An increase in revenue from its fixed property portfolio and the containment of expenses were some of the factors that helped Redefine Income Fund's distributions surge 15% for the year to August

Two of the three listed property funds that posted financial results last week reported increases in their distributions of more than 10%.

Some listed property funds with investments in other listed property funds are selling out of their listed stocks to invest in relatively cheaper fixed properties.

The Bottom Line: Hyprop’s position

Redefine Income Fund has further decreased its holdings in listed property securities, disposing of its entire investment in Resilient Property Income Fund, Freestone Property Fund and Spearhead Property Group.

Redefine Income Fund’s market capitalisation exceeded R2 billion mark for the first time.

There does not seem to be much hope that listed property loan stock Hyprop will succeed with its takeover of SA Retail Properties.

Property loan stock company Redefine's sparkling results (Companies April 22) have revived the debate about whether property funds listed on the JSE should be pure or "hybrid".

Redefine Income Fund, managed by Madison Property Fund Managers, announced an increased interest distribution of 9 cents per linked unit for the second quarter ended 28 February 2005.

Hyprop has come out with an equity or cash offer to unitholders of SA Retail.