Redefine is a leading South African-based Real Estate Investment Trust (REIT), invested in a diverse property asset platform valued at R95.4 billion (FY18: R91.3 billion). Redefine’s portfolio is anchored domestically in directly held retail, office and industrial properties, and is complemented abroad by property investments in Poland, the United Kingdom (UK) and Australia.
Redefine’s primary goal is to grow and improve cash flows, which will deliver quality earnings, growth in distributions, and sustain long-term growth in total returns for shareholders.
Redefine is listed on the Johannesburg Stock Exchange (JSE), has a market capitalisation of R45.5 billion (FY18: R56.2 billion) and is ranked in the JSE Top 40 index. By volume, Redefine shares are among the most actively traded on the JSE, making it a highly liquid single entry point for investors to gain exposure to domestic and multiple international real estate markets.
At 31 August 2019, total Group assets exceeded R100.0 billion for the first time. Redefine’s diversified local property assets were valued at R72.8 billion (FY18: R72.4 billion). The Group’s international real estate investments, valued at R22.6 billion (FY18: R18.9 billion) represented 23.7% (FY18: 20.7%) of total property assets, providing geographic diversification into the Polish, UK and Australian markets.
Financial results
Distribution per share for the six months ended 31 August 2019 amounted to 51.81 (FY18: 49.80) cents, an increase of 4.0% (FY18: 5.6%) on the previous comparable period.
This brings the full year distribution per share to 101.00 (FY18: 97.10) cents achieving year-on-year growth of 4.0% (FY18: 5.5%) in line with market guidance.
Redefine is a leading South African-based Real Estate Investment Trust (REIT), with a diverse, property asset platform valued at R92.0 billion (FY18: R91.3 billion). Redefine’s portfolio is anchored domestically in directly held retail, office and industrial properties, and is complemented by property investments in Poland, the United Kingdom (UK) and Australia.
Redefine’s primary goal is to grow and improve cash flows, which will deliver quality earnings, growth in distributions, and sustain long-term growth in total returns for shareholders.
Redefine is listed on the Johannesburg Stock Exchange (JSE), has a market capitalisation of R57.0 billion (FY18: R56.2 billion) and is ranked in the JSE Top 40 index. By volume, Redefine shares are among the most actively traded on the JSE, making it a highly liquid single entry point for investors to gain exposure to domestic and multiple international real estate markets.
At 28 February 2019, Redefine’s diversified local property assets were valued at R72.9 billion (FY18: R72.4 billion). The Group’s international real estate investments, valued at R19.1 billion (FY18: R18.9 billion) represented 20.7% (FY18: 20.7%) of total property assets, providing geographic diversification into the Polish, UK, Australian and African markets.
Financial results
The Redefine board of directors has declared a distribution of 49.19 (HY18: 47.30) cents per share for the six months ended 28 February 2019, an increase of 4.0% (HY18: 5.5%) on the previous comparable period which is in line with market guidance. Total revenue and gross distributable income showed growth of 11.7% (HY18: 9.6%) and 4.8% (HY18: 8.6%) respectively.
Redefine’s property portfolio contributed 97.8% (HY18: 98.0%) of total revenue, with the remaining 2.2% (HY18: 2.0%) arising from investment income.
The operating cost margin declined marginally to 34.7% (HY18: 33.9%) of contractual rental income. Net of electricity and utility recoveries, operating costs were 16.8% (HY18: 17.3%) of contractual rental income.
Redefine’s international property investments contributed 25.4% (HY18: 25.3%) to distributable income.
