Texton declares dividend despite ‘tough’ market conditions
Despite facing some of the toughest challenges in its history, Texton Property Fund declared a final dividend of 41.36c a share for the financial year ended June 30.
The total dividend for the year amounted to 89.31c, below guidance, and lower than the total dividend of 102.8c declared in the prior financial year.
“We operated in a tough political environment both in South Africa and the UK, a weak
macroeconomic climate in South Africa and challenging times in the property market,” Texton commented on Monday.
Texton’s property income decreased by 5.4% year-on-year to R416.9-million, while the number of properties in its portfolio decreased by 9.3% to 49 and the value of its portfolio decreased by 1.9% to R5.4-billion.
The company on Monday said it was nearing the completion of its portfolio rationalisation.
Looking ahead, the company believes its portfolio is “defensively” positioned in both South Africa and the UK, but has warned that vacancies in its South African portfolio would likely increase in the short term, negatively impacting on net property income for the 2019 financial year.
“We continue to place significant focus on tenant retention and the filling of our vacancies through active asset management,” the company stated.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation