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Group audited annual results for the year ended 31 August 2025 and prospects for the year ending 31 august 2026
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")
GROUP AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2025 AND PROSPECTS FOR THE YEAR ENDING 31 AUGUST 2026
HIGHLIGHTS
- Property assets of R103.2 billion
- SA REIT NAV per share increased to 816.45 cents
- SA REIT loan-to-value of 40.6%
- Dividend per share of 45.84 cents
- Group net operating margin of 76.2%
- Undrawn committed facilities and cash R6.7 billion
FINANCIAL RESULTS
31 August 31 August %
2025 2024 change
Revenue (R' million) 11 007 10 656 3.3
Basic earnings per share (cents) 59.45 58.79 1.1
Headline earnings per share (cents) 36.74 33.06 11.1
Distributable income per share (cents) 52.39 50.02 4.7
Dividend per share (cents) 45.84 42.52 7.8
SA REIT NAV per share (cents) 816.45 788.28 3.6
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 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 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
- 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.
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.
Redefine Properties Limited
3 November 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 Konig (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
http://www.redefine.co.za
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Sponsor:
Java Capital
Company secretary:
A Matwa
Independent auditors:
PricewaterhouseCoopers Inc.
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 audited annual financial statements for the year ended 31 August 2025 ("2025 AFS")
and does not include full or complete details.
Redefine's 2025 AFS have been released on SENS and are available on the JSE website
at: https://senspdf.jse.co.za/documents/2025/jse/isse/RDF/FY2025.pdf and on the
company website at https://www.redefine.co.za/view-file/2025-afs.pdf.
The 2025 AFS have been audited by PricewaterhouseCoopers Inc., who expressed an
unmodified opinion thereon. A copy of the auditor's report, together with the accompanying
2025 AFS are available on the Redefine website and available for inspection at Redefine's
registered office.
Copies of the 2025 AFS may be requested via email to cosec@redefine.co.za or
sponsor@javacapital.co.za. Any investment decision should be based on the 2025 AFS
published on the company's website.
Redefine's summary of audited group results for the year ended 31 August 2025, which
includes directors' commentary, has been published on the company's website at
https://www.redefine.co.za/view-file/2025-results.pdf.
Date: 03-11-2025 08:00:00
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