Redefine Properties (RDF) Investor Day 2026 summary

Strategic direction and capital allocation

• Focus on strengthening real estate fundamentals, building confidence, and accelerating technological adoption to drive sustainable growth and value creation over the next five years.

• Portfolio simplification and disciplined capital allocation, with 75.4% of assets linked to consumer activity and a target of 40% capital allocation to Poland for diversification.

• Active asset management, continuous repositioning, and recycling of non-core assets to optimize returns and maintain a high-quality, diversified portfolio.

• Technology has shifted from a supportive role to a strategic growth driver, with digital transformation and AI adoption embedded across operations.

• ESG and energy resilience initiatives, including a FY28 target of 40% renewable energy and a 10% reduction in water withdrawal by 2030.

Operational performance and portfolio outcomes

• South African retail remains the strongest sector, with improved occupancy, positive rental reversions, and NOI margin reaching 90% due to rental growth and solar initiatives.

• Office sector recovery is underway, with large renewals secured and vacancies expected to fall below 10% by year-end; focus on premium and A-grade assets.

• Industrial sector shows robust demand for logistics and modern space, with value uplift driven by density and repositioning rather than expansion.

• Polish assets are strategically important, with EPP core portfolio maintaining high occupancy (99.6%) and strong rent collection (99.3%).

• Self-storage and mini-unit platforms in Poland are being scaled, targeting 75,000m² NLA and €200m portfolio value within five years.

Financial outlook and guidance

• Distributable income restored to R3.9bn, with international contribution rising to 28% and group NOPM improving to 77.2%.

• Guidance for FY26 distributable income per share is 6.5% to 7% growth, with a payout ratio of 80% to 90%.

• Loan-to-value (LTV) ratio reduced to 45%, with a medium-term target of 38% to 41% through capital recycling and simplification of Polish JVs.

• Debt margins and funding costs have improved, with proactive hedging and diversified funding sources across South Africa and Poland.

• Organic NOI growth expected across all segments, with SA retail and industrial leading at 3–8% and self-storage targeted for up to 15% growth.