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Audited Financial Results and Cash Dividend Declaration for the year ended 30 June 2026
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”)
Audited Financial Results and Cash Dividend Declaration for the year ended 30 June 2026
Over the past year, Texton continued to execute its SME-focused office and self-storage strategy while
rebalancing its offshore portfolio to generate liquidity. In South Africa, greater political stability, fewer
power outages and lower inflation supported business confidence and office demand, and property
values increased on the back of capital investment and sustained underlying earnings. In the UK, the
retail property performed resiliently, but the value of the industrial property declined as rising gilt yields
and financing costs pushed valuation yields out. Offshore, the Group sold its BREIT investment and
part of its SREIT holding, while the remaining unlisted investments were affected by lower fair values
and the stronger rand.
Highlights
- Distributions for the period: Texton has declared a dividend of 18,45 cents per share.
- Redemption of BREIT and SREIT: Texton sold the remaining 4,945.45 shares for $6,3 million
(R110,0 million). Texton redeemed 86,399.72 SREIT shares for proceeds of $1,8 million
(R29,9 million).
- Operational highlights: Core vacancy* increased from 8,6% as at 30 June 2025 to 14,6% as
at 30 June 2026 due largely to the additional Self-Storage GLA introduced during the year.
On a like-for-like basis our net property income in South Africa stayed relatively flat at R130,1
million for the 12 months ending 30 June 2026 (30 June 2025: R129,1 million). In the UK, our
net property income was down by R5,6 million in the past year to 30 June 2026, driven by the
loss of earnings from the disposal of Gainsborough and Peterlee somewhat offset by our
North Carolina property which contributed R4,0 million to our net property income.
- Net finance costs reduced somewhat reflective of the renegotiated reduced interest rate, the
repayment of loans and rate cuts during the year, offset somewhat by the reduced interest
earned due to lower cash balances during the year.
- Distributable income decreased from R73,8 million in FY25 to R65,5 million in FY26, largely
due to the disposals of unlisted investments during the latter part of FY25, offset somewhat by
the decrease in net finance cost.
* The methodology of core vacancy is calculated based on the lettable GLA within the portfolio, excluding GLA that is under
development or mothballed.
Key Financial Results
30 June 2026 30 June 2025 Change %
Property Revenue (R’000) 264 676 259 921 1,83
Distributable earnings (R’000) 65 532 73 797 (11,20)
Headline earnings per share (cents) 9,20 0,61 1 404,72
Earnings per share (cents) 10,14 29,65 (65,80)
Net asset value per share (cents) 486,36 574,61 (12,15)
Distributable earnings per share (R’000) 21,98 24,76 (11,23)
Dividend
The Board of directors of Texton (“the Board”) is pleased to announce that it has approved and declared
a final dividend of 18,45 cents per ordinary share for the year ended 30 June 2026 (30 June 2025: 20,13
cents*).
* refers to the special dividend declared in April 2025
Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to
non-resident shareholders is 14,76 cents per share.
The dividend is declared from income reserves.
At the date of the announcement, Texton had 330 059 664 ordinary shares in issue.
Salient dates 2026
Declaration date Friday, 25 September
Last day to trade cum dividend Tuesday, 20 October
Trading ex-dividend commences Wednesday, 21 October
Record date Friday, 23 October
Payment date Monday, 26 October
Notes
Shares may not be dematerialised or rematerialised between the commencement of trade on
Wednesday, 21 October 2026 and the close of trade on Friday, 23 October 2026, both days inclusive.
All times are South African times. The above dates and times are subject to change, and any change
will be advised on SENS. The Company’s tax reference number is 9353785158
Tax Implications
As the Company has REIT status, shareholders are advised that the dividend meets the requirements
of a “qualifying distribution” for the purposes of section 25BB of the Income Tax Act (Act 58 of 1962),
as amended, (“Income Tax Act”). The dividend on the shares will be deemed to be a dividend, for SA
tax purposes, in terms of section 25BB of the Income Tax Act.
South African tax residents
The dividend received by 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 exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because
it is a dividend distributed by a REIT. The dividend is exempt from dividend withholding tax in the
hands of SA tax resident shareholders, provided that the SA resident shareholders provide the
following forms to the Central Securities Depository Participant (“CSDP”) or broker in respect of
uncertificated shares, or to the Company, in respect of certificated shares:
- a declaration that the dividend is exempt from dividend tax
- a written undertaking to inform the CSDP, broker or the Company should the circumstances
affecting the exemption change or the beneficial owner ceases to be the beneficial owner,
both in the form prescribed by the Commissioner of the South African Revenue Service. Shareholders
are advised to contact their CSDP, broker or the Company to arrange for the above-mentioned
documents to be submitted prior to payment of the dividend if such documents have not already been
submitted.
Non-resident shareholders
Dividends received by non-resident shareholders should not be subject to income tax in South Africa
and instead should be treated as an ordinary dividend which is exempt from income tax in terms of
the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. 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 shareholder concerned. Assuming dividend
withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident
shareholders is 14,76 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 form to their
CSDP or broker in respect of uncertificated shares, or to 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
DTA; and
- a written undertaking to inform the CSDP, broker or the Company should the circumstances
affecting the reduced rate change or the beneficial owner ceases to be the beneficial owner
both in the form prescribed by the Commissioner of the South African Revenue Service. Non-resident
shareholders are advised to contact their CSDP, broker or the Company to arrange for the above-
mentioned documents to be submitted prior to payment of the dividend if such documents have not
already been submitted.
Short-form statement
This announcement has been prepared in accordance with the JSE Limited Listings Requirements and
is the responsibility of the directors. It is a summary of the information contained in the audited
consolidated Annual Financial Statements for the year ended 30 June 2026 ("AFS") and, as such, does
not include full or complete details. Any investment decisions by investors and/or shareholders should
be based on the AFS. The AFS have been published and can be found on the company’s website,
https://www.texton.co.za/reportsandpublications, and can also be viewed on the JSE link,
https://senspdf.jse.co.za/documents/2026/jse/isse/tex/AFS26.pdf
The AFS have been audited by the Group’s auditors, BDO South Africa Incorporated (“BDO”), who
expressed an unmodified opinion thereon.
The financial highlights in this announcement have been correctly extracted from the AFS. This
announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34 ‘Interim
Financial Reporting’. The information in this announcement has not been audited and reported on by
Texton’s external auditors.
Sandton
25 September 2026
Important Information
Executive directors: 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: 25/09/2026 02:38:00
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