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    Real estate investment trusts
Redefine Properties Limited

Redefine Properties Limited

624.00
ZAC
-5.00
(-0.79%)
4.84TMarket Cap
Nov 02Next Earn
Redefine Properties Limited
JSE:RDF
(Johannesburg Stock Exchange)

Recent

price

624.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
ZAR
1.18
1.3
1.12
1.49
1.81
1.78
1.48
1.54
1.58
1.62
1.56
1.32
1.34
1.47
1.58
- -
- -
Revenue per Share
0.41
-0.19
0.13
1.28
1.1
1.43
1.01
0.66
1.23
0.62
-3.06
0.5
1.41
0.21
0.59
- -
- -
Basic EPS, GAAP
-0.03
0.08
-0.08
-0.11
0.05
0.75
0.63
0.77
0.93
0.85
0.49
0.42
0.43
0.38
0.43
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
0.76
0.82
0.87
0.94
0.99
0.48
- -
0.79
0.4
0.44
- -
- -
Dividend per Share
5.64
7.11
7.26
8.51
9.61
10.15
11.37
10.1
10.67
10.3
7.05
7.22
7.21
7.69
7.84
- -
8.06
Book Value per Share
3.9
5.71
5.57
6.71
8.05
8.94
10.15
9.01
9.61
9.27
7.05
7.22
7.21
7.69
7.84
- -
8.06
Tangible Book Value per Share
2,662
2,684
2,695
2,825
3,091
3,743
4,500
5,053
5,342
5,412
5,432
5,433
6,143
6,752
6,752
6,944
6,961
Basic Weighted Avg Shares
3,137
3,497
3,024
4,195
5,594
6,649
6,647
7,794
8,441
8,791
8,456
7,157
8,244
9,909
10,656
- -
- -
Sales/Revenue/Turnover
116.4
71.74
75.59
66.21
61.17
64.26
62.17
63.82
63.68
61.13
53.32
53.23
56.41
53.06
54.83
- -
- -
Operating Margin (%)
108
113
63
63
76
79
85
83
85
87
333
44
20
23
26
- -
- -
Depreciation Expense
1,080
-519
342
3,620
3,408
5,334
4,566
3,329
6,575
3,342
-16,628
2,731
8,691
1,447
3,969
- -
- -
Net Income, GAAP
15.61
- -
31.54
- -
- -
- -
1.88
6.56
7.45
1.22
- -
23.18
0.09
8.16
1.7
- -
- -
Effective Tax Rate (%)
34.43
-14.85
11.31
86.28
60.92
80.23
68.69
42.71
77.89
38.01
-196.64
38.16
105.42
14.6
37.25
- -
- -
Profit Margin (%)
-1,231
-2,745
-7,676
-3,152
-5,764
-1,971
-6,920
-7,176
-2,729
-4,700
-2,688
-2,599
-3,400
-6,628
-2,871
- -
-2,993
Working Capital
14,402
16,166
12,649
12,873
14,355
21,602
21,149
27,923
33,672
36,744
34,892
28,548
33,464
34,868
41,520
- -
39,527
LT Debt
15,801
21,888
21,344
29,159
35,736
45,137
49,641
53,786
58,149
56,569
38,831
39,358
49,301
52,882
53,235
- -
56,536
Total Equity
10.88
- -
3.86
- -
- -
- -
5.5
5.64
5.5
5.64
- -
4.14
5.75
5.49
5.89
- -
- -
Return on Invested Capital (%)
6.5
- -
7.83
- -
- -
- -
8.8
6.56
9.47
5.77
- -
6.17
13.84
4.66
8.1
- -
- -
Return on Capital (%)
7.62
-2.99
1.73
16.1
11.82
13.7
9.66
6.48
11.83
5.88
-35.29
7.05
19.78
2.88
7.57
- -
- -
Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Feb'25
Aug'25
Feb'26
ST Debt
1,326
- -
2,991
LT Borrowings
40,914
- -
39,069
LT Finance Leases
500
- -
458
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
6,948
6,948
6,978
Market Capitalization
30,572
35,157
48,357

Working Capital

ZAR

•

in mil. unless spec.
Feb'25
Aug'25
Feb'26
Total Current Assets
2,758
- -
2,479
Cash, Cash Equivalents & STI
1,241
- -
1,052
Accounts Receivable, Net
1,241
- -
1,077
Inventories
- -
- -
- -
Total Current Liabilities
4,584
- -
5,472
Payables & Accruals
- -
- -
- -
ST Debt
1,326
- -
2,991
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
- -
Free Cash Flow
- -
- -
- -
Net Income, GAAP
- -
- -
- -
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
10,656
2025
- -
- -
- -
2026
- -
- -
- -

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.59
2025
- -
- -
- -
2026
- -
- -
- -

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.44
2025
- -
- -
- -
2026
- -
- -
- -
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Business
Redefine Properties Limited (JSE: RDF) is a South African-based real estate investment trust (REIT) that owns, develops, manages and invests in a diversified portfolio of retail, office, industrial and specialised properties; its property asset platform is valued at R99.6 billion as of 31 August 2024 and listed on the Johannesburg Stock Exchange with headquarters in Sandton, Johannesburg, where it was founded in 1999. The company's local South African portfolio, valued at R64.7 billion, comprises directly held retail (34.7% by value), office (30%), industrial (14.2%) and other specialised assets across Gauteng (73%), Western Cape (5%), KwaZulu-Natal (5%) and other regions, serving anchor tenants, national retailers, corporates and government entities; internationally, it holds a 35.2% stake in Polish assets including retail, logistics and self-storage through EPP N.V., joint ventures such as European Logistics Investment B.V., EPP Community Properties JV, Horse Group and others, plus investments in Stokado sp. z o.o. for self-storage facilities. Redefine targets stable income generation and capital growth for stakeholders through active asset management, with operations spanning South Africa (79.7% of revenue) and Poland (20.3%). In recent developments, Redefine acquired full ownership of Mall of South Coast (MOTS) for R1.8 billion in December 2023, 50.9% of Pan Africa Development Proprietary Limited (PAN Africa Mall) for R90.1 million in May 2024, and office properties plus land from Setso Holdco valued at R350.8 million; it restructured a R27.7 billion secured evergreen funding facility in October 2024 using 127 properties as security, completed nine refurbishments and new developments adding over 13,000m² of gross lettable area, and progressed solar installations to 43.2MWp capacity with R260 million more underway, while disposing non-core assets for R386.7 million.