ApexHi announced a total distribution of 51c for its "A" units, the same amount distributed during the comparable period the previous year.

The company said its total distributions for its "B" units increased 7% to 58,50c.

ApexHi’s unique unit structure offers investors the opportunity to invest in two separate unit structures, its "A" and "B" units, offering different returns with different risk.

The company’s "A" unitholders are guaranteed a minimum distribution of 25,5c a quarter, or 45% of the distributable income when the total distribution a year comes to R2,27.

"Based on what we have done for this half-year we won’t distribute less than R2,195 for the full year," CEO Gerald Leissner said yesterday.

He said this meant the "A" unitholders would receive R1,02 guaranteed distribution this year.

Meanwhile, "B" unitholders are exposed to all the risk, but get all the additional income up until the total distributions reach R2,27.

Leissner said a total of 19 properties were acquired for R363,8m, while seven properties were sold with the proceeds of R107,4m being used to reduce debt.

As a result of the acquisitions, most of them being retail properties, ApexHi’s portfolio has shifted away from office properties in favour of retail properties, with 45% of the lettable area in offices, 39% in retail and 16% in industrial.

"We’re trying to get an even split between shops and offices. After the post-balance sheet acquisitions and disposals, 43% of the lettable area comprises offices, 41% retail and 16% industrial," said Leissner.

ApexHi has also managed to reduce vacancies in its portfolio.

"During the period we have let 209000m². We have eaten into the vacant space to the tune of 5000m²," said Leissner.