Wrap Text
Condensed Unaudited Interim Results for the six months ended 31 December 2020, Cash Dividend Declaration - 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”)
CONDENSED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2020, CASH
DIVIDEND DECLARATION AND UPDATED TRADING STATEMENT
Updated trading statement:
Shareholders and noteholders are referred to the announcement released by Growthpoint on SENS on 5
March 2021, wherein the Company advised that it expected its distribution per share (“DPS”) for the six
months ended 31 December 2020 to decrease by at least 15% (lower by at least 15.90 cents) when
compared to the DPS for the six months ended 31 December 2019 (106.00 cents).
Shareholders and noteholders are now advised that the DPS for the six months ended 31 December 2020
amounted to 58.50 cents per share, resulting in a 44.8% decrease when compared to the DPS for the six
months ended 31 December 2019 (106.0 cents).
Shareholders and noteholders are also advised that the distributable income per share (“DIPS”) for the six
months ended 31 December 2020 amounted to 73.1 cents per share, resulting in a 31.0% decrease when
compared to the DIPS for the six months ended 31 December 2019 (106.0 cents).
The decrease in DPS and DIPS is due to the 21.6% decrease in distributable income, the successful equity
raise and dividend reinvestment plan in November 2020 which resulted in 408 290 684 additional shares
issued and the reduction in the pay-out ratio from 100% of distributable income for the six months ended
31 December 2019 to 80% for the six months ended 31 December 2020.
Operational review and results:
The condensed unaudited results for the six months ended 31 December 2020, as compared to the six
months ended 31 December 2019 ("comparative period"), are set out below:
- Total revenue increased by 12.5% to R6.58bn compared to R5.85bn for the comparative period;
- Operating profit increased by 8.5% to R4.43bn compared to R4.08bn for the comparative period;
- Headline earnings per share increased by 5.1% to 73.84 cents compared to 70.27 cents for the
comparative period;
- Earnings per share decreased by 137.3% to -42.24 cents compared to 113.32 cents for the
comparative period;
- Net asset value per share decreased by 7.6% to 2 132 cents compared to 2 307 cents for the
period ended 30 June 2020.
The condensed unaudited results for the six months ended 31 December 2020 have not been audited by
the company's external auditor, Ernst & Young Inc.
This short form announcement is the responsibility of the Board of Directors and does not contain full or
complete details. Any investment decisions by investors and/or shareholders should be based as a whole
on consideration of the condensed unaudited interim results for the six months ended 31 December 2020
which may be downloaded from the Company’s website. https://growthpoint.co.za/Pages/Investor-
Relations.aspx and
https://senspdf.jse.co.za/documents/2021/jse/isse/GRTE/Interim21.pdf
It may also be viewed, at no cost, at the registered office of the Company and the Johannesburg office of
its Sponsor, during ordinary business hours, for a period of 30 calendar days following the date of this
announcement. Copies of the full announcement may also be requested from the Company on request, by
contacting the Head of Investor Relations, Lauren Turner on 011 944 6346.
INTERIM DIVIDEND
Notice is hereby given of the declaration of the interim dividend number 70 of 58.50 cents per share (80%
of DIPS) for the period ended 31 December 2020.
Other information:
- Issued shares at 31 December 2020: 3 430 787 066 ordinary shares of no par value.
- Income Tax Reference Number of Growthpoint: 9375/077/71/7.
Shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for the
purposes of section 25BB of the Income Tax Act, No. 58 of 1962 (Income Tax Act). The dividends on the
shares will be deemed to be taxable dividends for South African tax purposes in terms of section 25BB of
the Income Tax Act.
Tax implications for South African resident shareholders
Dividends received by or accrued to South African tax residents must be included in the gross income of
such shareholders and will not be exempt from income tax in terms of the exclusion to the general
dividend exemption contained in section 10(1)(k)(i)(aa) of the Income Tax Act, because they are
dividends distributed by a REIT. These dividends are however exempt from divi dend withholding tax
(Dividend Tax) in the hands of South African resident shareholders provided that the South African
resident shareholders have provided to the Central Securities Depository Participant (CSDP) or broker, as
the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares, a
DTD(EX) (Dividend Tax: Declaration and undertaking to be made by the beneficial owner of a share) their
form to prove their status as South African residents.
If resident shareholders have not submitted the abovementioned documentation to confirm their status
as South African residents, they are advised to contact their CSDP or broker, as the case may be, to
arrange for the documents to be submitted prior to the payment of the dividend.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will not be taxable as income and instead
will be treated as ordinary dividends which are exempt from income tax in terms of the general dividend
exemption section 10(1)(k) of the Income Tax Act. Any dividend received by a non-resident from a REIT is
subject to Dividend Tax at 20%, unless the rate is reduced in terms of any applicable agreement for the
avoidance of double taxation (DTA) between South Africa and the country of residence of the non-
resident shareholder. Assuming dividend tax will be withheld at a rate of 20%, the net amount due to
non-resident shareholders is 46.80 cents per share. A reduced dividend withholding tax rate in terms of
the applicable DTA may only be relied on if the non-resident shareholder has provided the following
forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, in
respect of certificated shares:
- a declaration that the dividend is subject to a reduced rate as a result of the application of the
DTA; and
- a written undertaking to inform the CSDP broker or the company, as the case may be, should the
circumstances affecting the reduced rate change or the beneficial owner cease to be the
beneficial owner, both in the form prescribed by the Commissioner of the South African Revenue
Service.
If applicable, non-resident shareholders are advised to contact the CSDP, broker or the company to
arrange for the abovementioned documents to be submitted prior to payment of the dividend if such
documents have not already been submitted.
Salient dates and times
2021
Last day to trade (LDT) cum dividend Tuesday, 13 April
Shares to trade ex dividend Wednesday, 14 April
Record date Friday, 16 April
Payment date Monday, 19 April
Notes:
1. Shares may not be dematerialised or rematerialised between commencement of trade on
Wednesday, 14 April 2021 and the close of trade on Friday, 16 April 2021.
2. The above dates and times are subject to change. Any changes will be released on SENS.
Sandton
10 March 2021
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 10-03-2021 08:31:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
