The group's exposure to SA is expected to hobble distribution growth in the landlord's full year to end-June
The group’s exposure to SA is expected to hobble distribution growth in the landlord’s full year to end-JuneSA’s largest property group, Growthpoint, which is turning its attention offshore, expects its continued exposure to SA’s weak economy to result in limited full-year distribution growth.
The property group, which owns half of the V&A Waterfront, said on Wednesday any growth from its initiatives to internationalise and create new revenue streams would be “eradicated” by its exposure to SA. Vacancies had increased across all SA sectors during the six months to end-December, the group said, with total bad debt expenses in SA surging to R20.8m, from R4m in the prior comparative period.
Distribution per share grew 0.2% to 106c in its half-year to end- December, with distributable income increasing 2.2% to R3.2bn, mostly as a result of international contributions.In 2019 Growthpoint took a controlling interest in Capital & Regional , which hasIn the two weeks to end-December, C&R had contributed revenue of R69.7m and a profit of R15.9m to the group’s results, Growthpoint said.About 35.2% of the group’s assets are offshore as of the end of December, from 30.
In morning trade on Wednesday Growthpoint’s share price was down 0.34% to R17.59, having fallen 20.44% so far in 2020.
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