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Unaudited financial results and declaration of interim dividend for the six months ended 30 June 2026
Resilient REIT Limited
Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES
ISIN: ZAE000209557
Bond company code: BIRPIF
LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
("Resilient" or "the Company" or "the Group")
www.resilient.co.za
Unaudited financial results and declaration of interim dividend
for the six months ended 30 June 2026
Nature of the business
Resilient is a retail-focused Real Estate Investment Trust ("REIT")
listed on the JSE Limited ("JSE"). Its strategy is to invest in dominant
retail centres with a minimum of three anchor tenants and let predominantly
to national retailers. A core competency is its strong development skills
which support new developments and the reconfiguration of existing shopping
centres to adapt to structural changes in the market. Resilient also invests
directly and indirectly in offshore property assets.
The Company's focus is on regions with strong growth fundamentals. Resilient
generally has the dominant offering in its target markets with strong
grocery and flagship fashion offerings.
Distributable earnings and dividend declared
The board of directors ("Board") has declared a dividend of 274,38 cents
per share for the six months ended June 2026 ("Interim Period"),
representing growth of 11,7% compared to the dividend of 1H2025.
The net property income ("NPI") of the South African portfolio increased
by 6,0% on a like-for-like basis during the Interim Period. This
performance excludes the NPI from Mahikeng Mall and The Village Klerksdorp
that was not comparable.
The euro dividend per share from Lighthouse Properties p.l.c.
("Lighthouse") for 1H2026 increased by 9,7% compared to 1H2025. The
Rand-equivalent dividend per share from Lighthouse increased by 11,2%
due to favourable contracted forward exchange rates that were in place
covering all offshore distributable earnings.
The Group benefitted from interest rates that were, on average, 70 basis
points lower compared to the prior interim period. Interest savings
were also achieved from reduced margins achieved on the refinancing
of facilities.
Commentary on the results
South Africa
Resilient owns 28 retail centres with a gross lettable area of 1,2 million
square metres. Resilient's pro rata share of vacancies in the portfolio
was 1,9% at June 2026 (Dec 2025: 1,9%). This includes planned vacancies
arising from asset management initiatives.
Resilient has implemented various tenant initiatives in six of its shopping
centres impacting in excess of 31 000m2 of trading area. These initiatives
include the replacement of Food Lover's Market with a Woolworths Food Market
in Tzaneen Lifestyle Centre, the replacement of Woolworths with Boxer in
Circus Triangle, the replacement of Edgars with Truworths Emporium in
Jubilee Mall, the expansion of Woolworths at I'langa Mall and the downsizing
of Edgars at Secunda Mall. Despite the impact of these initiatives on trading,
retail sales increased by 2,9% during the six months ended June 2026.
During the Interim Period, lease renewals were concluded on average 2,5%
higher than the expiring rentals. New leases were concluded on average
7,1% higher than the rentals of the outgoing tenants. In total, rentals
for renewals and new leases increased by 3,2%. Escalations on both
renewals and new leases were agreed at 5,2%.
France
Resilient owns a 40% interest in Retail Property Investments SAS, the
owner of four regional shopping centres in France, in partnership with
Lighthouse. France's gross domestic product grew by 0,2% in 2Q2026,
reflecting a more subdued macroeconomic backdrop shaped by elevated
political and fiscal uncertainty. Retail sales in France declined by
0,5% during the six months ended June 2026. Despite the subdued
macroeconomic backdrop, the French portfolio delivered sales growth
of 5,7% and euro NPI growth of 6,6% during 1H2026. The vacancy in
this portfolio was 5,2% at June 2026 (Dec 2025: 5,1%).
Spain
Resilient and Lighthouse each own a 50% interest in Spanish Retail
Investments SAS, SA, the owner of Salera Centro Comercial ("Salera"),
a shopping centre in Castellon, Spain.
Retail sales of Salera increased by 8,5% and its NPI grew by 5,0% during
the six months ended June 2026. The vacancy at June 2026 was 0,2%
(Dec 2025: 0,2%).
Energy projects
Resilient has continued with the implementation of its strategy to
reduce reliance on grid-provided electricity while also containing
the cost of supply and mitigating against the impact of Eskom's
transition to a more cost-reflective electricity pricing framework.
Resilient remains on track to increase its solar generation capacity
by 6,4MWp by the end of the financial year. Upon completion, the total
installed solar capacity in the South African portfolio will increase
to 94,4MWp, supplying an estimated 43,2% of the Group's total
electricity requirements.
During the Interim Period, battery energy storage systems ("BESS") were
installed at Mams Mall and Jubilee Mall, adding 10,0MWh of storage
capacity. This increases Resilient's total installed battery storage
capacity to 30,7MWh.
Installation of a 5,0MWh BESS at Brits Mall and a 1,72MWh BESS at each
of Limpopo Mall and The Crossing Mokopane has commenced. The Board has
further approved 5,0MWh BESS projects at Arbour Crossing, Kathu Village
Mall and Mams Mall.
Property valuations
Resilient's full property portfolio is subject to an independent external
valuation annually at year-end. The South African property portfolio was
therefore valued by Quadrant Properties Proprietary Limited ("Quadrant")
at December 2025. To accommodate the co-owners of Arbour Crossing,
Galleria Mall and Tzaneen Lifestyle Centre, Quadrant valued these
properties at June 2026. Resilient's share of the positive revaluation
was R44,3 million (+1,5%).
Financial performance
Unaudited Unaudited
for the for the
six months six months
ended ended
Jun 2026 Jun 2025 Movement
IFRS information
Total revenue (R'000) 1 993 531 1 928 477 65 054
Basic earnings per
share (cents) 278,85 177,30 101,55
Diluted earnings per
share (cents) 278,04 176,55 101,49
Headline earnings per
share (cents) 281,78 226,23 55,55
Diluted headline earnings
per share (cents) 280,96 225,27 55,69
Dividend (cents per share) 274,38 245,72 28,66
Net asset value per share (R) 77,40 69,83 7,57
Management accounts information
Net asset value per share (R) 78,18 70,81 7,37
Loan-to-value ratio (%) 36,1 37,8 (1,7)
Gross property expense ratio (%) 36,7 37,5 (0,8)
Percentage of direct and indirect
property assets offshore (%) 21,4 24,3 (2,9)
Outlook
The Board expects the South African property portfolio to continue
to deliver a solid performance in FY2026 while asset management
activities continue to ensure that the portfolio remains relevant
for both tenants and customers. The Group's energy strategy continues
to shield earnings from rising administered costs, particularly
arising from transforming electricity tariff structures.
Lighthouse has guided that its euro distribution per share is expected
to increase by 8,7% for FY2026. Resilient will benefit from favourable
forward exchange rates during 2H2026 that will enhance offshore
distributable earnings.
The Interim Period benefitted from lower base rates in South Africa
compared to the comparable prior period. This is not expected to
reoccur in 2H2026. Notwithstanding, Resilient reaffirms the guidance
provided in March 2026, being that distribution is expected to
increase by at least 9% or a distribution of at least 534,56 cents
per share for FY2026 (FY2025: 490,42 cents per share).
This guidance is based on forecast distributable earnings, compiled
in terms of International Financial Reporting Standards but adjusted
in terms of the Funds from Operations measure as per the SA REIT
Best Practice Recommendations, in addition to company-specific
adjustments. The principles applied in the preparation of this
guidance remain consistent with those disclosed in the Company's
SA REIT Ratios on page 34 of the Interim Results. The assumptions
remain unchanged from those disclosed in the year-end results,
particularly regarding no further changes in interest rates.
This forecast and outlook have not been audited, reviewed or
reported on by Resilient's auditor.
Payment of interim dividend
The Board has approved and notice is hereby given of an interim
dividend of 274,38000 cents per share for the six months ended
30 June 2026.
The dividend is payable to Resilient shareholders in accordance
with the timetable set out below:
Last date to trade cum dividend Tuesday, 1 September 2026
Shares trade ex dividend Wednesday, 2 September 2026
Record date Friday, 4 September 2026
Payment date Monday, 7 September 2026
Share certificates may not be dematerialised or rematerialised
between Wednesday, 2 September 2026 and Friday, 4 September 2026,
both days inclusive.
In respect of dematerialised shareholders, the dividend will be
transferred to the Central Securities Depository Participant
accounts/broker accounts on Monday, 7 September 2026. Certificated
shareholders' dividend payments will be posted on or about Monday,
7 September 2026.
This short-form announcement is the responsibility of the directors
and is only a summary of the information in the 1H2026 results
announcement and does not include full or complete details. The
information regarding the tax treatment of the dividend is included
in the 1H2026 results announcement. The 1H2026 results announcement
has been released on SENS and is available on the JSE website at
https://senspdf.jse.co.za/documents/2026/JSE/isse/RESE/1H2026.pdf
and on the Company's website at https://www.resilient.co.za/financials.
Any investment decision should be based on the 1H2026 results
announcement available on the Company's website. The 1H2026 results
announcement is available through a secure electronic manner at the
election of the person requesting inspection.
Dividend tax treatment
In accordance with Resilient's status as a REIT, shareholders are
advised that the dividend of 274,38000 cents per share for the six
months ended 30 June 2026 ("the dividend") meets the requirements of
a "qualifying distribution" for the purposes of section 25BB of the
Income Tax Act, 58 of 1962 ("Income Tax Act"). The dividend 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
provide 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 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 ceases 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
above-mentioned 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.
Any distribution received by a non-resident from a REIT will be
subject to dividend withholding tax at 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. Assuming dividend withholding
tax will be withheld at a rate of 20%, the net dividend amount
due to non-resident shareholders is 219,50400 cents per share.
A reduced dividend withholding rate in terms of the applicable
DTA may only be relied on 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 dividend 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 ceases 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 above-mentioned documents to be submitted prior to payment
of the dividend if such documents have not already been submitted,
if applicable.
Shares in issue at the date of declaration of this dividend:
365 204 738.
Resilient's income tax reference number: 9579269144.
By order of the Board
Johann Kriek Monica Muller
Chief Executive Officer Chief Financial Officer
Johannesburg
12 August 2026
Directors
Alan Olivier (Chairperson); Stuart Bird; Mary Bomela;
Des de Beer#; Des Gordon; Johann Kriek*; Sarita Martin;
Monica Muller*; Terence Nombembe; Thando Sishuba;
Barry Stuhler#; Barry van Wyk
* Executive director
# Non-independent non-executive director
Company Secretary
Joel Naidoo CA(SA), MCP Managerial Services Proprietary Limited
Registered address
4th Floor, Rivonia Village, Rivonia Boulevard, Rivonia, 2191
Transfer secretaries
JSE Investor Services Proprietary Limited
5th Floor, One Exchange Square, Gwen Lane, Sandown, 2196
Sponsor
Java Capital Trustees and Sponsors Proprietary Limited
6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Debt sponsor
Java Capital Trustees and Sponsors Proprietary Limited
6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Date: 12-08-2026 04:01:00
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