The company has delivered a total income return of 79,3% and capital growth of 95,2%. The A units have delivered a total return of 125,9%, with 63,6% capital growth and 62,3% income yield, while the B units have delivered capital growth of 142,6% and an income yield of 100,8% - a total return of 243,4%.

ApexHi CEO, Gerald Leissner says the company’s promise to investors has always been to maintain consistent returns, with limited growth expectations. “Notwithstanding our conservative approach, ApexHi’s quarterly distributions have increased marginally every year – the B units have increased from 103 cents in 2002 to 110,75 cents in 2004 -  and the real growth has come from the unit price.

The A units listed at 600 cents in September 2001, and recently hit a high of 990 cents in December 2004 and the B units, which listed at 400 cents in September 2001, recently climbed to 1015 cents.

“The share price has been positively influenced by the demand for the units, and we believe ApexHi’s extremely high liquidity is one of the factors that attracts investors. ApexHi’s liquidity is one of the highest in the sector, with 33% of the A units and 28% of the B units trading in the first six months of the current financial year, amounting to trading volumes of more than R1-billion. Some R1,3-billion was traded in the last fiscal year.

“Our high liquidity facilitates the purchase of properties for a combination of units and cash, which is important considering our objectives to keep growing the portfolio with revenue enhancing properties while maintaining our relatively conservative 30% gearing level,” says Leissner.