Fairvest (FTA) H2 2024 earnings summary

Executive summary

• Achieved robust performance in a challenging environment, with distributable income up 5.0% year-over-year and like-for-like net property income up 7.2%.

• Maintained a 100% pay-out ratio and continued focus on retail assets, with disposals of non-core office and industrial properties.

• Portfolio value increased to R12.3 billion from R12.0 billion, with market cap rising to R7.8 billion from R5.7 billion.

Financial highlights

• Distribution per A share rose to 138.34 cents (up 4.4%) and per B share to 43.29 cents (up 4.8%) compared to the prior year.

• Net property income increased by 4.3% to R1.18 billion; distributable income reached R707.2 million, up 5.0% year-over-year.

• IFRS NAV per A share increased to R16.12 (from R14.07) and per B share to R4.86 (from R4.78).

• Loan-to-value remained stable at 33.3%.

• Capex spend rose to R274.3 million from R190.3 million.

Outlook and guidance

• Distribution per B share for FY2025 expected between 45.00 and 46.00 cents.

• Maintain 100% pay-out ratio and LTV below 35%.

• Increased shareholding in Dipula to 26.3% post year-end, expected to be accretive to earnings, LTV, and NAV.