Growthpoint’s distributable income increases to R2.9bn in H1

01 March 2018

JSE-listed Growthpoint‘s distributable income increased by R281-million, or 10.6%, to R2.9-billion

, in the six months ended December 31.Distributions per share grew by 6.5%, with Growthpointdeclaring an interim dividend of 101.2c a share for the six months under review.This growth, the company said on Wednesday, is in line with the guidance given to the market for the 2018 financial year.

Gross revenue increased by 6%, with South African revenues having increased by 6.4%.The company’s Australian operations‘ revenues increased by 4.7%.The net asset value of the group increased by 3.9% to R25.93 a share.Meanwhile, the company – which is included in the Johannesburg Stock Exchange Top 40 Index – had a market capitalisation of R80.4-billion as at December 31.

During this six-month period, on average, more than 180-million shares were traded monthly, with a monthly average value traded being R4.5-billion.This, the company added, makes Growthpoint the most liquid and tradable way to own commercial property in South Africa.The value of Growthpoint‘s property portfolio is split at 69.5% South African assets and 30.5% international assets, with the South African portfolio representing 84.9% by gross lettable area.It is diversified in the three major sectors of commercial property, being retail, office and

industrial, with most of the value of the South African portfolio in strong economic nodes within major metropolitan areas.

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