Listed property fund manager, Madison Property Fund Managers, has declared a maiden distribution of 39.0 cents per linked unit, 16.5% higher than the forecast distribution of 33.47 cents.
Distributable earnings of R74.1 million exceeded forecast of R63.6 million by 16.5% while revenue of R82.9 million and other income of R19.5 million surpassed forecast by 5.2% and 34.8% respectively.
Madison derives its income predominantly from the asset management of three leading listed property funds - ApexHi Properties, Hyprop Investments and Redefine Income Fund.
Going forward, the group said all three-property funds were continuing to grow their portfolios, which should enhance their enterprise values and consequently increase the asset management fees to be earned by Madison.
"The board anticipates that subject to market conditions remaining stable, Madison&'s distribution per linked unit for the six months ending June 2007 should be approximately 32.5 cents, an increase of 11% relative to the prorated distribution for the comparable period in 2006," the company said.
