Resilient REIT has published its financial results for the six months ended 30^th June 2025, reporting like-for-like comparable net property income (NPI) growth in its SA portfolio of 8.6% for H1 2025.

Retail sales among its tenants increased by 6.9% during the five months ended May 2025 with an increase of 5.2% in retail sales for the interim period.

The retail-focused Fund concluded 287 lease renewals over 104 527m² of gross lettable area (GLA) during the period at rentals on average 2.2% higher than expiry. Leases were concluded with 79 new tenants (17 473m² of GLA) at rentals on average 19.5% higher than those of outgoing tenants.

In total, rentals for renewals and new leases increased on average by 4.9% with escalations of 5.5% and 5.7% agreed for renewals and new leases respectively.

Resilient’s pro rata share of vacancies in its 1.2 million square metre portfolio was 2.3% at June 2025, including planned vacancies from asset management initiatives.

Internationally, Resilient owns a 40% interest in Retail Property Investments SAS, the owner of four shopping centres in France, in partnership with Lighthouse Properties. Sales across the French portfolio increased by 3.8% in H12025 with the portfolio 6.4% vacant at June 2025. The Euro NPI growth of the portfolio was 12%.

In Spain, Resilient and Lighthouse each own a 50% interest in Spanish Retail Investments SAS, the owner of Salera Centro Comercial – a shopping centre in Castellon. Retail sales for the asset increased by 8.5% during H1 2025 with the shopping centre 0.4% vacant at June 2025.

While Resilient’s investment in Lighthouse remains a core component of its offshore strategy, its Board “took advantage of strong market conditions” to dispose of 39.2 million Lighthouse shares for proceeds of R332.2 million to fund its development pipeline. Currently, Resilient owns 27.6% of Lighthouse.

Resilient’s Board declared a dividend of 245.72 cents per share for the six months ended June 2025 representing an increase of 12.2% compared to June 2024’s 218.97 cents per share with forecasted growth in distribution of at least 8% (475.47 cents per share) for FY2025 (FY2024: 440.25 cents per share).

Its loan-to-value (LTV) ratio edged up slightly to 37.8% during the period from 37%.