Dipula Properties, the JSE-listed REIT with a bias towards convenience, rural and township shopping centres, says distributable earnings per ordinary share rose to 62.17 cents in the year to 31 August 2026, from 57.26 cents. It also guides for distributable earnings growth of 8% to 10% per share in the year ahead. The figures come from its audited results announcement, released on the JSE’s SENS service on 11 November 2026, and its published annual financial statements.
The Dipula results announcement reports revenue of R1 671 million, against R1 513 million the year before, and a full-year dividend of 55.96 cents per ordinary share, against 51.53 cents. The auditor, Forvis Mazars, issued an unmodified audit opinion on the annual financial statements. The forward guidance is a different matter: Dipula states that it was prepared by management and has not been reviewed or audited by its external auditors.
The numbers behind the dividend
According to the announcement, basic earnings per share were 122.05 cents (102.36 cents), headline earnings per share 63.86 cents (53.08 cents) and net asset value per share R7.95 (R7.50). Attributable comprehensive income was R1 239 million, up from R932 million. Dipula uses dividend per share as its key performance measure for trading statement purposes instead of earnings or headline earnings per share, so the distributable figures are the ones to watch for a REIT.
The board approved a final dividend of 28.45381 cents per share for the six months from 1 March to 31 August 2026, and shareholders will be offered the choice of reinvesting it for new shares. The financial statements state that this final dividend, net of treasury shares, amounts to R288.5 million, a pay-out ratio of 90% of distributable earnings and 100% of the minimum distribution that the JSE requires of a REIT.
A portfolio that is growing and being pruned
The annual financial statements report a property portfolio worth R12.2 billion, including non-controlling interests and assets held for sale, up from R10.8 billion, with a valuation increase of 13%. Dipula owns 152 properties, down from 158, with gross lettable area of 886 610 square metres across South Africa’s eight provinces and a Gauteng bias. Acquisitions during the year amounted to R795.4 million, while it sold 10 properties for R93.1 million. A further 12 properties were moved to held-for-sale at the end of August, with expected proceeds of R366.5 million.
On leasing, Dipula reports 204 new leases concluded across the portfolio (159 the year before) and 335 lease renewals (297). For small and large tenants alike, these are the deals that set rents and fit-out commitments in centres where many local businesses trade.
The R2 billion Moolman portfolio
The financial statements list two events after year-end. On 1 September 2026, new shares began trading on the JSE after a private placement that secured commitments of R1.1 billion in new equity. Dipula has also agreed to buy a portfolio of shopping centres from the Moolman Group and its co-investors in a R2 billion transaction, adding nine assets across four provinces, and the Competition Tribunal gave unconditional approval on 3 November 2026. We reported on the Commission’s recommendation in Competition Commission backs Dipula’s R2bn mall deal. The company’s shares in issue rose from 910 368 816 to 1 032 356 453 over the year, according to the same statements.
Property deals are also being done elsewhere in the sector, as our report on the sale of Killarney Mall shows.
The guidance and its assumptions
Dipula bases its 8% to 10% growth forecast on several stated assumptions. Rental income is supported by contractual escalations and market-related lease renewals, and no material tenant or corporate failures are expected in the portfolio. On the wider economy, the company assumes that macroeconomic conditions stay broadly stable, that current geopolitical instability does not cause a significant rise in interest rates, and that tax legislation does not change materially. If any of these assumptions fails, the forecast could be missed.
What it means for businesses
For tenants, owners and suppliers around township and rural centres, the report offers three verified points. Landlords like Dipula are signing more leases, with 204 new leases and 335 renewals concluded in the year. The company is concentrating on retail, with convenience, rural and township centres as its stated focus. And it expects rental income to follow contractual escalations, so tenants should expect rents to keep rising in line with their lease terms. Businesses negotiating renewals can use that as a reminder to read escalation clauses carefully.
What is not yet known
The short-form announcement gives no breakdown of vacancies, rent reversions or tenant mix, and the integrated report and sustainability report are to be published at a later date. The circular detailing the reinvestment option and its dates has also not been issued, as Dipula says it will follow once all regulatory approvals are received. The guidance is unaudited, and the company has not said when the Moolman transaction will close.
