Diversified real estate investment trust Dipula Income Fund has overcome tough macroeconomic conditions to post a 5.8% increase in combined dividends per share for the year to August, driven entirely by organic growth, it says. Dipula’s full-year revenue was R1bn. Its property portfolio was valued at R6.9bn at year-end. CEO Izak Petersen has chosen not to make many acquisitions in the past two years, given political uncertainty and a weak economy. Dipula had still managed to make strategic acquisitions totalling R1.5bn post year-end, which complemented its organic growth, Petersen said. Distributable earnings for the year grew 11.3% to R428m. Vacancies in the overall portfolio remained stable year-on-year at 8.5%. Retail vacancies improved from 8.5% to 7.1% and industrial vacancies from 5.9% to 5.4%. Leases worth R631m and covering more than 179,000m² were concluded across all sectors. Rental escalations remained above inflation at 7%. Dipula sold 27 properties during the year for a...

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