Growthpoint’s properties trading well

Edward West

GROWTHPOINT Properties’ dividend fell 8.6% to 58.8 cents a share in the six months to December 31, after higher interest rates impacted property values, equity and debt markets, and capitalisation and discount rates of investments, CEO Norbet Sasse said yesterday. The financial results masked robust operational results across the local and international investments, and a very strong performance 50%-held V&A Waterfront. The South African portfolio also showed stable and steadily improving property metrics. However, Growthpoint’s total property asset value fell 1.1% during the period to R177.9 billion. He said the impact of high interest rates would be greater in the second half, and distributable income per share was expected to grow by between 10% and 12% for the full year, an improvement from the directors’ previous guidance of 10%…

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Cape Times (Digital) - 1 Issue, 2024-03-14

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