To date, the A units have received 45% and the B units have received 55% of the income distribution. However, this distribution exceeds the 75,00 cents threshold at which a new distribution structure kicks in.

Because the ApexHi C unit is entitled to all the distribution between 75,00 cents and 93,75 cents, the C unit will receive  3,00 cents for the quarter, with the balance of 75 cents distributed to the A unit (33,75 cents), and the B unit (41,25 cents).

The A and B unit distributions increased by 11,9%.

ApexHi CEO Gerald Leissner says strong organic growth in the core portfolio, due to increased rentals and lower vacancies, has contributed to the C units participating in the income distributions much sooner than originally anticipated when the C unit was listed in October 2006.

note:

ApexHi distributions are calculated on the following basis:

Up to 56,75 cents per quarter (R2,27 per annum)
• A units receive the first 25,50 cents (R1,02 per annum)
• B units receive the balance of the income distribution.
• C units receive nothing
From 56,76 cents to 75,00 cents per quarter (R2,27 to R3,00 per annum)
• A units receive 45% of the income distribution
• B units receive 55% of the income distribution
• C units receive nothing
From 75,00 cents to 93,75 cents per quarter (R3,00 to R3,75 per annum)
• A units receive 33,75 cents (R1,35 per annum)
• B units receive 41,25 cents (R1,65 per annum)
• C units receive the balance of the income distribution, to a maximum of 18,75 cents (R0,75 per annum)
Above 93,75 cents per quarter (R3,75 per annum)
• A units receive 36% of the income distribution
• B units receive 44% of the income distribution
• C units receive 20% of the income distribution