Growthpoint Properties reported a 10% decrease in distributable income per share to 141.9 cents due to high interest rates, meeting its guidance range for the 2024 financial year.
- The dividend per share also fell by 10% to 117.1 cents, reflecting the broader impact of rising funding costs.
- Despite a 4.8% increase in total group revenue to R14.4 billion, operating profit dropped by 2% to R8.7 billion, and distributable income decreased from R5.36 billion to R4.8 billion.
- The V&A Waterfront stood out with a 12.6% rise in distributable income to R775 million, benefiting from increased tourism, while offshore income saw a 1.1% decline in rand terms.
- Growthpoint is dealing with the challenges of high interest rates and increased funding costs while focusing on balancing its investments and optimizing existing assets amid global and local uncertainties.