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Unaudited interim results and cash dividend declaration for the six months ended 28 February 2026
OCTODEC INVESTMENTS LIMITED
"Octodec" or the "company"
Incorporated in the Republic of South Africa
Registration number: 1956/002868/06
JSE share code: OCT
JSE alpha code: OCTI
ISIN: ZAE000192258
LEI: 3789I36JI0BKTUSZ8813
(Approved as a REIT by the JSE)
Unaudited interim results and cash dividend declaration for the six months ended 28 February 2026
Octodec Investments Limited (Octodec or the company), its subsidiaries and associated company (the group) is a real estate investment trust (REIT)
listed on the JSE Ltd (JSE) and A2X, with a diversified portfolio of 209 residential, retail, office and industrial properties situated in the major
metropolitan areas of Tshwane and Johannesburg. The portfolio, including an equity-accounted joint venture, has a lettable area of 1 451 359m2 and
is valued at R11.2 billion.
Salient features
Distributable income after tax (R'million)
R246.4 (HY2025: R221.7)
Distributable earnings per share (cents)
92.58 (HY2025: 83.30)
Dividend per share (cents)
64.50 (HY2025: 62.00)
Net asset value (NAV) per share (REIT)
R25.49 (FY2025: R25.21)
Loan to value (LTV) (REIT)
37.3% (FY2025: 37.9%)
This short-form announcement is the responsibility of the directors. This announcement is only a summary of the information contained in the unaudited
condensed consolidated interim results for the six months ended 28 February 2026 (full announcement) and does not contain full or complete details.
Any investment decisions made by shareholders and/or investors should be based on the information contained in the full announcement, released on the Stock
Exchange News Service (SENS) on 12 May 2026, which may be downloaded from the JSE cloudlink at: https://senspdf.jse.co.za/documents/2026/JSE/isse/OCT/HY2026.pdf.
The full announcement is also available on the Octodec Investments Limited website at https://octodec.co.za/wp-content/uploads/2026/05/Interim-results_HY2026.pdf.
Results
% 28 February 28 February
change 2026 2025
Revenue (R'000) 2.4 1 078 037 1 053 001
Basic and diluted earnings per share (cents) 17.5 100.61 85.59
Headline and diluted headline earnings per share (cents) 15.4 88.22 76.42
Distributable earnings per share (cents) 11.1 92.58 83.30
Distribution per share (cents) 4.0 64.50 62.00
Net asset value per share (Rand) 2.4 25.49 24.90*
* Restated to conform with Third Edition of the REIT Best Practice Recommendations
Dividends
The board of Octodec has declared a cash dividend of 64.50000 cents per share for the six months ended 28 February 2026, payable out of the
company's distributable income.
The salient dates relating to the interim dividend are as follows:
2026
Last day to trade cum-dividend Tuesday, 26 May
Shares trade ex-dividend Wednesday, 27 May
Record date Friday, 29 May
Payment date Monday, 1 June
Share certificates may not be dematerialised or rematerialised between Wednesday, 27 May 2026 and Friday, 29 May 2026, both days inclusive.
In accordance with Octodec's status as a REIT, shareholders are advised that the above dividend meets the requirements of a "qualifying distribution"
for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 (the Income Tax Act).
Tax implications for South African resident shareholders
Dividends received by South African resident shareholders must be included in the gross income of such shareholders (as a non-exempt dividend in terms of
section 10(1)(k)(i)(aa) of the Income Tax Act), with the effect that the dividends are taxable as income in the hands of the Octodec shareholder.
These dividends are, however, exempt from dividends withholding tax, provided that the South African resident shareholders have provided the following forms
to their Central Securities Depository Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the transfer secretaries,
in respect of certificated shares:
- a declaration that the distribution is exempt from dividends tax; and
- a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the exemption
change or the beneficial owner ceases to be the beneficial owner;
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP, broker or the
transfer secretaries, as the case may be, to arrange for the above-mentioned documents to be submitted prior to payment of the dividend, if such documents
have not already been submitted.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as ordinary dividends, but which are exempt in
terms of the usual dividend exemptions contained in section 10(1)(k)(i)(aa) of the Income Tax Act. It should be noted that dividends received by non-
residents are subject to dividends withholding tax at a rate of 20% unless the rate is reduced in terms of any applicable agreement for the avoidance of
double taxation (DTA) between South Africa and the country of residence of the shareholder. Assuming dividends withholding tax will be withheld at a rate of
20%, the net distribution amount due to non-resident shareholders is 51.60000 cents per share. A reduced dividend withholding rate in terms of the
applicable DTA may only be relied upon if the non-resident holder has provided the following forms to their CSDP or broker, as the case may be, in respect
of uncertificated shares, or the transfer secretaries, in respect of certificated shares:
- a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
- a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the reduced rate
change or the beneficial owner ceases to be the beneficial owner;
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident holders are advised to contact their CSDP, broker or the
transfer secretaries, as the case may be, to arrange for the above-mentioned documents to be submitted prior to payment of the dividend if such documents
have not already been submitted.
The number of shares in issue at the date of this declaration is 266 197 535 and Octodec's tax reference number is 9925/033/71/5.
Outlook and prospects
Octodec has continued to experience an increase in leasing activities during the period under review. Although core vacancies increased, this was mostly as
a result of the two large tenants vacating Capitol Towers North and Talkar and, had it not been for these two large vacates, the core vacancies would have
improved to 11.8% from a like-for-like 12.5% vacancy at 28 February 2025.
General consumer confidence in South Africa has improved since the formation of the Government of National Unity. However, the outbreak of the war in the
Middle East, together with the continued war between Russia and Ukraine, pose significant risks to South Africa, with the anticipated further increase in
fuel prices as a consequence of the significant spike in the international price of oil creating consequential inflation risk. This situation limits the
opportunity for the South African Reserve Bank to introduce further interest rate cuts. Nevertheless, the board remains committed to achieving Octodec's
strategic objectives and creating increased long-term value for shareholders.
As a consequence of the aforementioned, and the assumptions noted below, management has revised its previously provided guidance of a 0% to 4% growth in
distributable income per share, to between 3% and 5% per share (FY2025: 134.5 cents per share), while maintaining a minimum dividend payout ratio of 77.5%
of distributable income.
This guidance is based on forecast distributable earnings, compiled in terms of International Financial Reporting Standards but adjusted in terms of the
Funds from Operations measure as per the SA REIT Best Practice Recommendations.
The principles applied in the preparation of this guidance remain consistent with those disclosed on page 41 of the interim results and the group's
accounting policies. This forecast and outlook are the responsibility of the board and have not been audited, reviewed or reported on by Octodec's auditor.
Assumptions under the influence of directors:
- Achievement of the forecast letting and rental reversions.
- Management of the property expenses required to maintain the property portfolio appropriately.
- Completion of capital projects within projected timelines.
- Maintenance of a payout ratio of at least 77.5% of distributable earnings.
Factors outside of the Group's control:
- Major corporate or tenant failures.
- The implementation of loadshedding and/or load reduction.
- Movements in interest rates.
- The ability of tenants to absorb the rising utility costs.
- Deterioration of the macroeconomic environment.
Sharon Wapnick Jeffrey Wapnick
Chairman Chief executive officer
08 May 2026
Registered address and head office
CPA House, 101 Du Toit Street, Tshwane 0002
Tel: 012 319 8781
e-mail: info@octodec.co.za
Directors: S Wapnick (Chairman)1, JP Wapnick (Chief Executive Officer)2, R Erasmus (Deputy CEO & Chief Financial Officer)2, RWR Buchholz3, NC Mabunda4,
EMS Mojapelo4, MZ Pollack1, LP van Breda4, SR Bhika4, R Lockhart-Ross4
1 Non-executive director
2 Executive director
3 Lead independent director
4 Independent non-executive director
Group company secretary
Elize Greeff
CPA House, 101 Du Toit Street, Tshwane 0002
Tel: 012 357 1564, e-mail: elizeg@octodec.co.za
Equity and debt sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Contact person: Michelle Benade
Nedbank 135 Rivonia Campus, 135 Rivonia Road Sandown,
Sandton 2196
E-mail: nedbanksponsor@nedbank.co.za; debtsponsor@nedbank.co.za
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Contact person: Aubrey Modise
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000, e-mail: aubrey.modise@computershare.co.za
Investor relations
Hudson Sandler
Contact person: Bryan Silke
155 West Street, Sandton, Johannesburg
Tel: 083 270 0720, e-mail: investorrelations@octodec.co.za
Auditor
Ernst & Young Inc.
Contact person: Cornelius Els CA(SA)
102 Rivonia Road, Sandton
Private Bag X14, Sandton 2146
Tel: 011 502 0601, e-mail: Cornelius.Els@za.ey.com
Date of publication
12 May 2026
http://www.octodec.co.za
Date: 12-05-2026 07:05:00
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