Growthpoint declares full-year dividend

File: Growthpoint, which has a stake in the V&A Waterfront, has seen a surge in arrears and provisions.

File: Growthpoint, which has a stake in the V&A Waterfront, has seen a surge in arrears and provisions.

JOHANNESBURG - Growthpoint -- South Africa’s largest JSE-listed, real-estate income trust -- has declared a final dividend.

This comes despite the impact of the COVID-19 pandemic on the group.

READ: Growthpoint sees surge in arrears and provisions

In its results for its financial year, ended 30 June, it says it will pay a final dividend of 60 cents per share, equating to a payout ratio of 80 percent which is within Reit tax rules.

The rules state that at least 75 percent of distributable income needs to be paid out to shareholders.

The news comes as many of Growthpoint’s JSE-listed peers opted not to pay out dividends as a result of the pandemic fallout.

 

Source
eNCA

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