South Africa’s largest JSE-listed REIT, Growthpoint Properties, has declared a final dividend of 60 cents per share (cps) for its financial year ended 30 June 2021.
The company reported an increase in total revenue of 6.2% to R13.13 billion compared to R12.36 billion for 2020’s comparative period with its operating profit increasing by 6.2% to R9.08 billion (June 2020: R8.55 billion).
Headline earnings per share increased by 112.7% to 169.98 cents compared to 79.93 cents reported during June 2020 with earnings loss per share decreasing by 93.3% to -15.31 cents (June 2020: -229.94 cents).
Net asset value per share decreased by 12.3% to 2 023 cents compared to 2 307 cents reported for the comparative period in 2020.
The REIT’s distribution per share for the financial yearend amounted to 118.5 cents per share, resulting in a 18.8% decrease when compared to June 2020 (146.0 cents).
Distributable income per share amounted to 148.1 cents per share, resulting in a 19.1% decrease when compared to June 2020.
These decreases are due to the 7.8% decrease in distributable income, the successful equity raise in November 2020, and the dividend reinvestment plan in December 2020 which resulted in 408 290 684 additional shares being issued and the reduction in the pay-out ratio.