Redefine ups interim distribution in tough conditions
The value of its property portfolio increased marginally to R92bn in the six months to end-February, boosted by its offshore investments
Redefine Properties, which said last week that Sipho Pityana had replaced Marc Wainer as its chair, announced on Monday it has raised its interim distribution to investors 4% to 49.19c per share. Distributable income in the six months to end-February grew 4.8% to R2.7bn, versus 8.6% a year before. Head of research at Anchor Stockbrokers, Craig Smith, said Redefine’s dividend growth rate was at the lower end of its guidance, but that was expected given tough conditions in SA. “Overall, it’s more or less in line with guidance but does again highlight the weak local property fundamentals. Their offshore investments have definitely contributed positively to performance, especially EPP in Poland,” Smith said. The real estate investment trust (Reit) — which invests in SA, Poland, the UK and Australia — said its property portfolio was worth R92bn at the end of the period, a marginal increase. In SA, the “active portfolio vacancy rate” rose to 5.7% from 4.5% as vacancies rose in the stud...
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