Table of Contents
Key Points
- Lighthouse Properties announces €27.33 million ($29.49 million) interim dividend, a 17.08% increase, driven by strong tenant sales and portfolio expansion.
- Company continues growth in Iberia, with retail centers housing brands like Primark and Zara, expected to make up 86% of its $1.23 billion portfolio.
- Lighthouse refinances borrowings, raising interest expenses, but projects a 5% dividend increase for 2025, with no debt maturing until March 2027.
Lighthouse Properties, a prominent Malta-based real estate firm led by South African businessman Barry Stuhler, has announced an interim dividend of $29.49 million, reflecting its ongoing commitment to returning value to shareholders despite facing economic challenges.
Dividend increase and market performance
The €27.33 million ($29.49 million) dividend, set at €0.0135 ($0.011) per share, will be paid based on the foreign exchange rate of R19.8197/€ as of market close on Monday, Mar. 31, 2025. This represents a 17.08 percent increase compared to the previous year, driven by stronger-than-expected tenant sales and a strategic expansion of its property portfolio.
Lighthouse continues to strengthen its presence in Iberia, with the region expected to make up 86 percent of its €1.14 billion ($1.23 billion) direct property portfolio by the end of the year. Its assets, which include high-traffic retail centers home to brands like Primark and Zara, have benefited from sector consolidation, helping to increase footfall and drive sales growth.
Debt refinancing and financial outlook
In December 2024, Lighthouse refinanced its borrowings tied to the Forum Coimbra property, resulting in an additional €2 million ($2.16 million) in interest expenses for 2025, as borrowing rates rose from 2.4 percent to 5.3 percent.
However, the company remains on solid financial footing, with no debt maturing until March 2027. It projects a 5 percent increase in distributions, targeting a full-year dividend of €0.0270 ($0.0324) per share.
Strategic leadership and expansion
Under Stuhler’s guidance, Lighthouse has grown into a leading real estate firm with a diversified portfolio across France, Portugal, Slovenia, Spain, and the UK. Stuhler, who owns a 6.37 percent stake—equivalent to over 102 million shares—has overseen the company’s transition from Lighthouse Capital Limited to its current structure, focusing on direct property investments and real estate infrastructure.
By balancing steady shareholder returns with disciplined financial management, Lighthouse Properties has shown resilience in the face of market challenges. The interim dividend serves as a reflection of the company’s adaptability, reinforcing its long-term growth objectives despite ongoing economic uncertainty.
