Fairvest (FTA) Pre-close call presentation summary

Operational performance

• Portfolio consists of 130 assets with a total GLA of 1,058,305m² and a market cap of R15.4 billion as of February 2026, with vacancies rising to 5.9% from 4.1% in September 2025.

• Tenant retention improved to 85.8%, and positive rental reversion increased to 5.8% from 4.8% in the prior period.

• Weighted average lease expiry (WALE) for new deals rose to 45.6 months, and average gross rental per m² increased to R136.61.

• Retail makes up 70.5% of revenue, office 18.4%, and industrial 11.1%.

• Weighted average built-in escalation remained steady at 6.7%.

Portfolio activity

• Acquisitions include Jozini Mall and Tugela Ferry Mall in KwaZulu-Natal, totaling over 34,000m² GLA, both with Shoprite as anchor tenant and 10.17% yield, transferring in April 2026.

• Voortrekker Xchange office property in Goodwood, Western Cape, disposed for R65 million, transferred in January 2026.

• Additional R107 million invested in township fibre infrastructure, total investment now R583.9 million, generating rental income above 12% of capital invested.

Retail portfolio

• Comprises 77 properties with 575,318m² GLA, vacancy increased to 4.8%, tenant retention at 85.2%, and positive rental reversion at 5.3%.

• Average gross rental per m² rose to R175.16, and WALE is 33.0 months.

• New retail leases achieved average gross rental of R128.54/m², with weighted average escalation of 6.7%.