Redefine Properties reports modest dividend increase amid steady organic growth

REDEFINE Properties lifted its interim dividend per share 0.7% to 20.42 cents a share in the six months to February 28, even though its core operating segments delivered solid growth.

- EDWARD WEST

Profitability for the JSE-listed REIT that owns retail, office, industrial, and specialised properties continued to improve across all regions, driven by better occupancy and tight cost management. The net operating profit margin rose to 76.9%, up from 76.5% in the comparable period, with South Africa at 79.1% and the EPP core portfolio in Poland, at 77.2%.

EPP core occupancy reached a near-full 99.2%, while local occupancy also improved steadily, signaling resilience in the leasing market, despite rental pressures particularly in the local office sector.

Reflecting on the past five years for the group that owns Centurion Mall, Blue Route Mall, and Benmore Centre in South Africa, CEO Andrew König described it as “a game of snakes and ladders,” shaped by successive global shocks, from COVID-19 to energy crises, warring conflicts, interest rate hikes, and more recently trade tensions.

“Despite this, Redefine continues to emerge stronger, reshaping itself to capitalise on the upside to thrive amid complexity,” said König.