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Indluplace Properties, which owns residential properties in SA’s major cities, says dividends to shareholders for the year to end-September 2019 will probably fall by a fifth. “Conditions foreseen at the beginning of the financial year in October 2018 have turned out to be considerably worse than anticipated,” the real-estate investment trust (Reit) said on Thursday In the first half to end-March, Indluplace’s distributable income fell 22% to R120.5m. “While vacancies have been kept largely under control, this has come at substantial costs in terms of low escalations and costly incentives,” the group said. “Tenants are under increasing pressure with low salary increases and rising cost of living expenses.” CEO Carel de Wit said Indluplace had given tenants bonuses such as a month rent-free in order to keep tenants and stop vacancies from rising too far. But these incentives would be for the short term, he said. "Our rentals aren't escalating and we are having to provide expensive i...

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