Property investors still betting on dividend payouts rising by the usual 8%-10% this year will be sorely disappointed — in recent months most real estate stocks have barely been able to achieve inflation-beating growth. A case in point is Redefine Properties, the JSE’s second-largest SA-based real estate investment trust (Reit) after Growthpoint Properties with a market cap of R57bn, which this week declared dividend growth of a rather uninspiring 4% for the six months to February 28. Management expects similar growth for the full year to August. Redefine’s R73bn local portfolio comprises 303 properties with 39% exposure to retail, 37% to offices and 19% to industrial buildings. It also has a small exposure to student housing as well as the hospital and hotel sector. Flagship shopping centres include Centurion Mall, East Rand Mall (50%) and Blue Route Mall in Tokai, Cape Town. Redefine’s offshore assets are valued at R19.1bn, the bulk of which are exposed to Poland through a 45% sta...

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