| Imagery Source: Redefine Properties Limited |
| Information Source: Share Net |
| HIGHLIGHTS |
- Property assets of R103.2 billion
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- SA REIT NAV per share increased to 816.45 cents
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- SA REIT loan-to-value of 40.6%
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- Dividend per share of 45.84 cents
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- Group net operating margin of 76.2%
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- Undrawn committed facilities and cash R6.7 billion
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| DIVIDEND FOR THE SIX MONTHS ENDED 31 AUGUST 2025 |
| The group’s distributable income increased by 7.8% to R3.6 billion, compared to R3.4 billion in the prior year. |
| The board has declared a dividend of 25.42271 cents per share for the six months ended 31 August 2025. |
| The dividend is payable to Redefine’s shareholders in accordance with the timetable set out below: |
| Last date to trade cum dividend: Tuesday, 18 November 2025 |
| Shares trade ex dividend: Wednesday, 19 November 2025 |
| Record date: Friday, 21 November 2025 |
| Payment date: Monday, 24 November 2025 |
| Shareholders may not dematerialise or rematerialise their shares between Wednesday, 19 November 2025, and Friday, 21 November 2025, both days inclusive. Payment of the dividend will be made to shareholders on Monday, 24 November 2025. In respect of dematerialised shareholders, the dividend will be transferred to the CSDP accounts/broker accounts on Monday, 24 November 2025. Certificated shareholders’ dividend payments will be deposited on or about Monday, 24 November 2025. |
| In accordance with Redefine’s status as a REIT, shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for section 25BB of the Income Tax Act, No 58 of 1962 (“Income Tax Act”). The distribution on the shares will be deemed to be a dividend for South African tax purposes in terms of section 25BB of the Income Tax Act. |
| The dividend 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 it is a dividend distributed by a REIT. This dividend is, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that the South African resident shareholders provide the following forms to their central securities depository participant (“CSDP”) or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares: |
- declaration that the dividend is exempt from dividends tax; and
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- 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,
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- both in the form prescribed by the Commissioner for the South African Revenue Service.
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| Shareholders are advised to contact their CSDP, broker or the company, 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. |
| Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary dividend, which is exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Assuming dividend withholding tax will be withheld at a rate of 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), the net dividend amount due to nonresident shareholders is 20.33817cents per share. |
| A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon if the non-resident shareholder has provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares: |
- Declaration that the distribution is subject to a reduced rate as a result of the application of a DTA; and
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- a written undertaking to inform their CSDP, broker or the company, as the case may be, should the circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner,
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- both in the form prescribed by the Commissioner for the South African Revenue Service.
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| Non-resident shareholders are advised to contact their CSDP, broker or the company, as the case may be, to arrange for the abovementioned documents to be submitted before payment of the distribution if such documents have not already been submitted, if applicable. |
| Shares in issue at the date of declaration of dividend: 7 202 600 656 |
| Redefine’s income tax reference number: 917/852/484/0 |
| PROSPECTS |
| Redefine has shown remarkable resilience, adapting to economic fluctuations and evolving real estate dynamics. The group’s focus on foresight, adaptability and localised nuances has been key in navigating the changing landscape. By opting for the upside and concentrating on the variables under its control, Redefine has emphasised the importance of location, demand and supply dynamics, development potential, and economic signals. Sustainability and proactive operational risk management have become fundamental pillars for long-term value creation, highlighting Redefine’s enduring appeal and strategic vision. |
| The primary drivers of outperformance for Redefine have been portfolio quality and balance sheet strength. The group’s strategy remains firm, focusing on disciplined capital allocation for sustainable growth, recycling non-core assets, simplifying joint ventures to reduce the see-through LTV ratio, and delivering on earnings guidance. The future is shaped by flexibility, sustainability and technology, with the upside of us at the core. The outlook is characterised by cautious optimism as Redefine continues on its path of positive total returns. |
| Although we operate in a highly uncertain environment, we expect distributable income per share for FY26 to grow by between 4.0% and 6.0%, being between 54.5 and 55.5 cents per share (FY25: 52.39 cents per share). Over the full year, we anticipate applying a dividend payout ratio of between 80% and 90%, dependent on operational capital expenditure requirements, debt covenant levels, liquidity events, and tax considerations. This forecast is predicated on the assumption that current trading conditions will prevail. |
| Forecast rental income is based on contractual terms and anticipated market-related renewals. The forecast has not been reviewed or reported on by the group’s independent external auditors. Redefine’s use of dividend per share as a relevant measure of financial performance remains unchanged. |
| For the full document, click the link below |
| Redefine Properties Limited |
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