Argosy affirms plan to lift full-year dividend of 6.2 cents a share
By Rebecca Howard
July 25 (BusinessDesk) - Argosy Property told its annual general meeting it is on track to deliver a 2018 full-year dividend of 6.2 cents per share, fully paid from distributable income.
The Auckland-based company said it would pay a first quarter dividend of 1.55 cents per share with a Sept. 28 payment date. In the year to March 31 the dividend was 6.1 cents per share, a 1.2 percent increase on the prior year.
Looking ahead, chief executive Peter Mence said "in New Zealand net absorption driven primarily by economic growth and modest excess capacity provides a level of confidence. There remains difficulty seeing any realistic catalysts for any short term change" and noted that uncertainty from international events has the potential to solidify New Zealand's position as a destination.
He said there is potential for rental growth to be stronger than recent years and "the improved quality of our diversified portfolio will allow us to make the most of the current market conditions."
At the end of March, its portfolio was valued at $1.44 billion across 64 properties.