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Condensed Consolidated Unaudited Interim Results for the six months ended 31 December 2025
Texton Property Fund Limited
Incorporated in the Republic of South Africa
Registration number 2005/019302/06
A REIT, listed on the JSE Limited
Main Board - General Segment
JSE share code: TEX
ISIN: ZAE000190542
("Texton" or "the Company")
Condensed Consolidated Unaudited interim results for the six months ended 31 December 2025
Highlights
- Our NAV per share decreased from 574,61 to 503,23 cents per share at June 2025, driven
primarily by the return of capital declared in September 2025.
- Distributable earnings were R35,97 million declining slightly from the corresponding period.
SA NOI increased by 4%, attributed to letting momentum. This was offset by a decline in the
UK due to asset sales.
- LTV increased from 25.3% as at 30 June 2025 to 29.7% due mostly to a reduction of cash as a
result of the declaration of a return of capital, while ICR remained strong at around 2.2x.
- SA core portfolio vacancies increased slightly to 9.8%, excluding GLA under development or
mothballed. Our self-storage GLA expanded to 8 735m², with an additional 6 738m² under
development.
- Offshore investment balance reduced to R262 million, with key movements including R6,8
million deployed into offshore investments, R128,5 million sell down in BREIT and SREIT, a
R8,95 million negative fair value adjustment, and a R22,2 million decrease due to
strengthening of the Rand.
Key Financial Results
Unaudited Unaudited Audited
31-Dec 31-Dec Change % 30-Jun
2025 2024 2025
Property revenue (R'000) 129 768 134 453 -3.48% 259 921
Distributable earnings (R'000) 35 971 37 545 -4.20% 73 797
Distributable income per share (cents) 12,07 12,60 -4.20% 24,76
Headline earnings per share (cents) 7,09 10,28 -31.06% 0,41
Earnings per share (cents) 7,09 8,16 -13.17% 29,45
Net asset value per share (cents) 503,23 643,40 -21.79% 574,61
Dividend
The Board of directors of Texton has elected not to pay an interim dividend for the six months ended
31 December 2025.
Short-form statement
This short-form announcement, and the results it contains, have been prepared in accordance with
the JSE Limited Listings Requirements and are the responsibility of the Board of Directors. It does not
include full or complete details. Any investment decision should be based as a whole on the condensed
consolidated unaudited interim results ("full announcement"), which can be found on the Company's
website,https://www.texton.co.za/reports-publications, and can also be viewed on the JSE link,
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/TEX/interims26.pdf
This short-form announcement has not been audited or reviewed by the Company's external auditor.
Sandton
13 March 2026
Important Information
Executive director: JH Rens (Chief Executive Officer); HSP Welleman (Chief Financial Officer)
Non-Executive Directors: MA Golding (Non-executive chairman), JR Macey (Lead independent non-
executive), *AJ Hannington, * W van der vent, RA Franco (Non- executive) *Independent non-
executive
Registered Office: Block D, Vunani Office Park, 151 Katherine, Sandton 2031
Postal address: PO Box 653129, Benmore 2010
Auditors: BDO South Africa Inc
Company secretary: Corpstat Governance Services Proprietary Limited
JSE Equity Sponsor: Investec Bank Limited
Transfer secretaries: Computershare Investor Services Proprietary Limited
Date: 13-03-2026 10:20:00
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