Wrap Text
Pre-close update and revised guidance for FY2025
RESILIENT REIT LIMITED
Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES
ISIN: ZAE000209557
Bond company code: BIRPIF
LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
("Resilient" or "the Company")
PRE-CLOSE UPDATE AND REVISED GUIDANCE FOR FY2025
The following pre-close update is provided in anticipation of Resilient's results for the year ending December 2025. The
financial information on which this update is based, including the outlook, have not been reviewed or reported on by the
Company's external auditors.
SOUTH AFRICA
PORTFOLIO UPDATE
Retail sales increased by 5,6% during the 10 months ended October 2025 (5,3% on a rolling 12-month basis to
October 2025). The sales from Mahikeng Mall during the first six months of each year were excluded as this was not
comparable performance due to the extension of the shopping centre which opened in May 2024.
To date, lease renewals were concluded on average 2,2% higher than the expiring rentals. New leases were concluded on
average 24,6% higher than the rentals of the outgoing tenants. In total, rentals for renewals and new leases increased by
6,3%. Escalations of 5,4% and 5,7% were agreed for renewals and new leases, respectively.
Resilient's pro rata share of vacancies is 1,9%. This includes planned vacancies arising from asset management initiatives.
The construction of the extension to Irene Village Mall, which accommodates a Checkers Hyper, Dis-Chem as well as
several national retailers, is progressing well and on schedule for completion at the end of August 2026. Bulk earthworks
on the 22 0000m2 extension to Tzaneen Lifestyle Centre has commenced. The project is scheduled for completion in
3Q2027.
ENERGY
Resilient has continued with the implementation of its strategy to reduce reliance on grid-provided electricity while also
containing the cost of consumption.
An additional 11,5MWp of solar energy generation capacity was installed during 2025. These completed installations
increased the total installed capacity to 88,0MWp which is projected to supply approximately 39,8% of Resilient's total
energy requirements.
Battery installations remain key to enabling the expansion of solar installations and supporting effective demand and load
management. During 2025, total battery storage capacity increased by 8,5MWh resulting in total storage capacity of
20,7MWh across the portfolio.
SPAIN
At Salera, Stradivarius and Bershka have taken beneficial occupation of their relocated and expanded stores. These new
stores will be the latest flagship concepts and are scheduled to open in 1Q2026. The new locations consolidate space
previously occupied by Sports Direct, United Colors of Benetton and AW Lab.
Comparable sales growth of 8,5% was recorded for the nine months ended September 2025.
FRANCE
France's annual GDP growth improved to 0,9% for 3Q2025. For the nine months ended September 2025, sales growth
across the French portfolio was 3,2%, notably exceeding the region's inflation of 0,9% (year-on-year at September 2025).
Saint Sever is currently undergoing fit-outs by food and beverage operators Crust, Tasty Pizza and Chamas Tacos. Once
these openings are complete, the food court will be fully let, strengthening the shopping centre's dining options and tenant
mix. Adidas opened its new store in 4Q2025.
At Docks 76, Darty opened a 1 200m2 store in 3Q2025, while Jack&Jones introduced its first location in Rouen. Docks
Vauban welcomed Inditex's new Pull&Bear flagship store during 4Q2025. The extension of Rivetoile was completed
during 4Q2025. New leases were concluded with Mango (renewal), Lovisa and Kraft.
OUTLOOK
The Board forecasts growth in distribution of at least 10% or 484,28 cents per share for FY2025. The increased guidance
is attributable to a solid performance by the South African property portfolio, including the energy strategy yielding returns
ahead of those previously forecasted, the reduction of interest rates by 50 basis points during 2H2025 and increased
guidance provided by Lighthouse.
This updated guidance assumes that forecast demand savings on electricity are achieved, Lighthouse achieves its guidance,
there is no further deterioration of the macroeconomic environment, no major corporate failures occur and that tenants will
be able to absorb the rising utility costs and municipal rates.
2 December 2025
Sponsor Debt Sponsor
Java Capital Nedbank Corporate and Investment Banking,
a division of Nedbank Limited
Date: 02-12-2025 05:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
