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Group annual audited results for the year ended 31 August 2026 and prospects for the year ending 31 August 2027
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
Debt company code: BIRDF
(Approved as a REIT by the JSE)
("Redefine" or "the company" or "the group")
GROUP ANNUAL AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2026 AND PROSPECTS FOR THE YEAR ENDING 31 AUGUST 2027
HIGHLIGHTS
- Dividend per share increased by 7.0% to 49.06 cents
- Group net operating profit margin of 77.0%
- Property assets of R102.1 billion
- SA REIT NAV per share increased to 857.84 cents
- SA REIT loan-to-value improved to 38.8%
- Undrawn committed facilities and cash of R7.3 billion
FINANCIAL RESULTS
31 August 31 August %
2026 2025 change
Revenue (R' million) 11 297 11 007 2.6
Basic earnings per share (cents) 103.60 59.45 74.3
Headline earnings per share (cents) 72.97 36.74 98.6
Distributable income per share (cents) 56.08 52.39 7.0
Dividend per share (cents) 49.06 45.84 7.0
SA REIT NAV per share (cents) 857.84 839.40* 2.2
*Prior year comparative has been recalculated to reflect the adoption of the Third Edition of the SA REIT Best
Practice Recommendations.
DIVIDEND FOR THE SIX MONTHS ENDED 31 AUGUST 2026
The group’s distributable income increased by 7.5% to R3.9 billion compared to R3.6 billion
in the prior year.
The board has declared a final dividend of 27.23382 cents per share for the second half of
FY26 and resulting in a full-year payout ratio of 87.5% for FY26.
The dividend is payable to Redefine’s shareholders in accordance with the timetable set
out below:
Last date to trade cum dividend: Tuesday, 17 November 2026
Shares trade ex dividend: Wednesday, 18 November 2026
Record date: Friday, 20 November 2026
Payment date: Monday, 23 November 2026
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 18
November 2026, and Friday, 20 November 2026, both days inclusive. Payment of the
dividend will be made to shareholders on Monday, 23 November 2026. In respect of
dematerialised shareholders, the dividend will be transferred to the central securities
depository participant ("CSDP") accounts/broker accounts on Monday, 23 November 2026.
Certificated shareholders’ dividend payments will be deposited on or about Monday, 23
November 2026.
Shares in issue at the date of declaration of dividend: 7 202 600 656
Redefine’s income tax reference number: 917/852/484/0
In accordance with Redefine’s status as a REIT, shareholders are advised that the dividend
meets the requirements of a "qualifying distribution" for the purposes of section 25BB of the
Income Tax Act, No 58 of 1962 ("Income Tax Act"). The distribution on the shares will be
deemed to be a dividend for South African tax purposes in terms of section 25BB of the
Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the
gross income of such shareholders and will not be exempt from income tax (in terms of the
exclusion to the general dividend exemption, contained in paragraph (aa) of section
10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. This
dividend is, however, exempt from dividend withholding tax in the hands of South African
tax resident shareholders, provided that the South African resident shareholders provided
the following forms to their CSDP or broker, as the case may be, in respect of uncertificated
shares, or the company, in respect of certificated shares:
- declaration that the dividend is exempt from dividends tax; and
- written undertaking to inform the CSDP, broker or the company, as the case may be,
should the circumstances affecting the exemption change or the beneficial owner cease
to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the company, as the case may
be, to arrange for the abovementioned documents to be submitted prior to payment of the
dividend if such documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as an ordinary dividend which is exempt from income tax in terms of the
general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Assuming dividend
withholding tax will be withheld at a rate of 20% (unless the rate is reduced in terms of any
applicable agreement for the avoidance of double taxation ("DTA") between South Africa
and the country of residence of the shareholder), the net dividend amount due to non-
resident shareholders is 21.78706 cents per share.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon
if the non-resident shareholder has provided the following forms to their CSDP or broker,
as the case may be, in respect of uncertificated shares, or the company, in respect of
certificated shares:
- declaration that the distribution is subject to a reduced rate as a result of the application
of a DTA; and
- a written undertaking to inform their CSDP, broker or the company, as the case may be,
should the circumstances affecting the reduced rate change or the beneficial owner
cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the company, as
the case may be, to arrange for the abovementioned documents to be submitted prior to
payment of the distribution if such documents have not already been submitted, if
applicable.
PROSPECTS
Finding your Upside is about staying composed through uncertainty, understanding the
structural trends shaping our markets, and identifying opportunities where we can make a
difference in the challenges we face. Redefine enters FY27 from a position of strength, with
a more focused portfolio, a resilient balance sheet, and a stronger operating performance
across all sectors. While persistent geopolitical tensions, inflationary pressures, and the
prospect of higher-for-longer interest rates may create a more challenging operating
environment as operational momentum will be pitted against geopolitical friction. We will
not be distracted by cyclical volatility but will remain focused on the variables under our
control. Our strategic priorities are clear – enhance the quality of our asset platform,
increase occupancy and rental growth, improve operating margins, reduce our cost of
capital, and allocate capital to its most productive uses. Sustainable organic growth will
support a lower cost of capital and create capacity for disciplined, targeted inorganic
growth.
Maintaining balance sheet flexibility will be critical as global volatility and higher interest
rates influence valuations, refinancing and transaction activities. This means that we will
continue to simplify the group, including our Polish joint venture structures, while recycling
capital from lower yielding and non-core assets. This approach positions Redefine to
navigate near-term uncertainty while delivering sustainable income growth and long-term
value for shareholders.
The group delivered distributable income of 56.08 cents per share for FY26, compared with
52.39 cents per share in FY25, marginally exceeding the upper end of the previously
communicated guidance range of 55.55 to 56.07 cents per share.
Although we operate in a highly fluid environment, we expect distributable income per share
for FY27 to grow by between 3.0% and 5.0%, being between 57.7 and 58.9 cents per share.
Over the full year, we anticipate applying a dividend payout ratio of 87.5% which is at the
higher end of our payout range of 80% to 90%. The payout ratio is determined based on
operational capital expenditure requirements, debt covenant levels, liquidity events, and
tax considerations at the time of the declaration of the dividend.
The FY27 guidance is underpinned by the assumption that prevailing market and operating
conditions continue and is based on the following key assumptions:
Assumptions within management’s control:
- Rental escalations and lease renewal outcomes are expected to remain broadly in
line with prevailing contractual terms
- Portfolio vacancy levels are expected to remain largely stable
Assumptions outside management’s control:
- Continued stability of the tenant base, with no material tenant failures
- No material changes to interest rates
- The EUR/ZAR and PLN/ZAR exchange rates are assumed at R19.00 and R4.50,
respectively, for the forecast period
The earnings outlook is the responsibility of the board of directors of Redefine and has
been prepared in accordance with IFRS Accounting Standards, consistent with the
accounting policies applied by the group. The forecast has not been reviewed or reported
on by the group’s independent external auditors. Redefine’s use of dividend per share as
a relevant measure of financial performance remains unchanged.
Redefine Properties Limited
2 November 2026
Independent non-executive directors:
SM Pityana (chairperson)
ASP Dambuza
C Boshard
CH Fernandez
D Radley
NB Langa-Royds
NF Bhettay
SP Fifield
Executive directors:
AJ König (Chief executive officer)
LC Kok (Chief operating officer)
NG Nyawo (Chief financial officer)
Registered office and business address:
155 West, 4th floor, 155 West Street, Sandown, Sandton
Johannesburg, South Africa, 2196
PostNet Suite 264, Saxonwold,2132
http://www.redefine.co.za
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Sponsor:
Java Capital
Company secretary:
A Matwa
Independent auditors:
PricewaterhouseCoopers Inc.
The contents of this announcement are the responsibility of the board of directors of
Redefine. This announcement is only a summary of the information contained in Redefine’s
group audited annual financial statements for the year ended 31 August 2026 ("2026 AFS")
and does not include full or complete details of the financial results.
Redefine's 2026 AFS have been released on SENS and are available on the JSE website
at:https://senspdf.jse.co.za/documents/2026/JSE/ISSE/RDF/FY2026.pdf
and on the company website at: https://www.redefine.co.za/view-file/2026-afs.pdf.
The 2026 AFS have been audited by PricewaterhouseCoopers Inc., who expressed an
unmodified opinion thereon. A copy of the auditor's report, together with the accompanying
2026 AFS are available on the Redefine website and available for inspection at Redefine's
registered office.
Copies of the 2026 AFS may be requested via email to cosec@redefine.co.za or
sponsor@javacapital.co.za. Any investment decision should be based on the 2026 AFS
published on the company's website.
Redefine's summary of audited group results for the year ended 31 August 2026, which
includes directors' commentary, has been published on the company's website at
https://www.redefine.co.za/view-file/2026-results.pdf.
Date: 02/11/2026 08:00:00
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