Gemgrow delivers maiden FY dividend under revamped property portfolio

JSE-listed Gemgrow Properties has declared a full-year dividend, exceeding its earlier forecasts, of 73.51c for each B share and 101.87c for each A share as the real estate investment trust (Reit) delivered its maiden full-year results with a reconstituted property portfolio. The Reit, previously named Synergy Income Fund, ended the financial year to September 30 with a 20.65% loan-to-value ratio, a strong balance sheet, more than 90% hedged debt, vacancies of 7.71% and revenue of R666-million.