It had forecast a distribution of 6,25c for each linked unit in May after a substantial drop in the distributions declared in the quarter ending May. In that quarter a distribution of 6,25c was declared, compared to 8,5c declared in the quarter ended November last year and the one ended February this year.

At the time, Redefine said the drop was mainly as a result of a material reduction in certain of the company's listed securities

It also said net income from property portfolios they had recently acquired did not meet expectations.

The 53-million A-Prop shares which Redefine owns constitutes about 3% of Redefine's listed securities portfolio. Redefine has a 13,5% stake in Rand Leases.

Distributions for the year ended August 31 dropped to 29,75c from 37c last year, while headline earnings were down to 29,6c for each unit.

Redefine CEO Brian Azizollahoff said the drop in headline earnings was mainly as a result of the decline in distributions from A-Prop and Rand Leases.

Revenue increased substantially to R362,09m for the year ended August 31, from R248,8m last year because of the acquisition of a number of properties.