Redefine lifts annual dividend as South African portfolio hits five-year high
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Redefine Properties raised its full-year dividend 7% to 49.06 cents a share after distributable income rose 7.5% to R3.9 billion and office vacancies fell to 9.5% in the year to August 2026.
Redefine Properties increased its full-year dividend by 7% to 49.06 cents per share for the year ended 31 August 2026, as distributable income climbed 7.5% to R3.9 billion and distributable income per share reached 56.08 cents.
The group said its South African property portfolio is performing at its strongest levels in five years, with office vacancies declining to 9.5% and occupancy improving across its retail and industrial properties. Property assets were valued at R102.1 billion and the loan-to-value ratio improved to 38.8%.
Chief executive Andrew König attributed the improvement to sticking with the group's strategy through the difficult post-pandemic years. "We've stuck to our strategy throughout by focusing on the variables under our control. And that's now paying off in the form of operating fundamentals that are substantially better than they've been in many, many years," he told The Money Show.
He said the balance sheet had been strengthened materially on liquidity, loan-to-value and proactive management of maturing debt. The group is guiding to distributable income per share growth of between 3% and 5% in the 2027 financial year, while flagging global volatility and interest-rate uncertainty as key risks.
The results place Redefine among South African landlords benefiting from a slow recovery in office demand and disciplined capital allocation, even as high borrowing costs continue to weigh on the wider listed property sector.