This, together with the first interim distribution paid on 3 December, takes the distribution for the period under review to 19 cents per A-linked unit and 8.45 cents per B-linked unit.

Since listing, Ascension has delivered annualised total returns of 25% per A-linked unit and 41% per B-linked unit.  According to CEO Ashraf Mohamed “We are satisfied with these results which are in line with our expectations and forecast.  We remain on track to meet our forecast distributions for the full year to 30 June 2013”. 

“Our focus in the first quarter will be on bedding down our recent acquisitions.  Our acquisition pipeline remains healthy and we are confident of delivering on our portfolio growth strategy”. 

Ascension is a black managed and substantially black owned property loan stock company listed on the JSE.  The company is a property income fund focusing on centrally located commercial office buildings in South Africa with a strong focus towards government and other empowerment sensitive tenants. 

Ascension has a dual linked unit structure consisting of A-linked units and B-linked units.  The A-linked unit has a preferential right to distributions that escalate with 5% per annum for the first five years and the lower of 5% and inflation thereafter.  The B-linked units are entitled to the residual distributable income after the distribution on the A-linked units has been paid and should deliver higher distribution growth. 

Ascension has 176,9 million A-linked units and 347,5 million B-linked units in issue, with a combined market capitalisation of R1,62 billion.