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Audited financial statements for the year ended 28 February 2026, prospects for 28 February 2027 and final dividend
EQUITES PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
Share code: EQU ISIN: ZAE000188843
Alpha code: EQUI
(Approved as a REIT by the JSE)
("Equites" or the "Company" or the "Group")
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026, PROSPECTS FOR
THE YEAR ENDING 28 FEBRUARY 2027 AND FINAL DIVIDEND DECLARATION
YEAR IN REVIEW
Equites delivered a strong set of results for FY26, against a broadly supportive South African
macroeconomic backdrop. The Group achieved DPS growth of 5.3%, supported by like-for-like rental
growth, contributions from completed developments and ongoing optimisation of the cost of funding.
The SA portfolio remained the primary driver of performance, benefiting from high occupancy, positive
rental growth and strong tenant demand. These fundamentals translated into healthy valuation uplift ,
reinforcing the quality of the portfolio and providing support to net asset value.
The Group continued to execute on its strategic priorities, including the rationalisation of its UK portfolio and
the redeployment of capital into SA opportunities offering superior long-term growth prospects. This
strategy is expected to enhance earnings quality and improve capital efficiency over time. As a
consequence, the entire UK income-producing portfolio was disclosed as held-for-sale at Feb-26 and the
Aviva portfolio has subsequently been disposed of for £200.5 million.
FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE YEAR
- Distribution per share ("DPS") growth of 5.3%, in line with guidance and underpinned by strong
operational performance
- Distribution pay-out ratio of 100%
- Loan-to-value ("LTV") of 35.1% at 28 February 2026, reflecting a well-capitalised and flexible
balance sheet
- Healthy valuation uplifts across the SA portfolio, supported by strong market fundamentals
- Continued progress on UK capital recycling strategy, with proceeds redeployed into SA
- Strong liquidity position, providing capacity to fund near-term development pipeline
KEY FINANCIAL HIGHLIGHTS
Audited Audited
12 months 12 months
ended ended
28 February 28 February Change
2026 2025
Gross property revenue (including discontinued operations) (R'000) 3 400 121 4 256 696 (20.1%)
Distributable earnings (R'000) 1 222 985 1 118 498 9.3%
Headline earnings per share (cents) 107.3 125.2 (14.3%)
Earnings per share (cents) 194.5 116.6 66.8%
Dividend declared per share (cents) 141.01 133.92 5.3%
Net asset value per share (cents) 1 669 1 649 1.2%
PROSPECTS
Equites is forecasting FY27 distribution per share of 147.7cps to 150.5cps, implying DPS growth of 5% to 7%
(FY26: 141.01 cps). Management has provided a range for distributable earnings primarily to reflect the
redeployment of proceeds following the conclusion of the Aviva portfolio disposal in May 2026.
Importantly, the earnings outlook is well supported by the SA portfolio, which continues to provide a strong
and stable base for growth through its long WALE and contractual lease escalations. The outlook is further
underpinned by Equites' long-dated, low-risk portfolio, which provides a resilient earnings base.
The forecast is underpinned by two broad categories of assumptions. The primary driver of earnings is rental
income receivable under Equites' existing signed lease agreements, which provide a high degree of
visibility and certainty over the forecast period. Assumptions subject to management influence include
decisions relating to the development pipeline, including the timing and scale of new developments and
the associated construction and financing costs, as well as the deployment of the Aviva net proceeds from
disposal.
This forecast has been prepared on the basis of forecasted distributable earnings, in terms of IFRS and in
accordance with the SA REIT Association's Best Practice Recommendations for the calculation of distributable
earnings and is consistent with Equites' accounting policies. The forecast is the responsibility
of the board of directors and has not been reviewed or reported on by the external auditors.
DECLARATION OF A FINAL CASH DIVIDEND
The Board has declared a final gross dividend of 71.97005 cents per share on 13 May 2026 further to the
interim dividend of 69.04 cents per share. This brings the total distributions for the year ended 28 February
2026 to 141.01 cents per share, which is 5.3% higher than the prior year total distributions of 133.92 cents per
share. The DPS is in line with previous guidance of 5% - 7% (c. 140.62 and 143.29 cents per share) growth.
Salient dates and times 2026
Last day to trade in order to receive a cash dividend Tuesday, 2 June
Shares trade ex-dividend Wednesday, 3 June
Record date to receive a cash dividend Friday, 5 June
Payment of cash dividends to certificated shareholders by electronic funds
transfer Monday, 8 June
Dematerialised shareholders' CSDP or broker accounts credited with the cash
dividend payment (if applicable) Monday, 8 June
Notes:
1. Shares may not be dematerialised or rematerialised between Wednesday, 3 June 2026 and Friday,
5 June 2026, both days inclusive.
2. The above dates and times are subject to change. Any changes will be released on SENS.
Tax implications
Equites listed on the JSE as a REIT in line with the REIT structure as provided for in the Income Tax Act, No. 58
of 1962, as amended (the "Income Tax Act") and section 13 of the JSE Listings Requirements.
The REIT structure is a tax regime that allows a REIT to deduct qualifying distributions paid to investors, in
determining its taxable income.
The cash dividend of 71.97005 cents per share meets the requirements of a "qualifying distribution" for the
purposes of section 25BB of the Income Tax Act (a "qualifying distribution") with the result that:
– qualifying distributions received or accrued to SA 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 such qualifying distributions are distributed by a REIT. These qualifying distributions are
however exempt from dividends withholding tax in the hands of SA tax resident shareholders,
provided that such shareholders 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 declaration that the dividend is exempt from dividends tax; and
- 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 prior to payment of the
dividend, if such documents have not already been submitted.
– qualifying distributions received by non-resident Equites shareholders will not be taxable as income
and instead will be treated as ordinary dividends which are exempt from income tax in terms of the
general dividend exemptions per section 10(1)(k)(i) of the Income Tax Act. Any qualifying
distributions received by non-residents from a REIT will be subject to dividends withholding tax at
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 dividend amount due to non-
resident shareholders is 57.57604 cents per share. A reduced dividend withholding rate in terms of
the applicable DTA, may only be relied upon 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 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 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 abovementioned documents to be submitted prior to payment of
the dividend if such documents have not already been submitted, if applicable.
Other information
- The issued ordinary share capital of Equites at the date of declaration is 867 290 341 ordinary shares
of no par value.
- Income Tax Reference Number of Equites: 9275393180.
The cash dividend may have tax implications for resident as well as non-resident shareholders. Shareholders
are therefore encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.
RESULTS ANNOUNCEMENT
This results announcement is the responsibility of the directors of Equites and the contents were approved
by the board on 13 May 2026. This results announcement contains a summary of the audited consolidated
financial statements for the year ended 28 February 2026 ("2026 AFS") released on SENS on 14 May 2026
and does not include full or complete details. Any investment decision should be based on the 2026 AFS.
None of the information in this announcement has been reviewed or reported on by the Company's auditors.
The 2026 AFS have been audited by the Company's auditors, PricewaterhouseCoopers Inc., who
expressed an unmodified audit opinion thereon. This opinion is available, along with the 2026 AFS, on the
Company's website at https://equites.co.za/financial-results/#investor-centre and can also be accessed
using the following JSE link: https://senspdf.jse.co.za/documents/2026/jse/isse/EQU/2026AFS.pdf.
The results commentary, which includes directors' commentary, is available on the Company's website at
https://equites.co.za/financial-results/#investor-centre.
14 May 2026
Sponsor Debt sponsor
Java Capital Nedbank Corporate and Investment Banking,
a division of Nedbank Limited
Date: 14-05-2026 08:00:00
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