Equites Property Fund (EQU) Trading update summary

Financial performance highlights

• Achieved distribution per share (DPS) growth of 5.3%, supported by rental growth and completed developments.

• Maintained a 100% distribution pay-out ratio and a loan-to-value (LTV) of 35.1%.

• Net asset value per share increased by 1.2% to 1,669 cents.

• Distributable earnings rose 9.3% to R1.22 billion, while headline earnings per share declined 14.3%.

• UK portfolio rationalisation completed, with Aviva portfolio disposed of for £200.5 million.

Strategic and operational update

• South African portfolio remains the main performance driver, benefiting from high occupancy and strong tenant demand.

• Capital from UK disposals redeployed into South African opportunities for superior long-term growth.

• Strong liquidity position supports funding of near-term development pipeline.

Guidance and outlook

• Forecasting FY27 DPS of 147.7cps to 150.5cps, implying 5% to 7% growth.

• Earnings outlook supported by long WALE and contractual lease escalations in the SA portfolio.

• Forecast based on signed lease agreements and management decisions on development pipeline and capital deployment.