Rental income and net rental income increased by 22.9% to R99.3 million (R80.8 million) and 26.2% to R62.7 million (R49.7 million) respectively, compared with the previous six month period. The interim distribution for the period of 33.7c (28.0c) represents an increase of 20.4% on that paid in the previous corresponding period. The continuing strong trading conditions and management's pro-active approach to letting combined with strict expense control and management's ongoing programme of redevelopment, have all contributed to the increase in distributable earnings per linked unit. Earnings per linked unit rose 330.7% to 129.0c (30.0c).
Distribution
A dividend number 25 of 0.17c per ordinary share together with interest of 33.53c per debenture, has been declared for the period.
Outlook
The Premium board is confident that, subject to market conditions remaining favourable, the company will continue to grow earnings, however the recent increase in interest rates will have a consequence of slowing distribution growth.
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