Higher rates, short-term vacancies drive Equites’s dividend lower

Specialist logistics property group Equites reported a 22.7% drop in its full-year distribution to shareholders, according to the group’s financial results for the year ended 29 February 2024.

Higher interest rates and operational variances, including short-term vacancies, were key drivers of the lower distribution. However, the company noted that the distribution is in line with the previous guidance of 130 cents to 140 cents per share. The group said in its results its property portfolios in both countries are performing in line with expectations, with like-for-like rental growth in South Africa amounting to 6.4% and 5% in the UK as a result of a single rent review concluded during the year.

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