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Trading Statement - GRTI
GROWTHPOINT PROPERTIES LIMITED
(Incorporated with limited liability in the Republic of South Africa under registration number 1987/004988/06)
(Bond issuer code: GRTI)
(“Growthpoint” or the “company”)
TRADING STATEMENT
On 26 March 2020 Growthpoint released a SENS announcement wherein it provided an investor
update on the effect of the COVID-19 global pandemic on the business and the withdrawal of its
FY2020 dividend guidance. Two further business updates were provided via SENS on 19 May 2020 and
22 June 2020.
Growthpoint uses Distribution Per Share (DPS) as its relevant measure for financial performance and
reporting purposes. Historically Growthpoint’s policy has been to declare and pay out 100% of
Distributable Income Per Share (DIPS) as DPS.
According to the JSE Listings Requirements, a trading statement is required when a Property Company
has a reasonable degree of certainty that its DPS will differ by at least 15% from the prior
corresponding period.
The Board wishes to advise shareholders that due to the impact of the COVID-19 global pandemic on
our business, the rental relief that has been provided to our tenants to date, arrear rentals and the
ongoing uncertainty of the future impact of this crisis on the global economy, and our busines s in
particular, it expects DIPS and DPS for FY2020 to be at least 15% less than that of FY2019.
The Board remains focussed on liquidity and balance sheet management at this time as it deliberates
all options available to preserve the Company’s financial strength, to enable it to deal with the
challenges presented by the COVID-19 global pandemic. As part of these deliberations, the Board is
reconsidering the Company’s historic policy of paying out 100% of DIPS without jeopardising its REIT
status. Any change in this policy could further impact DPS for FY2020. A final decision in this regard will
be made at the Board meeting on 8 September 2020 to approve the FY2020 results and DPS, which
will be released to the market on 9 September 2020 via SENS.
The contents of this announcement and the financial information on which it has been based have not
been reviewed, audited or reported on by the Company’s auditors.
Johannesburg
09 July 2020
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 09-07-2020 10:42:00
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