Gemgrow Properties, which owns properties worth R5.6bn, says distributable income fell in the six months to end-March partly because of higher finance charges.
“The increased interest on loans is as a result of additional debt funding used to finance the acquisitions that transferred during the period,” Gemgrow said. The group, which is considering a merger with Arrowhead Properties, declared dividends of 54.54c per A share and 35.31c per B share. Leases that were renewed during the period were done so at lower rates in the retail and office portfolios, Gemgrow said.
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