Dipula lifts full-year dividend as earnings rise

Detailed summary

Lower borrowing costs, improved vacancies and a R2bn shopping centre acquisition support the property group's growth strategy.

JSE-listed diversified real estate investment trust (Reit) Dipula Properties Limited posted an 8.6% increase in full-year distributable earnings per share to 62.17 cents for the financial year ended 31 August 2026. This was supported by retail rental resilience, active portfolio recycling, and falling borrowing costs.

The group declared a final dividend of 28.45 cents per share on 11 November 2026, lifting its total distribution for the year to 55.96 cents per share, up 8.6% from 51.53 cents per share in the 2025 financial period.

The payout reflects a dividend distribution ratio of 90% of total group distributable earnings of R636 million, representing 100% of its minimum required SA Reit qualifying distribution.

“Elevate reflects our focus on strengthening our portfolio, building resilience and creating sustainable value. As we enter our next chapter, we are stronger, more resilient and future ready.”

Dipula’s total investment property portfolio expanded by 13% to reach a valuation of R12.2 billion across 152 properties, up from R10.8 billion across 158 assets in 2025. Net asset value (NAV) grew 20% to R8.2 billion, taking SA Reit NAV per share to R7.96 from R7.37 previously.

The group’s commercial operational fundamentals strengthened across its 886 610 m² gross lettable footprint:

Underlining the long-term investment mandate of the business, Petersen and Moodley noted that management remains focused on “…investment and active asset management… to provide relevant spaces that support tenant success, contribute to communities and challenge conventional thinking”.

Read: Dipula seals R2bn acquisition of retail portfolio Dipula back in the JSE property index

The Reit recorded an improvement in financial leverage, with group gearing declining to 31.8% from 34.9% in the prior year. On the SA Reit measurement methodology, loan-to-value (LTV) closed at 31.66%, comfortably inside its strictest debt-covenant ceiling of 50%.

Opening of the article, excerpted from Moneyweb. To read the rest, open the article on the publisher's site.