RDI, the income-focused UK Reit with a secondary listing on the JSE, delivered strong results in its core business in the six months to end February. File Photo: IOL

CAPE TOWN – RDI, the income-focused UK Reit with a secondary listing on the JSE, delivered strong results in its core business in the six months to end February, chairperson Gavin Tipper said in a statement yesterday. 

Diluted net asset value per share declined by 4.4 percent to 204.4 pence per share from 213.8 pence on August 31, 2018. 

The share price fell 4.36 percent to R23.91 on the JSE late yesterday afternoon. 

Operational performance in the group remained robust, even though it had been a challenging period, he said. 

Chief executive Mike Watters said that following unprecedented weak sentiment towards the UK retail sector and the resulting negative impact on asset valuations, RDI had reached a point where decisive action would be taken to accelerate delivery against strategic priorities. 

These included a lower leveraged capital structure, more focused capital allocation and continued reduction to retail exposure. 

“These will support a simplified, single geography investment proposition with an enhanced portfolio weighted towards our preferred sectors of beds, sheds and desks,” said Watters. 

A cash interim dividend of 4 pence per share was declared. 

“Strong operational results continue to be achieved across the majority of our portfolio,” said Watters. 

BUSINESS REPORT