GROUP OVERVIEW
Growthpoint Properties Limited
(Growthpoint) is a diversified
property investment holding
company incorporated and
registered as a public company
on
12 October 1987, and is listed
under the “Financial Services Real
Estate Investment Trust” sector
of the JSE Limited (JSE).
Tangible assets of R103,8 billion
11.3% compound annual growth in share price over the past five years |
HIGHLIGHTS
 |
We own a quality portfolio of 525 properties providing
6,7 million m2 of retail, office and industrial space to leading
South African and Australian businesses |
|
Our total property assets were valued at R100,4 billion which
includes 100% of Growthpoint Properties Australia (GOZ)
and Growthpoint’s 50% interest in the properties of the
V&A Waterfront |
|
The 53 properties in GOZ were valued at R22,0 billion of
which we own 65.0% |
|
Growthpoint’s 50% interest in the properties of the
V&A Waterfront was valued at R6,8 billion |
|
The 471 properties in RSA (excluding the
V&A Waterfront) were valued at R71,6 billion |
|
During FY15, we generated distributable earnings of
R4,2 billion |
|
We employ 700 people in three regional offices
and at various properties in RSA |
|
GOZ and the V&A Waterfront are independently managed,
each having their own staff complement |
|
We acquired Acucap Properties Limited (Acucap) and
Sycom Property Fund (Sycom) properties for R18,6 billion |
|
| REIT STRUCTURE AND DISTRIBUTIONS
Growthpoint made application to the JSE to be listed as a Real Estate Investment Trust (REIT)
with effect from 1 July 2013 and was accordingly awarded such status. The REIT structure
is a tax regime that provides “flow through” on a pre-tax basis of the net property income
to investors in the form of a dividend. It is the most prevalent structure for investment in
property in international jurisdictions. As investment in listed property continues to globalise,
the REIT structure is increasingly becoming a recognised international standard.
Our earnings are generated from our property portfolio’s rental streams. We distribute all
our revenue profits, in the form of dividends. These regular distributions should continue to
provide sustainable annuity income.
In terms of the dividend and dividend withholding tax provisions of the Income Tax Act, read
in conjunction with section 25BB of the Income Tax Act, distributions received from a REIT will
be taxed in the hands of the shareholder as follows:
| • |
Distributions received by resident shareholders are taxed as a dividend for income
purposes, but are not exempt in terms of the usual dividend exemption and are accordingly
exempt from dividend withholding tax. The dividends represent income in the hands of the
recipient. |
| • |
Distributions received by non-resident shareholders are not taxed as a dividend for
income tax purposes as the dividends are exempt in terms of the usual dividend exemptions,
but are however subject to dividend withholding tax. |
Shareholders are encouraged to consult their professional tax advisors if they are in any doubt
about the tax implications for distributions received from Growthpoint.
 For more information about our shares and shareholders, please refer to the AFS page 102.
|
Five-year journey of value creation
| FY10 |
|
 |
FY15 |
|
| 35 |
|
Property assets (R billion) |
100 |
|
| 24 |
|
Market cap (R billion) |
72 |
|
| 121,2 |
|
Distribution per share (cents) |
173,4 |
|
| 1 552 |
|
Share price (cents) |
2 646 |
|
| 1 365 |
|
NTAV per share (cents) |
2 328 |
|
| 456 |
|
Properties |
525 |
|
| 452 |
|
Staff |
700 |
|
7.4% compound average annual growth in distributions over the past five years |
Growing a portfolio of quality investments |
|
Providing capital appreciation over the long term |
|
Delivering sustainable growth |
| TANGIBLE ASSETS |
|
SHARE PRICE |
|
DISTRIBUTION PER SHARE |
 |
|
 |
|
 |
