Octodec grows interim rental income, but warns of lower full-year dividend

JSE-listed Octodec managed to grow its rental income by R47-million, or 5.2%, in the six months ended February 28, compared with the six months ended February 28, 2018, despite continued dampened consumer spend, lower growth in retail rental income and higher property operating costs.

Octodec MD Jeffrey Wapnick said the rental income growth recorded was mainly attributable to the increase in rental income of the company’s residential block Sharon’s Place, in Johannesburg, as well as the inclusion of the company’s acquisitions – Gerlan Properties’ Toyota Auto dealership and Jardtal Properties’ Kempton Place and The Brooklyn properties.