Resilient comes through with dividend

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Resilient comes through with dividend

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Published Date: 2020-08-27 | Source: Stephen Gunnion | Author: Stephen Gunnion

Resilient comes through with dividend

The real estate investment trust says it cannot provide any guidance for the year ahead due to the ongoing uncertainty.

Resilient REIT has stuck to its commitment to pay a final dividend despite the impact of Covid-19 on its property portfolio. However, the real estate investment trust says it can't provide any guidance for the year ahead due to the ongoing uncertainty over Covid-19.

The final payout of 100.48c takes Resilient's total dividend for the year to end-June to 368.44c, down 30.6% from last year. It said only 59.1% of the basic rental for the Edcon group was included following difficulties at the retailer. Associate NEPI Rockcastle didn't pay a dividend while Lighthouse Capital, in which it also holds a stake, has changed its year-end and will only declare its next distribution in February.

The performance of the REIT's SA property portfolio was sound in the first half of its financial year but deteriorated after trading restrictions were introduced in mid-March followed by the lockdown on 27 March. Excluding the Covid-related discounts it gave its tenants, it said it recorded net property income growth of 5.5% on a comparable basis.

Following a valuation of its SA portfolio at the end of June, Resilient's share was devalued by 3.5%, or R813 million. Its share of the devaluation of its Nigerian properties amounted to $8 million.

The REIT said negotiations to sell some of its property assets had been delayed due to Covid-19.

Its shares declined 0.1% to R42.38 yesterday.





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