Redefine Properties FY distribution per share up 8.4% to 74.54c

Redefine Properties (RDF) on Thursday announced an 8.4% increase in its full-year distribution to 74.54c per share.

The full-year dividend was made up from an interim payment of 36.4c per share and a final dividend of 38.14c per share.

The company said in its financial results for the year to end August that net asset value (NAV) per share had increased 12.1% to R9.76‚ while total revenue increased 33.3% to R5.594bn.

Redefine Properties is a real estate investment trust focussed on local and international properties. It controls an income-earning asset base valued at R51.1bn.

Redefine reported a rise in operating costs to 35.9% of rental income from 32.4% the previous year.

Redefine’s said it had made substantial progress in “implementing its strategy of diversifying‚ growing and improving the quality of the core property portfolio. The emphasis in acquisitions‚ wherever possible‚ is to secure fully repairing leases with blue-chip tenants.”

During the year Redefine acquired 26 properties with a gross lettable area (GLA) of about 275‚000m²‚ for a total consideration of R4.6bn. It disposed of 10 properties totalling R202m at an average yield of 11%.

Looking ahead the company said the upward interest rate cycle‚ disproportionate increases in administered prices and a lacklustre trading environment would “pose challenges but will no doubt also create opportunities in the coming year”.

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »