This post-merger distribution reflects a 28,8% increase on the comparable period distribution of 13 cents per linked unit which was pre-merger.
Redefine joint CEO Wolf Cesman says the increased distribution reflects the benefits of the merger for Redefine unit holders and is in line with its forecast.
Net property income exceeded budget and management contained property expenses at 19,8% of revenue.
Cesman says property fundamentals continue to reflect tough economic conditions, but the Redefine portfolio has weathered the downturn satisfactorily. “Arrears are slowly improving and remain well below the sector average, and the portfolio is achieving rental increases of about 11% on renewal,” he says.
During the quarter Redefine acquired R520-million in properties at an average yield of 11,27%, and has disposed of R130-million in properties at an aggregate yield of 6,5%, which is expected to impact positively on the portfolio for the remainder of the financial year.
Income from Redefine’s listed securities portfolio has met expectations.
At the company’s annual general meeting held today, a resolution was passed for its name to change from Redefine Income Fund Limited to Redefine Properties Limited, with effect from 1 March 2010. “Redefine Properties better reflects the core business and corporate identity,” says Cesman.
Redefine’s ISIN will change to ZAE000143178, while the short name (Redefine) and share code (RDF) will remain unchanged.
