Spear targets dividend increase as Western Cape assets pay off
The property company revises forecast to as high as 79c following a strong performance in the six months to August
Property company Spear Reit has revised its dividend for the 2018 financial year to as much as 79c following a strong performance in the interim period. The Western Cape-focused property entity, which is the only regionally specialised real estate investment trust (Reit) on the JSE, had initially forecast a dividend of 74c for 2018. CEO Mike Flax said that investors had been attracted to Spear because it was committed to paying regular income from carefully selected assets. "We have revised our full-year dividend to between 77c and 79c for the full financial year to February," said Flax. For the six months to August, Spear declared an interim dividend of 36.95c per share. Spear listed on the JSE in November 2016 with assets worth R1.5bn and a market capitalisation of about R900m. Since then, it has added about R1.4bn worth of acquisitions. Spear’s property portfolio consists of 31 Western Cape assets with an average value per asset of R87.5m. The portfolio’s income stream is underpi...
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