DNZ Property Fund Ltd has revised its dividend guidance for the March 2015 financial year from 9.5c/share to no less than 10c/share. Last year it paid a total 9c/share.
The company had already made 3 quarterly dividend payments totalling 7.125c/share, but the final dividend will rise to at least 2.875c/share.
Chairman Tim Storey said the increase was largely due to higher net rental revenue from leasing that was better than forecast and revised timing of property sales, together with lower corporate costs & progress on the NorthWest Shopping Centre project at Westgate.
DNZ has previously announced that it will fund development projects & new acquisitions from a combination of current bank facilities and divestment of non-core assets: “Based on sales to date & the latest portfolio valuation, forecast debt levels on completion of NorthWest will be within our target range. The company remains committed to the divestment programme as part of an ongoing repositioning in line with its investment strategy.”
Attribution: Company release.