Dipula achieves double-digit distributable earnings growth
JSE-listed real estate investment trust (Reit) Dipula Income Fund achieved a 13% year-on-year increase in distributable earnings and 7.1% year-on-year increase in distributions per combined share for the six months to February 29.
Distributable earnings increased to R177.3-million from R156.9-million in the prior comparative period.
Dipula CEO Izak Petersen said the Reit’s performance was sustainable, despite challenging conditions.
“We reduced the overall vacancy rate to 9.2% at the end of the period from 9.6% in the prior period and post the period have continued cutting vacancies to 6%,” he stated.
The group’s gearing stood at 42% at the end of February. It had debt facilities of R3-billion, of which R2.9-billion had been used to date.
Over the next 18 months, Dipula would implement a further R400-million of refurbishments and upgrades on its existing portfolio.
“This is in line with our strategy to continue unlocking value in the portfolio. We expect an average yield in excess of 11%,” he said.
The Soweto-based Proteapoint mall would undergo a R60-million revamp, while its Dobsonpoint property would undergo a R6-million facelift.
“These revamps will not only enable us to command higher rentals but will also provide the local community with a better shopping experience.”
Petersen noted that business remained fundamentally sound despite the volatility in the markets and the headwinds the local economy faced.
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