Wrap Text
Unaudited interim group results for the six months ended 28 February 2026 and updated prospects for 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")
UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2026 AND UPDATED PROSPECTS FOR
THE YEAR ENDING 31 AUGUST 2026
HIGHLIGHTS
- Dividend per share of 21.83 cents
- SA REIT NAV per share increased to 815.09 cents
- Group net operating profit margin of 77.2%
- SA REIT loan-to-value improved to 40.3%
- Property assets of R101.2 billion
- Undrawn committed facilities and cash of R5.4 billion
FINANCIAL RESULTS
28 February 28 February %
2026 2025 change
Revenue (R' million) 5 594 5 394 3.7
Basic earnings per share (cents) 51.66 21.72 >100
Headline earnings per share (cents) 34.24 18.43 85.8
Distributable income per share (cents) 27.29 25.52 6.9
Dividend per share (cents) 21.83 20.42 6.9
SA REIT NAV per share (cents) 815.09 781.50 4.3
DIVIDEND FOR THE SIX MONTHS ENDED 28 FEBRUARY 2026
The group's distributable income increased by 7.4% to R1.9 billion compared to R1.8 billion
in the prior period.
The board has declared a dividend of 21.83291 cents per share for the six months ended
28 February 2026.
The dividend is payable to Redefine's shareholders in accordance with the timetable set
out below:
Last date to trade cum dividend: Tuesday, 26 May 2026
Shares trade ex dividend: Wednesday, 27 May 2026
Record date: Friday, 29 May 2026
Payment date: Monday, 1 June 2026
Shares in issue at the date of declaration of dividend: 7 202 600 656
Redefine's income tax reference number: 917/852/484/0
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 27
May 2026, and Friday, 29 May 2026, both days inclusive. Payment of the dividend will be
made to shareholders on Monday, 1 June 2026. In respect of dematerialised shareholders,
the dividend will be transferred to the central securities depository participant ("CSDP")
accounts/broker accounts on Monday, 1 June 2026. Certificated shareholders' dividend
payments will be deposited on or about Monday, 1 June 2026.
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 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 17.46633 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.
PROSPECTS
FY26 is shaping up as a year of two very distinct halves. The first half, characterised by
lower interest rates, strengthening market fundamentals across all asset classes and
renewed investor confidence, has been interrupted by paralysing disruption to flows
through the world's most critical oil choke-point. In this environment, we will lean on the
Upside of Us to sustain first-half momentum and focus relentlessly on the variables within
our control to underpin sustained value creation for all stakeholders.
We remain steadfast in our strategy to build a high-quality, diversified portfolio that delivers
durable growth; recycle non-core assets to reduce LTV; simplify joint ventures to reduce
complexity; generate organic growth to support value creation; accelerate the use of data
to drive rental growth and cost containment; foster an inclusive culture that unlocks
creativity and innovation; and embed sustainability as a core operational imperative.
Durability is not built in a crisis, it is revealed by one. Since 2019, Redefine has consistently
emerged from each trigger event in materially stronger shape, better positioned to thrive
amid uncertainty and complexity: 2026 will be no different.
Although we operate in a highly fluid environment, we have raised our earnings outlook,
and we expect distributable income per share for FY26 to grow by between 6.0% and 7.0%,
being between 55.55 and 56.07 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.
FY26 guidance is predicated on the assumption that current trading conditions will prevail
on the following key assumptions:
Assumptions within management's control:
- Rental escalations and lease renewals are expected to remain broadly in line with
existing contractual terms
- Vacancy levels are anticipated to remain stable
Assumptions outside management's control:
- Continued stability of the tenant base, with no material tenant failures
- The South African prime lending rate and three-month JIBAR are assumed to remain
at 10.25% and 6.68%, respectively
- The three-month EURIBOR is assumed to remain at 2.15% and the one-month
WIBOR at 3.83%
- The EUR/ZAR and PLN/ZAR exchange rates are assumed at R19.25 and R4.50,
respectively, for the forecast period
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
11 May 2026
Independent non-executive directors:
SM Pityana (chairperson)
ASP Dambuza
C Boshard
CH Fernandez
D Radley
NB Langa-Royds
SP 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 unaudited interim results for the six months ended 28 February 2026 ("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/2026/jse/isse/RDF/HY2026.pdf and on the company
website at https://www.redefine.co.za/view-file/interim-results-2026.pdf.
Copies of these interim results may be requested via email to cosec@redefine.co.za or
sponsor@javacapital.co.za.
Date: 11-05-2026 08:00:00
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