CAPE TOWN – RDI Reit has made progress in cutting its retail property exposure and reinvested into sectors producing good returns.
The UK-based RDI, which has a secondary listing on the JSE, declared a 10 pence (R1.88) for the year to August 31, 3.5 percent lower than 13.5p last year, but the second interim dividend of 6p was well up from the 4p first interim dividend.
Revenue fell 1.6 percent to £93.5 during the period, while net operating income eased 2.8 percent to £70.3 million and headline earnings slowed 3.8 percent to 8.2p per share.
Loan to value was up marginally to 46.8 percent from 46.2 percent.
Chairperson Gavin Tipper said on a like-for-like basis, net rental income remained flat in the past year. There had been stable income returns from the London Serviced Office portfolio with occupancy at 93.6 percent. Overall group occupancy remained high at 95.9 percent.