CAPE TOWN - Redefine Properties, which has a more than R90 billion portfolio in South Africa, Australia, Poland and in the UK, said on Monday it would defer a dividend payment for the six months to February 29, due to the uncertainties in the market.
Redefine was the top volume mover in the JSE early Monday morning, and fell sharply by 5.29 percent to R2.15 at that time. The share price is well down on the R7.50 that it traded at on January 3.
Revenue was up 9.6 percent to R4.82bn in the six month period, but distributable income fell 32 percent to 33.46 cents per share, the results showed yesterday.
Redefine was the top volume mover in the JSE early Monday morning, and fell sharply by 5.29 percent to R2.15 at that time. The share price is well down on the R7.50 that it traded at on January 3.
Redefine’s diversified local property assets were valued at R71.3bn (R72.8bn) at the end of the interim period , while the international real estate investments were valued at R17.9 billion (R22.6bn).
The group said while it could comfortably meet solvency and liquidity requirements and it was “confidently” reducing balance sheet risk, the dividend deferment until the release of annual results, and removal of previous distributable income guidance were “important precautionary measures” in the current market environment.
In the six months to February 29, the tenant retention rate was at a healthy 95.7 percent. Liquidity levels were also strong, with all debt near term debt maturities substantially refinanced. Some R1.9 billion was deployed into property assets.
Net asset value per share (excluding deferred taxation and non-controlling interest) was down 16.5 percent to 884.26 cents per share.