Redefine Properties maintains full-year dividend growth in line with forecast
Growth is expected to remain tepid, with a souring global outlook compounding reluctance at home to make tough policy decisions ahead of elections
Redefine Properties, one of SA’s largest real estate investment trusts (reits) with a portfolio of R91.3bn, has reported a 5.5% increase in full-year distribution, which was in the middle of its guidance range. Total distributions rose to 97.1c per share in the year to end-August, from 92c in the matching period a year ago, the company said on Monday. Distributable income rose 8.2% to R5.22bn, of which the international property investments contributed 24%. Total growth in distributions for 2019 is expected to between 4% and 5%, reflecting an outlook for tepid economic growth, according to Redefine. The company generates the bulk of rental income from its local portfolio, which was worth R72.4bn in the review period. The local portfolio is spread across retail, office and industrial properties. Its international real estate investments, valued at R18.9bn, represented 20.7% of total property assets. “Financial [markets] volatility is likely to continue for the foreseeable future as t...
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