Texton reports 9.4% growth in dividends
Listed property fund Texton on Monday reported a 9.4% increase in total dividends to 103.63c in the year to June.
|||Johannesburg - Texton, the listed property fund, yesterday reported a 9.4 percent increase in total dividends to 103.63c in the year to June from 94.77c in the previous year.
The value of its total property portfolio grew by 39.3 percent year on year to R5.77 billion. The portfolio is geographically split by value between the UK at 38.8 percent and South Africa at 61.2 percent with a sectoral spread by gross lettable area of 14 percent retail, 30 percent industrial and 56 percent offices.
Overall vacancies increased to 9 percent from 7.9 percent.
Angelique de Rauville, the chief executive of Texton, said overall vacancies were expected to improve to 4.5 percent once the remainder of the non-core assets had been sold.
De Rauville said the goal of the company was a vastly improved portfolio of properties, including reduced government exposure, reduced secondary office exposure and a balanced portfolio across the UK and South Africa.
The company acquired six properties during the year, two in South Africa and four in the UK, to bolster its gross lettable area by 22.6 percent to 427 831 square metres.
De Rauville said management believed Texton would continue to deliver top quartile distribution growth on a like-for-like basis and from a vastly improved portfolio of properties subject to some stability in markets.
Texton shares rose 3.43 percent yesterday to close at R7.85 on the JSE.
BUSINESS REPORT