Growthpoint H1 dividend up 6.5%

Growthpoint increased its dividend per share for the six months to end-December 2017 by 6.5%, the group announced on Wednesday, 28 February.

Distributable income rose 10.6% to R2.9bn and the group net asset value rose 3.9% to 2,593c per share, compared with the first half of 2017.

Group vacancies stood at 4.6%, up 0.9% from the 2017 financial year but well contained, the group said. Group property assets increased 4.4% to R127.7bn on an annual basis.

It said gearing levels remained conservative, down 0.5% from a year earlier. The consolidated loan-to-value ratio was 34.5%, from 36.7% before.

The group expects that the dividend growth for the full year will be similar to that achieved in the previous full year.

At 9.23am the Growthpoint share price was down 2.12% to R29.05. It has risen 5% in 2018.

Source: BDpro