Redefine has declared a dividend of 38,14000 cents per share for the six months ended 31 August 2014, an increase of 9% on the comparable period and ahead of market guidance. This brings the full year distribution to 74,54000 cents per share (2013: 68,70000 cents per share) resulting in year-on-year growth of 8,5%, underpinned by a solid performance by the core property portfolio, bolstered by acquisitions made in the previous financial year and a strong contribution from international operations. In Rand terms, distributable income for the year grew by 19,9%.
Property portfolio income for the year was 96,0% (2013: 90,4%) of total revenue, income from listed securities 3,3% (2013: 7,4%), and trading and fee income 0,7% (2013: 2,2%).
Operating costs were 35,9% of contractual rental income (2013: 32,4%), with the increase arising mainly from the internalisation of electricity recoveries. Net of electricity and utility recoveries, operating costs were 18,8% of contractual rental income (2013: 20,1%).
Redefine’s international operations contributed 17,2% (2013: 15,0%) to distributable income.