This is a 17.8% improvement over the 46,25 cents per unit declared for the comparative period. Oryx has continued to provide investors with a reliable and growing income stream despite a globally depressed economic environment.

CEO Hein Smit attributes the increase in distribution growth to nearly full occupancy in the property portfolio, maintaining a cost to income ratio of 20% and higher turnover rentals from the Maerua Mall shopping centre in Windhoek. In addition the timing of the investment in the SA listed property portfolio enhanced the distribution by 2.25 cents per unit for the period.

Maerua Mall, Namibia’s flagship regional shopping centre, continued to perform well and had seen significant growth in customer foot count and trading turnovers. 

Oryx’s low gearing ratio of 22% and strong balance sheet provided the fund with the capacity to grow the portfolio. Realisable net asset value per linked unit increased from 1 124 cents to 1 175 cents. 

The core property portfolio was valued at N$791 million at 31 December 2009, a 3% increase in value over the June 2009 valuation. In addition a N$50million investment was made in SA listed property which brings the total investment portfolio to N$840million.

Additional land acquired in Lafrenz industrial area in Windhoek brought the total land holding in that area to 21 000m². The land holding is a strategic investment for Oryx and negotiations are under way for a specific tenant driven development.

Oryx has contracted to acquire three yield enhancing industrial properties in South Africa for a total consideration of N$59 million. These properties will produce rental income from the date of transfer, which is expected during February. These investments enhance the geographic and sectoral diversification of the portfolio which currently has most of its assets located in Windhoek.

The solid base of the core portfolio, together with recent investments and planned developments, offer investors sound prospects for future income growth.

According to the CFO Stefan de Bruin the half year distribution of 54.50 cents per linked unit provides an attractive income yield based on the current unit price of 951 cents. This reflects a 19,1% discount to the realisable net asset value of 1 175 including the distribution payable in March 2010.