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Unaudited interim results and cash dividend declaration for the six months ended 31 March 2026 and updated prospects
FAIRVEST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/032604/06
JSE share code: FTA ISIN: ZAE000304788
JSE share code: FTB ISIN: ZAE000304796
LEI: 378900E93AFC4D1CAD45
(Granted REIT status with the JSE)
("Fairvest" or the "Company" or the "Group")
RESULTS ANNOUNCEMENT: UNAUDITED CONSOLIDATED INTERIM RESULTS AND CASH DIVIDEND DECLARATION
FOR THE SIX MONTHS ENDED 31 MARCH 2026 AND UPDATED PROSPECTS FOR THE YEAR ENDING 30 SEPTEMBER 2026
Highlights
- Robust performance in a challenging environment with a 12.3% growth in distribution per B share
- Distribution of 71.82 cents per A share for the six months ended 31 March 2026
- Distribution of 25.94 cents per B share for the six months ended 31 March 2026
- Distribution per B share for the year expected to increase by between 11% to 13%
- Pay-out ratio of 100% maintained
- Like-for-like net property income increased by 8.0%
- Vacancies at 5.1%
- Positive rental reversion at 5.7%
- LTV at 26.6%
Financial Indicators
31 March 31 March %
Unaudited 2026 2025 Increase
Revenue (excl. straight-line rental income) (R'000) 1 229 105 1 067 665 15.1%
Basic earnings per A share in issue (cents) 76.61 73.46 4.3%
Basic earnings per B share in issue (cents) 28.70 25.76 11.4%
Headline earnings per A share in issue (cents) 76.77 72.92 5.3%
Headline earnings per B share in issue (cents) 28.85 25.22 14.4%
Net asset value per A share (cents) 1 804.51 1 817.85 -0.7%
Net asset value per B share (cents) 517.66 479.15 8.0%
Dividend per A share (cents) for the period ended 71.82 69.66 3.1%
Dividend per B share (cents) for the period ended 25.94 23.10 12.3%
Nature of business
Fairvest is a diversified South African Real Estate Investment Trust ("REIT") focused on creating long-
term shareholder value.
Fairvest holds a portfolio of 130 retail, office and industrial properties valued at R13.5 billion (held
directly and through subsidiaries). The average value per property held as at 31 March 2026 was R104.1
million.
As at 31 March 2026, Fairvest held a 23.6% interest (September 2025: 23.6%) in Dipula Properties
Limited ("Dipula").
As at 31 March 2026, Fairvest held a 55.3% interest (September 2025: 79.9%) in Onepath Investments
(RF) Proprietary Limited ("Onepath"). Onepath owns fibre infrastructure in townships which is rented
to a fibre network operator to provide high quality internet access to township homes and communities.
Declaration of dividend for the six months ended 31 March 2026
The Board has resolved to declare an interim dividend (dividend number 22) of 71.81647 cents per A
share, and 25.94214 cents per B share, being 100% of the distributable income for the period (September
2025: 100%). The dividend will be paid to shareholders in accordance with the timetable set out below:
2026
Last date to trade cum distribution Tuesday, 23 June
Shares trade ex-distribution Wednesday, 24 June
Record date Friday, 26 June
Payment date Monday, 29 June
Share certificates may not be dematerialised or rematerialised between Wednesday, 24 June 2026 and
Friday, 26 June 2026, both days inclusive. Payment of the dividend will be made to shareholders on
Monday, 29 June 2026. In respect of dematerialised shareholders, the dividend will be transferred to the
Central Securities Depositary Participant ("CSDP") accounts/broker accounts on Monday, 29 June
2026. Certificated shareholders' dividend payments will be deposited on or about Monday, 29 June 2026
to certificated shareholders' bank accounts.
In accordance with Fairvest's status as a REIT, shareholders are advised that the dividends meet 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 distributions on the shares will be deemed to be a dividend, for
South African tax purposes, in terms of section 25BB of the Income Tax Act.
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
they are dividends distributed by a REIT. These dividends are, however, exempt from dividend
withholding tax in the hands of South African tax resident shareholders, provided that the South African
resident 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) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the Company 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 to arrange for the
abovementioned documents to be submitted prior to payment of the dividend if such documents
have not already been submitted.
Dividends received by non-resident 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 exemption in
section 10(1)(k)(i) of the Income Tax Act. Dividends withholding tax is 20% and accordingly, any
dividends received by a non-resident from a REIT will be subject to dividend 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 shareholders. Assuming dividend
withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident
shareholders in respect of the final dividend per A share is 57.45318 cents per A share. The net dividend
amount due to non-resident shareholders in respect of the final dividend per B share is 20.75371 cents
per B 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 in respect of
uncertificated shares, or the Company, in respect of certificated shares:
a) a declaration that the dividends are subject to a reduced rate as a result of the application of a
DTA; and
b) a written undertaking to inform their CSDP, broker or the Company 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 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.
Shareholders are encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.
A-shares in issue at the date of declaration of the dividend: 62 718 658
B-shares in issue at the date of declaration of the dividend: 2 104 782 010
Fairvest's income tax reference number: 9068/723/17/1
Prospects
The Group's portfolio continues to demonstrate resilient operating performance, supported by low
vacancies, disciplined asset management and stable rental growth.
The macroeconomic environment has become more uncertain due to elevated geopolitical tensions in
the Middle East resulting in higher oil prices and sparking renewed inflation and interest rate risk
globally. These factors may place pressure on consumer affordability, operating costs and debt servicing
costs.
The Group remains committed to executing its strategy of repositioning toward a retail-focused portfolio
through the disposal of non-core assets and selective, accretive acquisitions, enhancing long-term
earnings visibility and sustainability.
Given the strong operational performance and the positive contribution from recent accretive
transactions, the Board has updated its full-year guidance and expects distributable earnings per B share
for the 2026 financial year to be between 53.4 cents and 54.4 cents, an increase of between 11% and
13% (2025 financial year: 48.15 cents per share).
Distribution per A share will increase by the lesser of 5% or the most recent Consumer Price Index, in
accordance with the Company's Memorandum of Incorporation. The Board intends to maintain a
dividend payout ratio of 100% of distributable earnings, subject to its normal bi-annual review.
Assumptions within the control of the Board
- Contractual rental escalations and market-related renewals are achieved;
- Vacancy levels remain broadly stable; and
- Continued execution of asset management and portfolio optimisation initiatives.
Assumptions outside the control of the Board
- Interest rates do not increase materially from current levels;
- Continued stability of electricity supply;
- No material tenant or corporate failures occur; and
- No significant adverse socio-political or macroeconomic disruption.
This guidance has been prepared in terms of IFRS Accounting Standards and is consistent with the
Group's accounting policies and the SA REIT Association's Best Practice Recommendations in respect
of distributable earnings.
The forecast is the responsibility of the Board and has not been reviewed or reported on by the Group's
external auditors.
Results announcement
The contents of this announcement are the responsibility of the board of directors of Fairvest. This
announcement is only a summary of the full announcement released on SENS which is available on the
JSE website at: https://senspdf.jse.co.za/documents/2026/jse/isse/FTAE/March2026.pdf and on the
Company website at https://fairvest.co.za/cmsAdmin/uploads/interim-results/interims-2026.pdf and
does not contain the complete or full announcement details. Any investment decision by investors and
shareholders should be based on consideration of the full announcement.
3 June 2026
Sponsor
Java Capital
Date: 03-06-2026 08:00:00
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