Indluplace Properties well positioned to weather current financial climate

Posted On Wednesday, 10 February 2016 14:55 Published by
Rate this item
(0 votes)

Indluplace Properties, the JSE’s first pure residential focused REIT, announced a dividend for the quarter ended 31 December 2015 of 22,93 cents per share.

Indluplace Properties well positioned to weather current financial climate

“We are pleased to announce the first quarterly dividend for the 2016 financial year. The distribution of 22,93 cents per share is in line with our forecast to the market. Incorporating the portfolios that we acquired at the end of last year into Indluplace has gone exceptionally well. We are grateful to our portfolio managers and their teams for their commitment in making this happen

Indluplace is still ungeared and therefore well positioned in the current uncertain economic environment. The demand for rental residential units remains robust across the portfolio.  We anticipate residential rental becoming even more attractive in a rising interest rate environment,” said Carel de Wit, FD of Indluplace

“The distribution meets the requirements of a “qualifying distribution” for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 and the distribution on shares will be deemed to be a dividend, for South African tax purposes, in terms of section 25BB of the Income Tax Act,” the company said

TAX 101

The distribution received by or accrued to South African tax residents must be included in the gross income of such shareholders and will not be exempt from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because they are dividends distributed by a REIT.

This distribution is, however, exempt from distribution withholding tax in the hands of South African tax resident shareholders, provided that the South African resident shareholders provided the following forms to their Central Securities Depository Participant or broker, in respect of uncertificated shares, or the company, in respect of certificated shares:  

a) a declaration that the distribution is exempt from dividends tax; and 

b) a written undertaking to inform the CSDP, broker or the company, 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. 

Last modified on Wednesday, 10 February 2016 16:29

Most Popular

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
 MOA PNP  1
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
 JASON MCCORMICK
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

City of Joburg Housing Development wins UN award

Sep 17, 2019
 MESHACK VAN WYK
The City of Johannesburg’s Housing department has won a Sustainable Cities and Human…

Mixed-use is the key to funding hotel development in Africa

Sep 17, 2019
 XANDER NIJNENS
JLL’s research into global property transactions reveals that in the first half of 2019,…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
 BRONWNY CORBETT
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

Please publish modules in offcanvas position.