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Business|Financial|Rental
Business|Financial|Rental
business|financial|rental

Growthpoint expects at least 15% y/y decrease in distributions a share

9th July 2020

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Owing to the impact of the Covid-19 pandemic on it business, the rental relief that has been provided to tenants, arrear rentals and the ongoing uncertainty of the future impact of this crisis on the global economy, and its business in particular, JSE-listed Growthpoint Properties expects distributable income per share (DIPS) and distributions per share (DPS) for full year to be at least 15% lower year-on-year.

Growthpoint says it remains focussed on liquidity and balance sheet management at this time, as it deliberates all options available to preserve the company’s financial strength, to enable it to deal with the challenges presented by the Covid-19 pandemic.

As part of these deliberations, the board is reconsidering the company’s historic policy of paying out 100% of DIPS without jeopardising its real estate investment trust, or Reit, status.

Any change in this policy could further impact DPS for the period.

A final decision in this regard will be made at a board meeting on September 8 to approve the period’s results and DPS.

Details of the outcome will be released to the market on September 9.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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