Growthpoint's income per share up despite COVID, lifting shares (updated)

Growthpoint Properties Australia

16/03/2022 09:02

(Adds details, share price)
    By Nqobile Dludla
    JOHANNESBURG, March 16 (Reuters) - Growthpoint Properties
 GRTJ.J , South Africa's largest real estate group, said on
Wednesday its distributable income per share rose by 5.2% in the
first half, lifting its shares.
    However, the co-owner of the upmarket V&A Waterfront
development, which is home to several corporate head offices,
hotels, shops and restaurants, said its revenue fell by 4.8% in
the period as it continued to be impacted by COVID-19.
    Shares in Growthpoint were up 3.96% to 13.40 rand at 0858
GMT after it said its distributable income per share, the
primary measure of underlying financial performance in the
listed property sector, rose to 76.9 cents in the six-months
ended Dec.31, from 73.1 cents a year earlier.
    It also declared an interim dividend of 61.5 cents a share.
    While Growthpoint said it had given rental relief of 17.3
million rand ($1.15 million) to tenants, with 5.2 million rand
in deferred rent and 12.1 million rand of rental discounts, it
added that 92.4% of total deferrals granted since the onset of
the coronavirus pandemic had been recovered.
    Its 50% owned V&A Waterfront development improved its
contribution to distributable income by 54.8% in the period as
lockdown restrictions were lifted and tourism resumed.
    Its investments in Growthpoint Properties Australia  GOZ.AX 
and London-listed Globalworth Real Estate Investments  GWI.L 
were less affected by the pandemic at an operational level.
    These properties have a strong customer base weighted toward
listed corporates and government in Australia and large
multinational tenants in Poland and Romania, it said.
    Growthpoint, which owns 421 properties in South Africa
valued at 70.1 billion rand, said vacancies had risen in the
office and healthcare sectors, but fallen in the country's
retail and industrial sectors. 
($1 = 15.0754 rand)  

 (Reporting by Nqobile Dludla; Editing by Olivia Kumwenda-Mtambo
and Alexander Smith)
 ((nqobile.dludla@thomsonreuters.com; +27103461066;))