Wrap Text
Audited financial results for the year ended 30 June 2026, dividend declaration and guidance
ATTACQ LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT
A2X share code: ATTJ
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 2026, DIVIDEND DECLARATION AND GUIDANCE
Highlights
1. Normalised distributable income per share (DIPS) increased by 15.5% to 125.1 cents (FY25: increased by 25.6%)
2. Full-year dividend per share (DPS) increased by 17.2% to 102.0 cents (FY25: increased by 26.1%)
3. Net operating income (NOI) increased by 7.0% (FY25: increased by 13.6%)
4. High occupancy and collections rates of 94.9% and 99.8% respectively (FY25: 91.6% and 100.0%)
5. Weighted average annual trading density growth of 3.7% (FY25: growth of 5.0%)
6. Development activity (under construction and approved pipeline) at Waterfall City increased to 46 460m(2) effective share of gross lettable area (GLA), with an
effective cost of R1.3 billion (FY25: 39 641m(2) effective GLA and effective cost, R1.0 billion)
7. Gearing, interest cover ratio (ICR) and cost of debt: Gearing improved to 25.0%, ICR strengthened to 3.21 times and the cost of debt reduced to 8.7%
(FY25: 25.3%, 2.95 times, 9.2%)
8. Installed photovoltaic (PV) systems and water backup: 18.5MWp installed PV systems, generating 13.7% of total energy consumed and 5.3Ml of backup water
capacity added (FY25: installed 16.6MWp, 9.1% energy mix)
Financial performance
units 30 June 2026 30 June 2025 % change
Distributable income per share cents 127.1 108.3 17.4
Normalised distributable income per share* cents 125.1 108.3 15.5
Dividend per share cents 102.0 87.0 17.2
Total assets R'000 26 000 856 24 567 332 5.8
Net asset value per share cents 2 004 1 894 5.8
Gross revenue R'000 3 134 669 2 869 242 9.3
Earnings per share cents 206.3 214.6 (3.8)
Headline earnings per share cents 99.8 102.3 34.8
* Normalised distributable income per share excludes a once-off municipal rates credit in the current year
Introduction
Attacq Limited is a South African Real Estate Investment Trust (REIT), listed on the JSE Limited (JSE) and A2X Markets. Guided by our purpose of creating
places that put people first, Attacq remains committed to transforming precincts and communities through integrity, creativity and collaboration. As a trusted and
innovative real estate owner and precinct developer, we create vibrant destinations that drive sustainable growth and long-term value for our stakeholders.
Attacq's vision for the future, Horizon 2030, is centred around being a purpose-driven business. During 2026, we focused on the theme TRANSFORM as part of
our broader journey to THRIVE, TRANSFORM, and TRANSCEND.
Five Horizon 2030 strategic objectives collectively guide our efforts to create sustainable value: (1) becoming South Africa's most valuable REIT; (2) fostering
a workplace where people thrive; (3) establishing Attacq as the precinct developer and placemaker of choice; (4) building a digitally integrated business that is
scalable, agile and data-driven; and (5) delivering ESG outcomes that create meaningful and lasting impact for our stakeholders and communities.
Attacq's focus is on two key business drivers, namely Waterfall City, comprising its completed real estate portfolio, developments under construction and leasehold
land and Rest of South Africa, comprising the remainder of its South African completed real estate portfolio.
Executive summary
Over the past year, Attacq delivered a strong performance, exceeding expectations and reflecting the resilience of its business, the quality of its assets, the disciplined
execution of its strategy and the dedication of a team that continues to drive excellence. This translated into normalised DIPS growth of 15.5% to 125.1 cents
(30 June 2025: 108.3 cents), and a 17.2% increase in full-year DPS to 102.0 cents.
DIPS growth was underpinned by contractual rental escalations, improved occupancy, income from newly completed developments and lower net finance costs.
The continued expansion of rooftop PV systems further increased DIPS through higher recoveries of municipal charges.
During the year, the completion of the Vantage data centre, JNB 12.1 added 11 151m(2) of data centre GLA to Waterfall City (effective 5 576m(2)). The group also
completed Galileo, the third tower in the Ellipse Waterfall development, adding 220 residential units to the city, of which 215 have been sold and 213 transferred to
date.
Development activity (developments under construction and approved pipeline) continued across Waterfall City, totalling 85 247m(2) of GLA, valued at
R2.2 billion at year end. Attacq's effective share of this amounts to 46 460m2 of GLA, with an effective cost of R1.3 billion. Various infrastructure projects for
Waterfall City are currently underway, representing a total investment of R1.2 billion, with AWIC's effective allocation of this being R365.0 million.
The group's interest cover ratio improved to 3.21 times (30 June 2025: 2.95 times) driven by higher net operating income and lower funding costs. Gearing
remained stable at 25.0% (30 June 2025: 25.3%), demonstrating disciplined capital management. Attacq's A+[ZA] long- and short-term credit ratings and stable
outlook were reaffirmed by GCR Ratings in October 2025.
Declaration of a cash dividend
The board declared a final gross cash dividend of 54.00000 cents per share out of the company's distributable income. This brings the full-year dividend to
102.00000 cents per share (30 June 2025: 87.0 cents per share), which equates to a payout ratio of 80.3%.
The dividend is payable to Attacq shareholders in accordance with the timetable set out below:
Description Date
Last day to trade cum dividend Tuesday, 6 October 2026
Shares trade ex dividend Wednesday, 7 October 2026
Record date Friday, 9 October 2026
Payment date Monday, 12 October 2026
Notes:
1. Share certificates may not be dematerialised or rematerialised between Wednesday, 7 October 2026 and Friday, 9 October 2026, both days inclusive.
2. Payment of the dividend will be made to shareholders on Monday, 12 October 2026. In respect of dematerialised shareholders, the dividend will be transferred
to the Central Securities Depository Participant (CSDP) account or broker account on Monday, 12 October 2026. Certificated shareholders' dividends will be
deposited on or about Monday, 12 October 2026.
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, where after 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 43.20000 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 2026 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 FY27 by between 6.0% and 9.0%, 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:
Assumptions within Attacq's control
- No material impact on distributable income due to unplanned developments, acquisitions or disposals
Assumptions outside of Attacq's control
- Forecasted rental income being achieved based on 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 client failures or change of the current macroeconomic environment.
This guidance has been prepared in terms of IFRS Accounting Standards and in accordance with the SA REIT Association's Best Practice Recommendations (3rd
edition) for the calculation of distributable income, and is consistent with the group's accounting policies.
The guidance is the responsibility of the board and has not been reviewed or reported on 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 14 September 2026. This results
announcement is a summary of the group audited annual financial statement for the year ended 30 June 2026 (FY26 AFS) published on 15 September 2026 and
does not include full or complete details. Any investment decision by investors and/or shareholders should be based on consideration of the FY26 AFS.
The FY26 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://attacq.co.za/wp-content/uploads/2026/09/attacq-annual-financial-statements-2026.pdf and on the JSE's website at
https://senspdf.jse.co.za/documents/2026/jse/isse/ATT/2026FYRES.pdf.
Attacq also voluntarily publishes supplementary information to the FY26 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
IN Mkhari JR van Niekerk
Chairperson CEO
15 September 2026
Company information
Independent non-executive directors
IN Mkhari (chairperson, appointed 14 November 2025)
HR El Haimer (lead independent director)
FFT De Buck
K Joubert
TP Leeuw
GT Rohde
L Sebesho (appointed 1 January 2026)
AE Swiegers
JHP van der Merwe
Executive directors
JR van Niekerk (CEO)
P de Villiers (CFO, appointed 1 February 2026)
Company secretary
S Scheepers (appointed 1 February 2026)
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
Independent auditors
Ernst & Young Inc.
Date: 15/09/2026 07:05:00
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