Texton reports marginal drop in dividends in FY17
JSE-listed Texton Property Fund on Monday declared a dividend of 102.8c a share for the year ended June 30, representing a 0.8% drop on the 103.68c declared the year before.
In terms of the rebased dividend a share, this represented a 6% increase on the recorded 96.99c rebased dividend a share in 2016.
The real estate investment trust achieved a 4.6% increase in revenue to R598.8-million for the year under review.
Texton’s net asset value fell by 5.4% from 1 006.81c in 2016 to 952.34c in 2017, while its net property income of R440.8-million represented an increase of 10%.
During the year to June 30, the reported gross lettable area (GLA) reduced by 4.7% to 407 803 m2; however, the portion of national, listed and blue chip tenants by GLA increased by 7.5% to 61.9% in 2017.
Overall, the vacancy rate by GLA for the 12 months under review decreased substantially by 45.6% to 4.9%.
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