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Audited financial results for the year ended 30 June 2025, dividend declaration and prospects and guidance
ATTACQ LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT
A2X share code: ATTJ
JSE alpha code: ATTI
ISIN: ZAE000177218
(Approved as a REIT by the JSE)
("Attacq" or the "group" or the "company")
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025, DIVIDEND DECLARATION AND PROSPECTS AND GUIDANCE
Performance summary
- Distributable income per share (DIPS) increased by 25.6% to 108.3 cents (FY24: increased by 19.9%)
- Full-year dividend per share (DPS) increased by 26.1% to 87.0 cents (FY24: increased by 19.0%)
- Net operating income (NOI) increased by 14.0% (FY24: 8.1% increase)
- High occupancy and collections rates of 91.6% and 100.0% respectively (FY24: 92.8% and 100.2%)
- Weighted average annual trading density growth of 5.0% (FY24: 5.8%)
- Development activity (developments under construction and approved pipeline developments) at Waterfall City, totalling 90 664m2 (effective 39 641m2) of gross
lettable area (GLA), with a total cost of R2.3 billion (effective R1.0 billion) (FY24: total GLA 43 766m2, total cost R1.7 billion)
- Gearing improved to 25.3% and the interest cover ratio improved to 2.95 times (FY24: 25.4% and 2.31 times)
- Installed 3.3MWp of rooftop photovoltaic (PV) systems, with renewable energy contributing 9.1% of the total energy mix (FY24: installed 2.3MWp, 6.8% of the
total energy mix)
Key value-creating transactions
- Full financial year benefit from the Waterfall City transaction with the Government Employees Pension Fund's (GEPF) impact
- First full financial year impact of acquiring the remaining 20.0% of Mall of Africa (on 28 June 2024), funded from a combination of the proceeds from the MAS
P.L.C. share disposal and additional debt
- Disposed of our Rest of Africa retail investments in exchange for a 4.47% interest in Lango Real Estate Limited
- Increased NOI from rising market rentals, cost management, filling vacant spaces, additional income from newly completed developments, and higher municipal
recoveries due to energy generated from rooftop PV systems
- Unlocked Phase 1 (c.156 000m(2) of bulk) of Waterfall City Junction's total 627 582m2 of bulk (effective share of 313 791m2)
- Reduced finance costs by refinancing R5.9 billion of interest-bearing borrowings at lower margins
- Launched our Domestic Medium-Term Note (DMTN) programme, raising R760.0 million and further reducing our weighted average cost of debt
Financial performance
units 30 June 2025 30 June 2024 % change
Distributable income per share cents 108.3 86.2 25.6
Dividend per share cents 87.0 69.0 26.1
Total assets R'000 24 567 332 22 889 534 7.3
Net asset value per share cents 1 894 1 793 5.6
Gross revenue R'000 2 869 242 2 604 773 10.2
Earnings per share cents 214.6 135.3 58.6
Headline earnings per share cents 102.3 72.7 40.7
Declaration of a cash dividend
The board declared a final gross cash dividend of 43.00000 cents per share out of the company's distributable income, which equates to a payout ratio of 80.3%. This
brings the full-year dividend to 87.00000 cents per share (June 2024: 69.0 cents per share).
The dividend is payable to Attacq shareholders in accordance with the timetable set out below:
2025
Last day to trade cum dividend Tuesday, 7 October
Shares trade ex dividend Wednesday, 8 October
Record date Friday, 10 October
Payment date Monday, 13 October
Notes:
1. Share certificates may not be dematerialised or rematerialised between Wednesday, 8 October 2025 and Friday, 10 October 2025, both days inclusive.
2. Payment of the dividend will be made to shareholders on Monday, 13 October 2025. In respect of dematerialised shareholders, the dividend will be transferred
to the Central Securities Depository Participant (CSDP) account or broker account on Monday, 13 October 2025. Certificated shareholders' dividends will be
deposited on or about Monday, 13 October 2025.
3. Where the transfer secretaries do not have the banking details of any certificated shareholders, the cash dividend will be held in trust by the transfer secretaries
pending receipt of the relevant certificated shareholder's banking details, whereafter the cash dividend will be paid via electronic transfer into the personal bank
accounts of certificated shareholders.
Due to Attacq's status as a Real Estate Investment Trust (REIT), shareholders are advised that the dividend meets the requirements of a "qualifying distribution" for
the purposes of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). The dividend on the shares will be deemed to be a taxable dividend for South
African tax purposes in terms of section 25BB of the Income Tax Act.
Tax implications for South African resident shareholders
The dividend received by or accrued to South African tax residents must be included in the gross income of such shareholders and will not be exempt from income
tax (in terms of the exclusion to the general dividend exemption contained in paragraph (aa) of section 10(1)(k)(I) of the Income Tax Act) because it is a dividend
distributed by a REIT. This dividend is, however, exempt from dividend withholding tax (dividend tax) in the hands of South African tax resident shareholders,
provided that South African tax resident shareholders provide the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or
the company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax
b) a written undertaking to inform the CSDP, broker or the company, as the case may be, should the circumstances affecting the exemption change or the beneficial
owner cease 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 company, as the case may be, to arrange for the abovementioned documents to be submitted before
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 which is exempt from income tax
in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Any distribution received by a non-resident from a REIT will be subject
to dividend withholding tax at 20.0%, 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 dividend withholding tax will be withheld at a rate of 20.0%, the net dividend amount due to non-
resident shareholders is 34.40000 cents per share.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has provided the following forms to their
CSDP or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA
b) a written undertaking to inform their CSDP, broker or the company, as the case may be, should the circumstances affecting the reduced rate change or the
beneficial owner cease to be the beneficial owner both in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the company, as the case may be, to arrange for the above-mentioned documents to be
submitted before payment of the dividend if such documents have not already been submitted, if applicable.
The number of shares in issue on 30 June 2025 and the date of this announcement is 746 198 337 ordinary shares of no par value, which includes
46 427 553 treasury shares. Attacq's tax reference number is 9241/038/64/6.
Prospects and guidance
The group expects to grow its DIPS in FY26 by between 7.0% and 10.0%, with a dividend payout ratio of 80.0%.
The anticipated growth in DIPS is expected to be driven by several key factors: NOI growth supported by rising market rentals, disciplined cost management, and
the successful leasing of vacant spaces and completed developments. Furthermore, the installation of PV systems and the implementation of the power purchase
agreement are expected to reduce electricity costs and enhance operational efficiencies.
This guidance is based on the following key assumptions:
- No material impact on distributable income due to new developments, acquisitions or disposals
- Forecasted rental income being achieved based on contractual terms and anticipated market-related renewals
- No major changes in vacancy rates
- No significant increase in load-shedding and the resultant increase in costs
- No unforeseen circumstances such as major corporate tenant failures or deterioration of the current macro-economic environment
- This guidance has not been audited or reviewed by Attacq's auditors.
About this announcement
This results announcement is the responsibility of the board of directors of Attacq (board), and the board approved the contents on 15 September 2025. This results
announcement is a summary of the group audited annual financial statements for the year ended 30 June 2025 (FY25 AFS) published on 16 September 2025 and
does not include full or complete details. Any investment decision by investors and/or shareholders should be based on consideration of the FY25 AFS.
The FY25 AFS were audited by Ernst & Young Inc., who issued an unmodified audit opinion.
The full audit report and consolidated annual financial statements are available on the Attacq website:
https://www.attacq.co.za/wp-content/uploads/2025/08/attacq-annual-financial-statements-2025.pdf and on the JSE's website at
https://senspdf.jse.co.za/documents/2025/jse/isse/ATT/2025FYRES.pdf.
Attacq also voluntarily publishes supplementary information to the FY25 AFS, which includes directors' commentary, and which is available on the company's
website at https://www.attacq.co.za/investor-hub.
This results announcement has not been audited or reviewed by the company's external auditors.
On behalf of the board
P Tredoux JR van Niekerk
Chairperson CEO
16 September 2025
Independent non-executive directors
P Tredoux (chairperson)
HR El Haimer (lead independent director)
FFT De Buck
K Joubert (appointed 1 May 2025)
TP Leeuw
IN Mkhari
GT Rohde
AE Swiegers
JHP van der Merwe
Executive directors
JR van Niekerk (CEO)
R Nana (CFO)
Company secretary
P de Villiers (interim)
Registered office
Nexus 1, Ground Floor, 44 Magwa Crescent, Waterfall City, 2090
Postal address
PostNet suite 016, Private Bag X81, Halfway House, 1685
Transfer secretaries
Computershare Investor Services Proprietary Limited
Equity sponsor
Java Capital
Debt sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Independent auditors
Ernst & Young Inc.
Date: 16-09-2025 07:05:00
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