JSE-listed property loan stock company Premium on Thursday reported a 9% rise in distribution to 126.2c for each linked unit for the year ended February 2013.

MD Jeffrey Wapnick said this led to an income yield of 8.4%, with a total return of 34.7% for the year.

The group’s rental income during the 12-month period under review increased by 10.7% to R575-million, while the net rental income recorded an 8.3% rise to R321.8-million.

Operating profit on distributable earnings for the year ended February jumped 7.1% to R292.9-million.

Premium also reported a 138.4% increase in basic earnings a share to 130.4c and a 50.7% increase in basic earnings a linked unit, reaching 256c.

Headline earnings a linked unit rose 8.7%, from 114.6c in 2012 to 124.5c in the 2013 financial year.

Meanwhile, the group had bought residential property, The Hangar, in Centurion, from Prophold for R114.9-million, Wapnick said.

The property, which comprised six blocks of residential accommodation, was expected to further enhance Premium’s residential property portfolio.

The deal was subject to the fulfilment of various conditions by June.

Further, the company had, over the past year, injected R145.8-million into redevelopment projects and had commitments valued at R97.9-million for the next year.

One of Premium’s redevelopment projects – the construction of an additional residential block at The Fields, in Hatfield, Pretoria – was expected to yield a return of 8.3% once fully let.

This R68.9-million project, which was expected to be completed by November, comprised the construction of 87 residential units and 87 parking bays.

Premium had completed a R8.3-million upgrade of the 2 350 m² retail property – Pavillion – in Sunnyside, Pretoria, as well as a R15.9-million upgrade of the Protea Towers office block and a R43.2-million upgrade of the 5 258 m² retail component of Centre Walk, both of which were located in the Pretoria central business district.

The group also spent R59.7-million last year on the redevelopment of mixed-use property Silver Place, in Silverton. The project included the construction of 104 new residential units and the upgrade of the existing residential units.