Accelerate Property unlikely to declare dividend in 2021 due to Covid-19

Fourways Mall co-owner Accelerate Property Fund warned on Wednesday that it was unlikely to pay out dividends in its 2021 year as the Covid-19 pandemic continues to batter SA’s economy.

The group has also opted not to declare a distribution for its year to end-March 2020, when it swung into an R897.89m loss, from profit of R565.8m previously, amid a downward fair-value adjustment of about R1bn of its investment properties.“The Covid-19 situation is highly volatile and continually evolving and the fund is working with our tenants to secure long term income streams, limit vacancies and ensure long term sustainability for all parties involved,” the group said.

“The fund does not, however, expect a significant reduction in long term rentals streams at our larger retail centres as rentals currently charged to tenants are at, or appreciably below, market-related rentals.” In morning trade on Wednesday, Accelerate’s share was down 6.25% to 75c, having lost 57.14% in the year to date.

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