Acquisitions help Redefine deliver on its market guidance
The real estate investment trust expects to maintain the growth it enjoyed in the six months to end-February for the full 2018 financial year
Redefine Properties on Monday reported a 5.5% increase in its first-half distribution to 47.30c per share, which was in keeping with its previous guidance. The company uses distribution per share as a key metric to assess its underlying financial performance. Shareholders would have the option to reinvest the cash dividend in return for shares, the company said in a statement. Redefine is one of the leading South African-based real estate investment trusts (Reits), boasting a portfolio of R85.6bn, which cuts across retail, office and industrial sectors. The property portfolio contributed 98% of total revenue in the six months to end-February, with the balance coming from listed securities, the company said in its results statement. "Total revenue and gross distributable income showed growth of 9.6% and 8.6%, respectively, continuing to benefit from a number of substantial quality acquisitions made in recent years," the company said. Operating costs held steady at 33.9% of contractua...
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