Nepi Rockcastle ‘on track’ to meet full-year dividend guidance

Nepi Rockcastle, the most valuable landlord listed on the JSE, says it is on track to grow distributable earnings per share by 6% in the year ending December after a strong first half.

The property company, which focuses on central and eastern Europe and has a market value of R77.3bn, on Friday reported distributable earnings of 29.02 euro cents a share for the first half to end-June, a 9.6% increase.

The strong first-half performance was thanks to “the concentration of acquisitions and developments completed during the second half of 2018”.

Distributable earnings per share for the full year were expected to be about 6% higher, in line with the guidance issued in February, Nepi said.

“Nepi Rockcastle continues to leverage on its strengths and consolidate its position as the dominant, high-quality shopping centre owner with the most robust management platform in Europe’s highest growth region,” said CEO Alex Morar.

Earlier in 2019, SA’s Financial Services Conduct Authority (FSCA) closed investigations into allegations of insider trading, false or misleading reporting and prohibited trading practices against Nepi.

The FSCA found no evidence of wrongdoing.

“Nepi Rockcastle welcomes the conclusion of these investigations, and notes that the group adheres to best practice in financial reporting and corporate governance,” it said.

hedleyn@businesslive.co.za