Newpark Reit, the property company that owns the JSE’s office building, has released one of this reporting season’s worst set of financial results, with its dividend falling 6.4% in the six months to August as the company struggled to fill vacancies. Newpark is one of the smallest specialist property companies listed on the JSE with a market capitalisation of about R600m and four real estate assets worth about R1.38bn. It was listed with the aim of providing investors with consistent dividend growth. Distributable earnings for the reporting period declined 6.4% to 24.95c per share for the first half of the 2019 financial year compared with 26.65c per share for the comparative 2018 period. The board declared an interim dividend of 24.94859c per share. The company owns the JSE’s Sandton head office; retail centre 24 Central which lies next to it; a property in Linbro Business Park; and another in Crown Mines. It blamed weak economic growth and a lack of demand for space at 24 Central ...

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