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Condensed unaudited group results for the six months ended 28 February 2023
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")
SHORT-FORM ANNOUNCEMENT: CONDENSED UNAUDITED GROUP RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2023
HIGHLIGHTS
- Distributable income increased to R1.6 billion (HY22: R1.5 billion)
- Active portfolio occupancy stable at 92.5% (FY22: 93.3%)
- SA REIT LTV improved to 40.9% (FY22: 40.2%)
- SA REIT NAV per share increased to 750.76 cents (FY22: 720.08 cents)
- Asset disposals of R1.4 billion (FY22: R9.4 billion)
- Committed undrawn facilities and cash on hand R6.0 billion (FY22: R6.2 billion)
FINANCIAL RESULTS
28 February 28 February %
2023 2022 change
Revenue (R' million) 4 818 3 532 36.4%
Continued and discontinued earnings per share (cents)
Headline earnings per share (cents) 12.30 29.27 (58.0)%
Basic earnings per share (cents) 11.83 38.32 (69.1)%
Distributable income per share (cents) 23.91 26.33 (9.2)%
Dividend per share (cents) 20.32 23.69 (14.2)%
SA REIT NAV per share (cents) 750.76 671.81 11.8%
DIVIDEND FOR THE SIX-MONTH PERIOD ENDED 28 FEBRUARY 2023
The Board has declared a cash dividend of 20.32193 cents per share for the six months ended
28 February 2023.
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 Central Securities Depository
Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the
company, in respect of certificated shares:
(a) a declaration that the dividend is exempt from dividends tax; and
(b) a 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 16.25754 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:
(a) a declaration that the distribution is subject to a reduced rate as a result of the application of a
DTA; and
(b) 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.
The dividend is payable to Redefine's shareholders in accordance with the timetable set out below:
Last date to trade cum dividend: Tuesday, 23 May 2023
Shares trade ex dividend: Wednesday, 24 May 2023
Record date: Friday, 26 May 2023
Payment date: Monday, 29 May 2023
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 24 May
2023 and Friday, 26 May 2023, both days inclusive. Payment of the dividend will be made to
shareholders on Monday, 29 May 2023. In respect of dematerialised shareholders, the dividend will
be transferred to the CSDP accounts/broker accounts on Monday, 29 May 2023. Certificated
shareholders' dividend payments will be deposited on or about Monday, 29 May 2023.
Shares in issue at the date of declaration of dividend: 7 052 419 865
Redefine's income tax reference number: 917/852/484/0
By order of the board
Redefine Properties Limited
8 May 2023
Independent non-executive directors:
SM Pityana (chairperson)
ASP Dambuza
C Fernandez (effective 4 November 2022)
D Radley
LJ Sennelo
M Barkhuysen (retired on 23 February 2023)
NB Langa-Royds
S Fifield (effective 12 September 2022)
Executive directors:
AJ Konig (Chief executive officer)
LC Kok (Chief operating officer)
NG Nyawo (Chief financial officer)
Registered office and business address:
4th floor, 155 West Street, Sandown, Sandton
Johannesburg, South Africa, 2196
PostNet Suite 264, Saxonwold,2132
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Sponsor:
Java Capital
Company secretary:
A Matwa
Independent auditors:
PricewaterhouseCoopers Inc.
http://www.redefine.co.za
The contents of this short-form announcement are the responsibility of the board of directors of
Redefine. These are extracts from the condensed unaudited group results for the six months ended
28 February 2023 and do not contain full or complete details of the financial results. Any investment
decisions made by investors and/or shareholders should be based on consideration of the full
announcement as a whole and shareholders are encouraged to review the full announcement which
is available on SENS and on the JSE’s website at:
https://senspdf.jse.co.za/documents/2023/JSE/isse/RDF/HY2023.pdf and on Redefine’s website.
The full announcement is also available for inspection at the registered office of Redefine or at the
office of our sponsor, Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196 at no
charge during normal business hours from Monday, 8 May 2023 to Monday, 15 May 2023. Copies
of the full announcement may be requested via email to cosec@redefine.co.za or
sponsor@javacapital.co.za The full announcement is available on our website:
https://www.redefine.co.za/view-file/interim-results-may-2023.pdf.
Date: 08-05-2023 07:30:00
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