Attacq, the developer of Waterfall City in Midrand and owner of Mall of Africa, says its distributable income more than halved in the six months to December as it had to offer rental discounts to tenants whose businesses had been affected by lockdown restrictions.
According to JSE rules, real-estate investment trusts are required to distribute at least 75% of their income as dividends. Like many other landlords, Covid-19 threw a spanner in the works in various forms, such as through reduced foot traffic at malls as the government imposed measures to control the spread of the virus. But regulations also resulted in limited trading, which, in turn, hit retail tenants, which subsequently battled to settle rental obligations.
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