Equites Property Fund (EQU) H2 2026 earnings summary

Executive summary

• FY26 distribution per share rose 5.3% to 141.01c, in line with guidance, supported by rental growth, completed developments and lower funding costs.

• NAV per share increased 1.2% to R16.69, with South African performance offset by currency headwinds from rand strength against sterling.

• UK portfolio rationalisation continued; the Aviva portfolio was sold for £200.5m in May 2026, with proceeds earmarked for redeployment in South Africa.

• Portfolio value reached R28.7bn, with 59 South African facilities and 0.3% vacancy.

Financial highlights

• Distributable earnings rose 9.3% to R1,223.0m; EPS increased 66.8% to 194.5c, while headline EPS fell 14.3% to 107.3c.

• Like-for-like rental income grew 5.4%, supported by new developments including Riverfields, Wells Estate and Meadowview.

• Gross property revenue, including discontinued operations, was R3,400.1m vs R4,256.7m.

• Cash and available facilities totaled R3.1bn at year-end.

• Weighted average net initial yield was 8%, or 8.3% excluding Shoprite JV assets.

Outlook and guidance

• FY27 DPS guidance is 147.7c–150.5c, implying 5%–7% growth from FY26; the range reflects redeployment of Aviva proceeds.

• Long WALE, contractual escalations and signed leases support earnings visibility; development timing, scale, costs and proceeds deployment remain key assumptions.

• R4bn–R6bn expected to be deployed in South Africa over the next 36 months, supported by a robust development pipeline.