South Africa · Delayed Price · Currency is ZAR · Price in ZAc Equites Property Fund Earnings Call Transcripts
Fiscal Year 2026
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Solid growth and strong capital management position the business for accelerated development, with low vacancies, robust tenant demand, and a reaffirmed 5%-7% annual growth outlook. ESG initiatives and disciplined strategy support long-term value creation.
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Distribution per share rose 3.8% with strong rental growth, low vacancies, and robust capital recycling. Loan-to-value improved to 37.2%, and guidance for 5%-7% full-year growth is reaffirmed, with U.K. asset sales and exchange rates as key variables.
Fiscal Year 2025
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Operational and financial performance remains strong, with robust demand, low vacancies, and a positive outlook. Major UK disposals are set to reduce LTV and fund new developments, while ESG initiatives and disciplined capital allocation continue to drive value.
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Achieved 2.1% DPS growth and reduced LTV to 36% through strategic asset sales and robust rental growth. Portfolio remains fully let in South Africa, with strong ESG progress and plans to exit UK assets by end-2026, supporting future growth and capital deployment.
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Interim results show resilient performance with 8.3% net property income growth, 0% SA vacancy, and strong rental escalations. NAV declined due to the ENGL sale, but LTV is expected to fall to 38% as disposals complete. Guidance is reaffirmed at the upper end for FY2025.