At year-end 31 August 2005, Redefine issued an unaudited forecast income growth of a minimum of 10% for financial year 2006.
Annualised total distributions of 41.25 cents per linked unit represent growth of 12% on the 36.8 cents per linked unit for the financial year ending 31 August 2005, substantially exceeding the average sector growth of 8% to 9%.
Historically Redefine's first and third quarter distributions have been lower than those declared for the second and final quarter as a result of Redefine's financial year not corresponding with the schedule of distributions paid by the companies constituting Redefine's listed securities portfolio.
This pattern is expected to continue in the current financial year.
"Redefine's strong first quarter distribution was influenced by the full effects of lower gearing rates and improved performance from the company's property portfolio which delivered higher rentals combined with reduced expenses," explains CEO Brian Azizollahoff.
The strategic acquisition criterion of Redefine has ensured that properties have been purchased at income enhancing yield levels.
Azizollahoff further points out that Redefine has experienced a noteworthy growth in income from its portfolio of listed counters, specifically Hyprop Investments Limited in which the fund recently increased its stake.
The robust performance of both its property portfolio and listed securities portfolio positions Redefine for continued growth.
I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge
