Wrap Text
Interim results for the six months ended 31 August 2026 and posting of dividend reinvestment alternative circular
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")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2026 AND POSTING OF DIVIDEND REINVESTMENT
ALTERNATIVE CIRCULAR
SIX MONTHS IN REVIEW
Equites declared an interim distribution of 72.57cps for the six months ended 31 August 2026, 5.1%
ahead of 1H26, and reaffirms full-year distribution guidance of 147.7 – 150.5cps, representing
growth of 5% – 7% on FY26 at a 100% pay-out ratio.
The highlight of the period was the substantial completion of the Group’s UK exit, with the ultimate
purpose being the recycling of that capital into SA logistics. The Aviva portfolio, comprising five
income-producing assets, was disposed. Of the three remaining UK assets, DHL Leeds is being
marketed with a disposal anticipated within the next 12 months.
Capital deployment into SA accelerated, with R600 million of development and acquisition
spend. Six developments are currently underway, representing R2.0 billion of capital value on
completion and R1.0 billion of remaining spend, all to be developed at yields on cost of 8% – 9%.
The balance sheet ended the period conservatively positioned, with an LTV of 28.1% (Feb-26:
35.1%) and R2.9 billion of cash and undrawn facilities.
Equites is well positioned to fund substantial capital deployment from existing balance sheet
headroom, without recourse to the debt or equity capital markets, and will progressively restore
its gearing to its through-the-cycle range.
THE PERIOD IN BRIEF
- 4.5% net asset value per share growth from 28 February 2026.
- 72.57 cents per share interim dividend translating to 5.1% on August 2025 dividend of
69.04 cents per share.
- 100% distribution pay-out ratio.
- R600 million spent on developments and acquisitions.
- GBP200.5 million conclusion of Aviva portfolio disposal during May 2026, representing a
substantial step towards the conclusion of the UK exit.
- 1.5% vacancy at 31 August 2026.
- Rooftop solar generation capacity at 28.2MW.
- 75% of the portfolio with installed solar.
- Maintained Level 2 B-BBEE rating.
- R650 million raised in the debt capital markets, 5-year at Z+103bp and 3-year at Z+90bp.
- 28.1% Loan-to-Value at 31 August 2026 (35.1% at 28 February 2026).
- R2.9 billion in cash and undrawn facilities (R3.1 billion at 28 February 2026).
KEY FINANCIAL HIGHLIGHTS
Unaudited Unaudited
six months six months
ended ended %
31 August 2026 31 August 2025 Change
Gross property revenue (R’000) 1 502 721 1 670 832 (10.1%)
Distributable earnings (R’000) 630 110 570 282 10.5%
Earnings per share (cents) 143.0 101.1 41.4%
Headline earnings per share (cents) 88.9 53.1 67.2%
Total comprehensive income (R’000) 1 522 320 1 190 643 27.9%
Dividend declared per share (cents) 72.57 69.04 5.1%
Net asset value per share (cents) 1 743 1 693 2.9%
DECLARATION OF AN INTERIM CASH DIVIDEND WITH THE ELECTION TO REINVEST THE CASH DIVIDEND
IN RETURN FOR EQUITES SHARES
Notice is hereby given of the declaration of the interim dividend number 26 of 72.57251 cents per
share.
The Board has declared an interim gross dividend of 72.57251 cents per share on 14 October 2026
which is a 5.1% increase over the prior year interim distribution of 69.04215 cents per share. The
DPS is in line with previous guidance of achieving between147.7 and 150.5 cents per share for the
year.
Shareholders will be entitled, in respect of all or part of their shareholdings, to elect to reinvest the
cash dividend in return for Equites shares (the "dividend reinvestment alternative"). The
entitlement for shareholders to receive the dividend reinvestment alternative is subject to the
Board agreeing on the pricing and terms of the dividend reinvestment alternative. The Board in
its discretion may withdraw the dividend reinvestment alternative should market conditions
warrant such actions and such withdrawal will be communicated to shareholders prior to the
finalisation announcement to be published by 11:00 on Monday, 26 October 2026.
Salient dates and times 2026
Equites results including declaration of an interim distribution Thursday, 15 October
published on SENS
Circular and form of election posted to shareholders Thursday, 15 October
Finalisation information including the share ratio and reinvestment Monday, 26 October
price per share published on SENS by 11:00 (SA time)
Last day to trade in order to participate in the election to receive Monday, 2 November
shares in terms of the dividend reinvestment alternative or to
receive a cash dividend ("LDT")
Shares trade ex-dividend Tuesday, 3 November
Listing of maximum possible number of shares under the dividend Friday, 6 November
reinvestment alternative
Last day to elect to receive shares in terms of the dividend Friday, 6 November
reinvestment alternative or to receive a cash dividend (no late
forms of election will be accepted) at 12:00 (SA time)
Record date for the election to receive shares in terms of the Friday, 6 November
dividend reinvestment alternative or to receive a cash dividend
("record date")
Announcement of results of cash dividend and dividend Monday, 9 November
reinvestment alternative released on SENS
Payment of cash dividends to certificated shareholders by Monday, 9 November
electronic funds transfer
Dematerialised shareholders’ CSDP or broker accounts credited Monday, 9 November
with the cash dividend payment (if applicable)
Share certificates posted to certificated shareholders on or about Wednesday, 11 November
Dematerialised shareholders’ CSDP or broker accounts credited Wednesday, 11 November
with the new shares (if applicable)
Adjustment to shares listed on or about Friday, 13 November
Note:
1. Shareholders electing the dividend reinvestment alternative are alerted to the fact that the
new shares will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3, due
to the fact that settlement of the shares will be three days after the record date, which differs
from the conventional one day after record date settlement process.
2. Shares may not be dematerialised or rematerialised between Tuesday, 3 November 2026 and
Friday, 6 November 2026, both days inclusive.
3. The above dates and times are subject to change. Any changes will be released on SENS.
Fractions
Trading in the Strate environment does not permit fractions and fractional entitlements. Where a
shareholder’s entitlement to the shares in relation to the dividend reinvestment alternative gives
rise to an entitlement to a fraction of a new share, such fraction will be rounded down to the
nearest whole number with the cash balance of the dividend being retained by the shareholders.
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 72.57251 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 by resident Equites shareholders must be included in the
gross income of such shareholders (as a non-exempt dividend in terms of section
10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying distribution is
taxable as income in the hands of the Equites shareholder. These qualifying distributions
are however exempt from dividends withholding tax, 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 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, but which are exempt in
terms of the usual dividend exemptions per section 10(1)(k) of the Income Tax Act. Any
qualifying distributions are 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 58.05800 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 868 244 585 ordinary
shares of no par value each.
- Income Tax Reference Number of Equites: 9275393180.
POSTING OF DIVIDEND REINVESTMENT ALTERNATIVE CIRCULAR
A circular to Equites shareholders ("the circular") in respect of the dividend reinvestment
alternative, together with an election form, will be posted to shareholders today, Thursday,
15 October 2026 and is available on the website of the Company:
https://www.equites.co.za/investing-in-equites/#circulars from Thursday, 15 October 2026.
Copies of the circular may be obtained from the registered offices of Equites, 14th floor, Portside
Tower, 4 Bree Street, Cape Town, 8001 during normal business hours, 08:00 until 16:00 (SA time),
from Thursday, 15 October 2026 to Friday, 6 November 2026.
RESULTS ANNOUNCEMENT
This results announcement is the responsibility of the directors of Equites and the contents were
approved by the Board on 13 October 2026. This results announcement is a summary of the
unaudited condensed consolidated interim results for the six months ended 31 August 2026 ("full
announcement") released on SENS on 15 October 2026 and does not include full or complete
details. None of the information in this announcement has been reviewed or reported on by the
Company’s external auditors.
The full announcement is available on the Company’s website at https://equites.co.za/financial-
results/#interim-results and can also be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2026/jse/isse/EQU/H12027.pdf
A copy of the full announcement may be requested from info@equites.co.za or the sponsor, Java
Capital at sponsor@javacapital.co.za. Any investment decision should be based on the full
announcement available on the Company’s website.
The condensed consolidated interim results have not been reviewed or audited by the
Company’s external auditors, Deloitte & Touche.
Independent Non – Executive Directors
F. Tonelli (Chairman), M.A. Brey, P.L. Campher, E. Cross, K. Ntuli, A.D. Murray, N. Mkhize
Non – Executive Directors
A.J. Gouws
Executive Directors
A. Taverna-Turisan (CEO), G.R. Gous (COO), L. Razack (CFO)
Registered office and business address
14th Floor, Portside Towers, 4 Bree Street, Cape Town, 8001
Contact details
info@equites.co.za
Company secretary
T. Vilakazi
Transfer secretary
Computershare Investor Services Proprietary Limited
Auditors
Deloitte & Touche
Debt sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Equity sponsor
Java Capital
6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
15 October 2026
Date: 15/10/2026 08:00:00
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