Listed property companies have given the weakest dividend forecasts in more than a decade as they struggle to grow rentals and fill vacancies amid weak business and consumer confidence.
Despite this, a consensus of fund managers still expects the listed real estate sector as measured by the FTSE/JSE SA listed property sector to achieve a total return including capital and dividend growth of 8%-10% in 2019, after registering minus 25.26% in 2018. “Unfortunately, we are in a different cycle now. Consistently low economic growth is leading to disappointing dividend growth numbers.”
Liberty Two Degrees, which owns portions of Melrose Arch, Eastgate and Sandton City, reported 1.3% dividend growth in its 2018 financial year. It expects growth of 0%-2% for its 2019 financial year.
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