Commentary: The decline in distributable income for Redefine reflects the challenging times faced by the real estate sector in South Africa. The COVID-19 pandemic has significantly impacted businesses and consumer behavior, leading to decreased demand for
Mar 22,2024 | DAXTROMNSOLAR
South Africa's Redefine reports substantial decline in distributable income by 92% in 2023-05-08
Johannesburg-based real estate investment trust, Redefine, recently released its financial report for the year 2023, indicating a significant drop of 92% in distributable income. This decline is mainly attributed to various factors, including the ongoing economic challenges brought about by the COVID-19 pandemic and the country's sluggish property market.
Redefine's distributable income for the year reached 200 million rand ($13.8 million), a substantial decline from the 2.5 billion rand ($172.6 million) recorded in the previous year. The company's net asset value also experienced a decrease, falling from 6.95 rand ($0.48) per share to 6.20 rand ($0.43) per share.
Furthermore, Redefine reported that its vacancies in South Africa increased to 10.8%, impacting the overall rental income. The uncertainty surrounding the ongoing pandemic and its impact on businesses has resulted in reduced demand for commercial and retail space, adversely affecting Redefine's operations.
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