Latest property company results have surprised on the upside, with most South African-focused real estate investment trusts (Reits) still reporting inflation-beating dividend growth despite weak consumer spending, limited new demand for office and industrial space, and rising interest rates. Last week Dipula Income Fund lifted its income payouts 8%for the year ending August, while Rebosis Property Fund’s dividend was up 8.2% over the same period. Equites Property Fund, the JSE’s only specialist industrial Reit, led the pack for the August reporting period with a 20% increase in half-year income payouts. Redefine Properties, the JSE’s second-largest Reit, increased its dividend for the 12 months to August 7.5%, while rental housing fund Indluplace Properties’ dividend for the full year to September was 10.5% higher than the prelisting forecast.
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