Investec’s JSE-listed Reit increases dividend despite fall in earnings
Investec’s separately JSE-listed real estate investment trust (Reit) raised its dividend 8.5% despite a 14.5% drop in attributable earnings as it warned of a tough environment for South African landlords.Investec Property Fund declared a final dividend of 70.16c, taking its total for the year to end-March to 138.53c, an 8.5% increase on the previous year’s 127.65c.Investec Property Fund in turn owns an independently JSE-listed Australia-focused Reit, which also released its results on Tuesday, declaring a final distribution of 5.08 Australian cents, taking its total for the year to 10.03 Australian cents.Investec’s South African-focused Reit generated 39% of its rental revenue from office blocks, 37% from retail centres and 24% from industrial buildings.Its geographical spread was 64% of its rents from properties in Gauteng, 13% from KwaZulu-Natal, 10% Western Cape, 6% Free State, 3% Limpopo and 4% from the remaining provinces.The Reit complained in its results statement of competit...
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