Redefine lifts its dividend 7% to 49.06 cents

Redefine Properties raised its dividend by 7.0% to 49.06 cents a share for the year to 31 August 2026, it said in its results announced on 2 November.

Distributable income per share rose to 56.08 cents from 52.39 cents, a touch above the top of the 55.55 to 56.07 cent range the company had guided to. Group distributable income grew 7.5% to R3.9 billion in the second half against R3.6 billion a year earlier, according to the announcement.

The year in numbers

Revenue rose 2.6% to R11.297 billion from R11.007 billion. Headline earnings per share nearly doubled, to 72.97 cents from 36.74 cents, and basic earnings per share rose to 103.60 cents from 59.45 cents. The announcement does not say what drove the jump.

The group’s net operating profit margin was 77.0%. Property assets stood at R102.1 billion, against R103.2 billion at 31 August 2025, a fall of R1.1 billion by our calculation. SA REIT net asset value per share rose 2.2% to 857.84 cents, measured on the third edition of the SA REIT best practice recommendations. Redefine restated the prior-year figure to 839.40 cents on that basis, from the 816.45 cents it reported last November.

Debt and the dividend

The SA REIT loan-to-value ratio improved to 38.8% from 40.6%. Cash and undrawn committed facilities total R7.3 billion, up from R6.7 billion a year ago.

The board declared a final dividend of 27.23382 cents a share for the second half, which brings the full-year dividend to 49.06 cents. The last day to trade with the dividend is Tuesday, 17 November, shares trade without it from Wednesday, 18 November, the record date is Friday, 20 November, and payment is on Monday, 23 November 2026. There are 7,202,600,656 shares in issue.

What Redefine expects next

For the year to 31 August 2027 the company expects distributable income per share to grow by 3.0% to 5.0%, which it puts at 57.7 to 58.9 cents. It plans to pay out 87.5% of that, at the upper end of its 80% to 90% range.

The guidance assumes rental escalations and lease renewals in line with contract terms, broadly stable vacancies, no material tenant failures and no material change in interest rates. It also assumes exchange rates of R19.00 to the euro and R4.50 to the Polish zloty. The earnings outlook is the board’s own and the auditors have not reviewed it.

The company said it would continue to simplify the group, including its Polish joint venture structures, and recycle capital from lower-yielding and non-core assets. It said persistent geopolitical tensions, inflationary pressures and the prospect of higher interest rates for longer could make the operating environment more challenging.

Redefine said higher interest rates influence valuations, refinancing and transaction activity. The repo rate has been 7.25% since 25 September 2026, and the Reserve Bank’s next decision is due on 19 November 2026.

PricewaterhouseCoopers gave the audited financial statements an unmodified opinion. The final dividend is payable on Monday, 23 November 2026.