| Texton Property Fund Limited: Audited Financial Results and Cash Dividend Declaration For The Year Ended 30 June 2024 |
| The macro-environment has been challenging over the period under review. We have witnessed continuous increases in interest rates and persistent inflation. Nevertheless, Texton has remained committed to executing its strategy. This includes investing in our properties, sale of non-core assets, and allocation of capital to offshore assets in developed markets with best-in-class asset management. Despite the industry challenges, we firmly believe in the potential for value creation and opportunities within the global real estate market |
| Highlights: |
- Core portfolio vacancy decreased from 15,6% at 30 June 2023 to 12,2% as at 30 June 2024. The total portfolio vacancy decreased from 25,6% at 30 June 2023 to 13,0% at 30 June 2024
- Distributable income decreased from R99,1 million in FY23 to R79,9 million in FY24, largely due to the sale of properties during FY23.
- On a like-for-like basis, our net property income in South Africa grew by R14,5 million, representing an 11.9% increase year on year. This was offset by a decrease of R33 million due to the sale of properties during the 2023 and 2024 financial years
- Dividend paid increased from R50 million in FY23 year to R60 million in FY24, and the dividend per share increased by 4,5% to 20,13 cents per share in FY24 from 19,26 cents per share in FY23.
- An amount of R34,2 million was allocated towards capital expenditure in South Africa. These investments were directed towards enhancing the properties through capital improvements and tenant upgrades
- Successfully completed the sale of R71.9 million of non-core assets
- R30.6 million was deployed to our indirect international property investments
|
| Key Financial Results: |
|
30 June 2024 |
30 June 2023 |
Change % |
| Property Revenue (R'000) |
272 904 |
298 690 |
(8,63) |
| Distributable earnings (R'000) |
79 901 |
99 138 |
(19,40) |
| Headline earnings per share (cents) |
2,52 |
16,54 |
(84,76) |
| Earnings per share (cents) |
(4,95) |
(4,26) |
16,20 |
| Net asset value per share (cents) |
625,08 |
619,37 |
0,92 |
| Dividend per share (cents) |
20,13 |
19,26 |
4,52 |
|
| Dividend: |
| The Board of directors is pleased to announce that Texton has declared a final dividend of 20.12758 cents per share for the year-ended 30 June 2024 (30 June 2023:19.26 cents). The total dividend for the year is 20.12758 cents per share (30 June 2023:19.26 cents) |
| Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 16,10206 cents per share |
| The dividend is declared from income reserves. |
| At the date of the announcement, Texton had 330 059 664 ordinary shares in issue. |
| Salient dates and times |
2024 |
| Declaration date |
Monday, 23 September |
| Last day to trade cum dividend |
Tuesday, 08 October |
| Shares to trade ex-dividend |
Wednesday, 09 October |
| Record date |
Friday, 11 October |
| Payment Date |
Monday, 14 October |
|
| Notes: |
| Shares may not be dematerialised or rematerialised between the commencement of trade on Wednesday, 09 October 2024 and the close of trade on Friday, 11 October 2024, both days inclusive. |
| All times are South African times. The above dates and times are subject to change and any change will be advised on SENS and in the press. |
| For the full document click the link below:
Texton Property Fund Limited |
