Our half year results show an 18.5% increase in net property income, an 11.8% revenue increase and gearing is around 30%. Dipula successfully raised R650 million of new equity during November 2012, which assisted in widening our investor base.
Dipula’s vacancies improved from 10.4% to 9.8% during the six-month period. The most remarkable improvement in occupancy levels was in our industrial and office portfolios which saw vacancies decrease from 13.1% to 7% and from 14.8% to 12% respectively.
We are forging ahead with our portfolio growth strategy which increases the quality, size and value of our assets. We have already made significant progress, detailed on our website in our results announcement and press release. These documents provide more insight into our interim results and how we advanced Dipula’s strategies this period. I encourage you to read them.
Since listing, Dipula’s market capitalisation has grown from roughly R1.5 billion, to more R3 billion currently. Further, Dipula B linked units were the best listed property performer for the 2012 calendar year, with total returns of 77.27% compared to the sector average of 35.8%.
It’s our strategic intent to grow the average value of our assets to R50 million within the next five years or so. In this time, we aim to build a R10 billion portfolio and will acquire diverse, portfolio enhancing assets to grow the quality and sustainability of income within Dipula’s property portfolio.