DIVIDEND
Fairvest payout beats inflation for sixth year
Fairvest, which owns shopping centres in smaller towns and rural areas, has delivered inflation-beating dividend growth for the sixth year in a row. The real estate investment trust on Tuesday reported a 9.91% increase in dividend growth, also meeting its guidance for the sixth year in a row. The group declared a dividend of 20.15c and boosted its property portfolio size by 35.5% to R2.99bn. Since joining at the end of 2012, CEO Darren Wilder has managed to turn around the fortunes of Fairvest, which had struggled previously to reward shareholders. Stanlib’s head of listed property funds, Keillen Ndlovu, said prior to Wilder and his team restructuring Fairvest in 2013, the company had not invested in institutional-grade properties. This had made it difficult for management to deliver market-related returns for investors. Fairvest achieved a total return of 12.81% in the first seven months of this year, making it the fourth-best performing property company among the more than 50 coun...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.