Distributable earnings up by 11.5%

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JOHANNESBURG – Dipula Income Fund, the listed property company with a portfolio of 174 properties valued at R7.1bn, increased distributable earnings by 11.5% in the six months to February. 

This represented a 4.6percent growth in dividend a share on a combined share compared to 6.3percent growth in the prior period. Dividends an A-share increased 4percent year-on-year to 52.67488cents from 50.64892c in line with Dipula’s dividend policy, while dividends a B-share rose by 5.3percent year-on-year to 44.07594c from 41.83993c. 
Vacancies increased to 10.4percent from 9.2percent, with the rise in industrial portfolio vacancies to 12.9percent from 8.8percent the main contributor to the drop in occupancy levels. 
Office vacancy rates remained stable year-on-year, while retail vacancies increased by 0.2percent year-on-year. Dipula acquired a portfolio valued at R1.25bn from Setso and RecTrust, comprising two retail properties in Gauteng, six office properties across Gauteng and the Western Cape, and two redevelopment properties. Dipula also completed the buying of a 50.1percent stake in the Marikana Shoprite Centre for R50million, 50percent of Harding Corner retail centre for R52m, and Rosebank fire station offices for R122m after the reporting period. 
Acquisitions not yet transferred would increase the value of the portfolio to R8.5bn post this reporting period. 

Source: iol.co.za