appreciation on the existing portfolio,” Petersen highlighted.
Dipula also sold and transferred 13 properties totalling R27.2-million during the period.
“Despite the fact that we expect the operating environment to remain tough in the 2014 financial year, especially for office properties, we are committed to extracting maximum value from our portfolio and improving it with new acquisitions. We expect distribution growth for the 2014 financial year to be between 7% and 8%,” Petersen said.
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