South African tycoon Des de Beer’s Resilient posts $124 million revenue in H1 2026

Resilient REIT,  a Sandton-based real estate investment trust (REIT) and retail property group co-founded by South African tycoon Des de Beer, delivered stronger financial performance in the first half of 2026, as the group continued to benefit from its dominant retail properties in South Africa and its offshore investments.

According to the company’s unaudited results for the six months ended June 30, 2026, Resilient recorded total revenue of R1.99 billion ($124 million), up 3.4% from R1.93 billion ($118.3 million) in the corresponding period of 2025.

Resilient’s earnings strengthen

The South African property portfolio generated a 6% like-for-like increase in net property income during the period, while retail sales across the portfolio rose 2.9%, despite several tenant replacement and expansion projects affecting more than 31,000 square metres of trading space.

Lease renewals were concluded at an average 2.5% above expiring rentals, while new leases were signed at an average 7.1% above the rentals of outgoing tenants. Across renewals and new leases, rentals increased by 3.2%, with escalations averaging 5.2%. Lower financing costs also supported earnings. Average interest rates were 70 basis points lower than in the prior interim period, while Resilient achieved additional interest savings through lower margins on refinanced facilities.

The improved performance, supported by higher rental income, improved financing costs and continued growth across its shopping-centre portfolio, allowed Resilient’s board to declare an interim dividend of R2.744 per share for the six months ended June 2026, representing an 11.7% increase from the R2.457 paid for the comparable period in 2025.

Des de Beer’s Resilient expands property value

Resilient owns 28 retail centres in South Africa with a gross lettable area of approximately 1.2 million square metres. Its pro rata portfolio vacancy remained low at 1.9% at the end of June 2026, unchanged from December 2025.

The group also has international exposure through its investments in France and Spain. In France, Resilient owns a 40% interest in four regional shopping centres alongside Lighthouse Properties. The French portfolio recorded 5.7% sales growth and 6.6% growth in euro-denominated net property income during the first half of 2026.

In Spain, Resilient and Lighthouse each own 50% of Salera Centro Comercial in Castellon. Salera recorded an 8.5% increase in retail sales and 5.0% growth in net property income, while vacancy remained exceptionally low at 0.2%.

Resilient’s net asset value per share increased to R77.4 from R69.83 a year earlier, while management-account NAV per share rose to R78.18 from R70.81. The group’s loan-to-value ratio also improved to 36.1% from 37.8%, strengthening its balance-sheet position.

Energy investments cut Resilient’s electricity costs

Resilient is continuing to expand its renewable-energy and battery-storage infrastructure across its shopping-centre portfolio as it seeks to reduce dependence on grid electricity and manage rising administered electricity costs.

The company expects to add 6.4MWp of solar-generation capacity by the end of its 2026 financial year. Once completed, total installed solar capacity across its South African portfolio is expected to reach 94.4MWp, supplying an estimated 43.2% of the group’s electricity requirements. During the first half, battery-energy storage systems were installed at Mams Mall and Jubilee Mall, adding 10.0MWh of storage capacity and taking Resilient’s total installed battery storage capacity to 30.7MWh.

The company has also started installing additional storage systems at Brits Mall, Limpopo Mall and The Crossing Mokopane, while the board has approved further projects at Arbour Crossing, Kathu Village Mall and Mams Mall.

Resilient targets at least 9% distribution growth in FY2026

Founded in 2002 by Des de Beer and Barry Stuhler, Resilient REIT has established itself as a powerhouse in the real estate sector, boasting an expansive portfolio of 27 shopping centers with a combined gross lettable area of 1.2 million square meters. Under De Beer’s leadership, the company continues to solidify its status as a leading player in the South African market.

Resilient expects its South African property portfolio to maintain solid performance through the remainder of 2026 as it continues to reposition and upgrade its shopping centres.

The group said Lighthouse expects its euro distribution per share to rise 8.7% for FY2026, while favourable forward exchange rates are expected to support Resilient’s offshore distributable earnings in the second half.

Although the benefit from lower South African base rates recorded in the first half is not expected to recur in the second half, Resilient reaffirmed its full-year guidance for distribution growth of at least 9%.