Financial Mail: Redefine dividends remain under pressure
Property investors still betting on dividend payouts rising by the usual 8%-10% this year will be sorely disappointed. A case in point is Redefine Properties, the JSE’s second-largest SA-based real estate investment trust (Reit), which earlier this month declared dividend growth of a rather uninspiring 4% for the six months to February 28. Management expects similar growth for the full year to August.
While Redefine’s dividend growth performance is on the lower end of management’s earlier guidance of 4%-5%, it wasn’t unexpected given the depressed state of the SA economy, a battered consumer and little, if any, new demand for office, retail and industrial space. Metope investment analyst Kelly Ward comments.