South Africa · Delayed Price · Currency is ZAR · Price in ZAc Equites Property Fund Earnings Call Transcripts
Fiscal Year 2026
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Distribution per share grew 5.3% year-on-year, with strong SA portfolio performance and robust liquidity. LTV is set to drop to 25% post-Aviva disposal, supporting a positive outlook and significant development pipeline in SA.
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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 DPS at ZAR 0.665, robust SA portfolio fundamentals, and strong liquidity. NAV declined due to the ENGL sale, but future value unlocks are expected. LTV is targeted to fall to 38% by year-end, with guidance at the upper end.