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Unaudited condensed interim financial statements for the six months ended 30 September 2024 and dividend declaration
CASTLEVIEW PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/290413/06)
JSE share code: CVW
ISIN: ZAE000251633
(Approved as a REIT by the JSE)
("Castleview" or the "Company" or the "Group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024 AND
DIVIDEND DECLARATION
KEY FINANCIAL HIGHLIGHTS
30 September 2024 30 September 2023 % change
Revenue (Rand 000's) 1 009 885 1 040 135 (2.9%)
Headline earnings / (loss) per share (cents) 82.75 (18.53) >100%
Earnings / loss per share (cents) 107.43 (14.44) >100%
Distribution per share (cents) 9.08400 10.67600 (14.9%)
Net asset value per share (cents) 903.41 840.11 7.5%
NATURE OF THE BUSINESS
Castleview Property Fund is a property holding and investment company that was listed as a REIT on the AltX of the
JSE in 2017. Castleview invests in direct property investments – where the Group owns the properties and indirect
property investments – where property is owned via other real estate companies with separate management teams, with
the goal of maximising total returns to its shareholders.
TRADING PERFORMANCE
During the reporting period, the total assets of the Group increased to R23.6 billion (March 2024: R21.8 billion) with a
corresponding increase in debt funding to R11.5 billion (March 2024: R10.5 billion). The Group had a market
capitalisation of R8.1 billion based on a share price of R8.20 at the announcement date and a net asset value of R8.9
billion which equates to a net asset value of R9.03 per share (March 2024: R8.70 per share). The loan-to-value ratio, net
of cash, is 49.28% (March 2024: 48.9%).
The revenue for the period was steady at R1.0 billion. Income derived from equity accounted investments of
R166.5 million.
Finance costs increased to R461.7 million (2023: R447.6 million) primarily from an increase in debt funding as interest
rates remained flat over the period, with recent decreases subsequent to period-end in South Africa, Europe and the
United States yet to have a meaningful impact. The Group manages its interest rate risk within each respective business
unit, with a large portion of debt that is either fixed or hedged.
The Group's operational performance remains robust, delivering an SA REIT FFO of R157.2 million. The Castleview
Board was pleased to approve a dividend of R89.4 million and has declared a distribution for the period of 9.08400
(2024: 10.67600) cents per share.
DISTRIBUTION
The board approved and notice is hereby given of an interim gross dividend for the period 1 April 2024 to 30 September
2024 of 9.08400 cents per share.
The dividend is payable to Castleview shareholders in accordance with the timetable set out below:
Last day to trade cum dividend Tuesday, 17 December 2024
Shares trade ex-dividend Wednesday, 18 December 2024
Record date Friday, 20 December 2024
Payment date Monday, 23 December 2024
Share certificates may not be dematerialised or rematerialised between Wednesday, 18 December 2024 and Friday,
20 December 2024, both days inclusive. The dividend will be transferred to dematerialised shareholders' CSDP
accounts/broker accounts on Monday, 23 December 2024. Certificated shareholders' dividend payments will be paid
to certificated shareholders' bank accounts on or about Monday, 23 December 2024.
Tax treatment
In accordance with Castleview's status as a REIT, shareholders are advised that the dividend meets the requirements
of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 ("Income Tax
Act"). Accordingly, qualifying distributions received by local tax residents must be included in the gross income of
such shareholders (as a non-exempt dividend in terms of section 10(1)(k)(aa) of the Income Tax Act), with the effect
that the qualifying distribution is taxable as income in the hands of the shareholder. These qualifying distributions are,
however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that
the South African resident shareholders have provided the following forms to their Central Securities Depository
Participant ("CSDP") or broker, as the case may be in respect of uncertificated shares, or the transfer secretaries, in
respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be should the
circumstances affecting the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to
contact their CSDP, broker or the transfer secretaries, as the case may be to arrange for the abovementioned documents
to be submitted prior to payment of the dividend, if such documents have not already been submitted.
Qualifying dividends received by non-resident shareholders will not be taxable as income and instead will be treated
as ordinary dividends, but which are exempt in terms of the usual dividend exemptions per section 10(1)(k) of the
Income Tax Act. Any distribution received by a non-resident from a REIT will be subject to dividend withholding tax
at 20% unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation ("DTA")
between South Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be
withheld at a rate of 20%, the net amount due to non-resident shareholders will be 7.26720 cents per share. A reduced
dividend withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident shareholder
has provided the following forms to their CSDP or broker, as the case may be, in respect of the uncertificated shares,
or the transfer secretaries, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate because of the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may be should the
circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders
are advised to contact their CSDP, broker or the transfer secretaries, as the case may be to arrange for the
abovementioned documents to be submitted prior to payment of the dividend if such documents have not already been
submitted, if applicable.
Shares in issue at the date of declaration of the dividends: 984 411 189
Castleview's income tax reference number: 9366916188
The dividend may have tax implications for resident as well as non-resident shareholders. Shareholders are therefore
encouraged to consult their tax and/or professional advisors should they be in any doubt as to the appropriate action to
take.
ABOUT THIS ANNOUNCEMENT
This results announcement is the responsibility of the directors of Castleview. This announcement is only a summary of
the information in the full announcement released on SENS and does not contain full or complete details. Any
investment decisions by investors and/or shareholders should be based on consideration of the full announcement as a
whole.
The full announcement is available on:
the JSE website at: https://senspdf.jse.co.za/documents/2024/JSE/isse/CVWE/HY2025.pdf; and
Castleview's website at https://castleview.co.za/investors/.
Copies of the full announcement may be requested, by emailing James Day at dayj@castleview.co.za or the designated
advisor, Java Capital at sponsor@javacapital.co.za.
2 December 2024
Designated advisor
Java Capital
Date: 02-12-2024 11:05:00
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