| Wed 4 Aug 2010, 16:50 | | RDF - Redefine Properties - Announces third quarter distribution |
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RDF
RDF
RDF - Redefine Properties - Announces third quarter distribution
Redefine Properties Limited
(formerly Redefine Income Fund Limited)
(Registration No. 1999/018591/06)
Share Code: RDF ISIN Code: ZAE000023503
REDEFINE ANNOUNCES THIRD QUARTER DISTRIBUTION
Redefine Properties Limited has announced a third quarter distribution of 16,0
cents per linked unit for the period 1 March 2010 to 31 May 2010, bringing the
total distribution for the nine months to end May 2010 to 49,5 cents.
Redefine CEO Marc Wainer says this third quarter distribution, which is lower
than the previous quarters, is due to a portion of Redefine`s forecast income
being received in the final quarter.
"The fourth quarter distribution to end August 2010 is anticipated to be not
less than 17,0 cents, which brings the expected total distribution for the year
to at least 66,5 cents, which is in line with guidance," he says.
Wainer says the property portfolio, which is overwhelmingly the largest
contributor to net income, is performing to expectations. "The listed portfolio
has delivered income in excess of expectations, however, this has been offset by
increased interest payable on the additional borrowings utilised to fund the
larger exposure to offshore interests.
"On the upside, as a result of restructuring a portion of debt, significant
savings have been realised which will positively contribute to the annual
distributions," he says.
Wainer is excited about the prospects for the 2011 financial year, and says many
of the initiatives that have been conceptualised in 2010 will bear fruit for the
full period of the next financial year.
"Between Redefine International, the Hyprop transaction, in-sourcing the
property management function, and the improvement in the Redefine property
portfolio, we have all the ingredients for a positive year ahead," he says.
4 August 2010
Date: 04/08/2010 16:50:25 Produced by the JSE SENS Department.
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