Fountainhead Property Trust Management (FPT) has reported a distribution of 26.11c per unit for the six months to March‚ down 6.8% from the similar period a year earlier.

The reduction in distribution was mainly to due a number of factors‚ which included the expensing of advisory costs in relation to the proposals to acquire the assets of the trust‚ the dilutive effect of expensing the interest on the development of Blue Route Mall and short-term dilution on the acquisition of 25% of Centurion Mall‚ Fountainhead said in a statement.

Total vacancy levels were 7.6% in the review period‚ from 5.6% a year ago.

The company expected the full year distribution to be lower based on its assessment of “difficult” trading conditions and the same factors that led the reduction its interim distribution‚ it said.