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Unaudited interim group results for the six months ended 28 February 2025
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
Debt company code: BIRDF
(Approved as a REIT by the JSE)
("Redefine" or "the company" or "the group")
UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2025
HIGHLIGHTS
- Total assets of R102.4 billion
- SA REIT NAV per share increased to 782 cents
- SA REIT loan-to-value of 41.2%
- Dividend per share of 20.42 cents
- Group net operating margin of 76.9%
- Committed facilities and cash of R6.0 billion
FINANCIAL RESULTS
28 February 29 February %
2025 2024 change
Revenue (R' million) 5 394 5 214 3.5
Basic earnings per share (cents) 21.72 16.20 34.1
Headline earnings per share (cents) 18.43 10.50 75.5
Distributable income per share (cents) 25.52 25.34 0.7
Dividend per share (cents) 20.42 20.27 0.7
SA REIT NAV per share (cents) 781.50 780.32 0.2
DIVIDEND FOR THE SIX MONTHS ENDED 28 FEBRUARY 2025
The group's distributable income increased by 3.6% (HY24: increase of 6.1%) to R1.8 billion
(HY24: R1.7 billion) for the period.
The board has declared a dividend of 20.41529 cents per share for the six-month period ended
28 February 2025, which represents a dividend payout ratio of 80%.
In accordance with Redefine's status as a REIT, shareholders are advised that the dividend
meets the requirements of a "qualifying distribution" for the purposes of 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 provided 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
- 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.
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 non-resident shareholders is
16.33223 cents 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
- 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, both in the form prescribed by the Commissioner for the South
African Revenue Service.
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 prior to payment of
the distribution if such documents have not already been submitted, if applicable.
The dividend is payable to Redefine's shareholders in accordance with the timetable set out
below:
Last date to trade cum dividend: Tuesday, 27 May 2025
Shares trade ex dividend: Wednesday, 28 May 2025
Record date: Friday, 30 May 2025
Payment date: Monday, 2 June 2025
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 28 May
2025, and Friday, 30 May 2025, both days inclusive. Payment of the dividend will be made to
shareholders on Monday, 2 June 2025. In respect of dematerialised shareholders, the dividend
will be transferred to the CSDP accounts/broker accounts on Monday, 2 June 2025. Certificated
shareholders' dividend payments will be deposited on or about Monday, 2 June 2025.
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
The past five years have been marked by significant challenges, including the pandemic, civil
unrest, geopolitical tensions, and an energy crisis. Despite these disruptions, Redefine has
consistently emerged more agile and better positioned to thrive as we continue to live the upside
by focusing on the variables under our control. We believe that the future of commercial real
estate lies at the intersection of technology, flexibility and sustainability. We remain firm in our
strategy focusing on disciplined capital allocation for sustainable growth, recycling non-core
assets to improve the quality of the asset platform, simplifying the joint ventures to lower our see-
through LTV ratio, and delivering on earnings guidance to drive value.
Despite the uncertain operating environment, we expect full-year 2025 distributable income per
share of between 50.0 cents and 53.0 cents (FY24: 50.0 cents). We anticipate a dividend payout
ratio of 80% to 90%, depending on operational capital expenditure requirements, debt covenant
levels, liquidity events, and tax considerations.
This forecast, which remains unchanged from the FY25 forecast disclosed in the financial results
for the year ended 31 August 2024 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.
Redefine Properties Limited
12 May 2025
Independent non-executive directors:
SM Pityana (chairperson)
ASP Dambuza
C Boshard
C Fernandez
D Radley
LJ Sennelo
NB Langa-Royds
S Fifield
Executive directors:
AJ König (Chief executive officer)
LC Kok (Chief operating officer)
NG Nyawo (Chief financial officer)
Registered office and business address:
155 West, 4th floor, 155 West Street, Sandown, Sandton
Johannesburg, South Africa, 2196
PostNet Suite 264, Saxonwold,2132
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Sponsor:
Java Capital
Company secretary:
A Matwa
Independent auditors:
PricewaterhouseCoopers Inc.
http://www.redefine.co.za
The contents of this announcement are the responsibility of the board of directors of Redefine.
This announcement is only a summary of the information contained in Redefine's group
unaudited interim results for the six months ended 28 February 2025 ('full announcement') and
does not include full or complete details of the financial results.
Any investment decisions made by investors and/or shareholders should be based on
consideration of the full announcement as a whole and shareholders are encouraged to review
the full announcement, which is available on SENS, on the JSE website at:
https://senspdf.jse.co.za/documents/2025/jse/isse/RDF/HY2025.pdf and on the company
website at https://redefine.co.za/view-file/interim-results-2025.pdf.
Copies of these interim results may be requested via email to cosec@redefine.co.za or
sponsor@javacapital.co.za.
Date: 12-05-2025 08:00:00
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