Redefine Properties (RDF) H1 2025 earnings summary

Executive summary

• Total assets reached ZAR 102.4 billion, with 66% in South Africa and 34% in Poland, diversified across retail, office, industrial, logistics, and self-storage sectors.

• Distributable income per share grew to 25.52 cents, and dividend per share rose to 20.42 cents for the six months ended 28 February 2025.

• Group distributable income increased 3.6% to ZAR 1.8 billion, with stable SA REIT funds from operations.

• Occupancy rates improved in both South Africa (94.7%) and Poland (99.2%), with group net operating profit margin up to 76.9%.

• Strategic investments included raising stake in Pan Africa Mall and expanding solar PV capacity.

Financial highlights

• Revenue increased 4.7% year-over-year to R5.5 billion; net property income up 4.1% to R3.3 billion.

• SA REIT NAV per share at 782 cents, slightly down due to share issuance and FX.

• Loan-to-value (LTV) ratio improved to 41.2%, within the 39%-41% target range.

• Interest cover ratio improved to 2.2x from 2.1x year-over-year.

• Group weighted average cost of debt reduced to 7.3%, with 77.6% of total debt hedged.

Outlook and guidance

• Distributable income per share guidance for FY 2025 remains 50–53 cents, with dividend payout policy at 80%–90%.

• Final dividend expected at higher end of payout policy, averaging 85% for the year.

• Focus areas: delivering earnings guidance, disciplined capital allocation, JV simplification, and asset recycling.