The property fund’s unaudited results declared a distribution of 48 cents per linked unit for the six months ending 28 February 2014, which is an increase of nine per cent from a distribution of 44 cents per linked unit for the same period in 2013.
“We have a very good portfolio with high quality assets. So when the cycle is down, our portfolio which is evenly split between retail and office space makes it easier for us to make predictions,” Sisa Ngebulana, [DATA REB:Rebosis Property Fund Limited]’s chief executive officer, told CNBC Africa.
Ngebulana added that what underpins results is very good property fundamentals.
(READ MORE: Rebosis posts strong full year results)
“We invested in the right quality assets which are dominant regional shopping centres with our jewel in the crown, the Hemingways Mall, [which] is forever in demand for space in the area,” he added.
Hemingways Mall, the largest retail centre in their portfolio, reported annual turnover growth of 10.5 per cent in the reporting period.
The company’s net operating profit rose from 202 million rand in 2013 to 293 million rand in 2014, according to the company’s unaudited results.
Profit from operations also rose to 423 million rand in 2014 from 280 million rand in 2013.
Assets under management also grew by 51 per cent to seven billion rand with a long-term objective to continue growing its distributions and long-term capital appreciation for its shareholders.
During the period under review, Rebosis increased its total assets through yield enhancing strategic acquisitions and delivered on distribution growth targets.
Rebosis was established by the Billion Group in 2010 and was the first black-managed and substantially black-held property fund to be listed on the Johannesburg Stock Exchange.