The landlord had expected distribution per share growth of between 4% and 6% for its year to end June
Fairvest, owner of retail centres in rural areas and small towns, has withdrawn its guidance of distribution per share growth of between 4% and 6% for its year to end-June due to the Covid-19 pandemic.
The property group said it has no debt facilities maturing for the remainder of its financial year, and had approximately R105m in undrawn debt facilities as of May 5. “Fairvest remains well within all its debt covenants,” the group said. “Fairvest continues to actively engage with all our tenants on the impact of Covid-19 on their businesses to find sustainable solutions for these unprecedented times, taking into consideration guidelines and recommendations provided by the Property Industry Group for retail tenants,” the group said.
In afternoon trade on Wednesday the group’s share price was unchanged at R1.30, giving the group a market capitalisation of about R1.32bn.The group’s share price has fallen 33.67% so far in 2020, compared with a 48.31% fall in the JSE property index.
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