Rebosis lifts distribution growth 11%
JSE-listed real estate investment trust (Reit) Rebosis Property Fund had declared a dividend of 57.95c a share for the six months ended August 31.
CEO Sisa Ngebulana noted that, combined with the distribution of 52.46c a share for the six months ended February 28, this amounted to a total distribution of 110.41c for the year, an increase of 11% on the prior year’s distribution.
This had also exceeded the 8% to 10% guidance provided by the Reit earlier this year and was based on a continuing strong performance on portfolio fundamentals, as well as increased income from acquisitions.
The company also lifted its distributable earnings to R572-million for the year under review, a 48.8% year-on-year increase in distributable earnings.
“I think this is an excellent set of results, particularly in this challenging market. We were able to ensure that our core portfolio delivered solid growth figures,” stated Ngebulana.
He attributed this success to the rental escalations on the buying of properties and the containment of operating costs.
PROPERTY PORTFOLIO
At year-end, assets under management were valued at R9.8-billion compared with R7.6-billion in 2014. The value of the Rebosis’s investment property portfolio was R7-billion, up from R6.9-billion in 2014.
“Our effective 59% holding in Ascension and 62% in New Frontier Properties Limited represented listed property securities of R2.7-billion, which is an increase from
R598-million in 2014,” Ngebulana pointed out.
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