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”)




AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025, PROSPECTS FOR
THE YEAR ENDING 28 FEBRUARY 2026 AND FINAL DIVIDEND DECLARATION


YEAR IN REVIEW

Equites is the only specialist logistics REIT listed on the JSE. The Group focuses on high-quality logistics
properties, let to A-grade tenants on long-dated leases. The focus on the logistics asset class is underpinned
by the conviction that this asset class will continue to outperform in the long term.

Equites’ SA portfolio of R21.1 billion at Feb-25 (Feb-24: R19.9 billion) is the cornerstone of the business.
Through an extensive asset recycling programme over the last 24 months, the Group has disposed of a
number of smaller assets, specialised assets or non-ESG compliant assets. The resultant portfolio serves to
provide high income predictability and strong rental and capital growth opportunities aligned with Equites’
commitment to its sustainability objectives. The property portfolio delivered LFL rental growth of 5.9% over
the period and valuations increased by 6.0% on a LFL basis. The SA portfolio has a WALE of 14.1 years and
has no vacancy at Feb-25.

Equites’ UK portfolio delivered strong rental growth over the period, with 3 assets undergoing rent reviews,
resulting in uplifts of between 19 % and 69 %. The valuations have remained reasonably flat with 1.0% uplift
in GBP terms. The UK portfolio has a WALE of 13.1 years with only a single ancillary unit, representing 1.5% of
the UK portfolio, vacant at Feb-25.

FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE YEAR

   -   Distribution per share (“DPS”) of 133.92 cents per share, in line with guidance
   -   Distribution pay-out ratio of 100%
   -   R2.9 billion in cash and unutilised facilities
   -   Loan-to-value (“LTV”) ratio of 36.0%
   -   Disposals of R2.4 billion concluded and transferred during FY25
   -   Signed six Power Purchase Agreements (“PPA’s”) which will be revenue generating in FY26
   -   Weighted average lease expiry (“WALE”) of 14.0 years
   -   Launched RICS programme, first REIT in SA to offer formal programme to recent graduates

KEY FINANCIAL HIGHLIGHTS

                                                                      Audited            Audited
                                                                   12 months          12 months
                                                                       ended              ended
                                                                  28 February        29 February     Change
                                                                         2025               2024
 Gross property revenue (R’000)                                      4 256 696         2 484 186       71.4%
 Distributable earnings (R’000)                                      1 118 498         1 027 359         8.9%
 Headline earnings per share (cents)                                     125.2              117.1        6.9%
 Earnings per share (cents)                                              116.6             147.5      (20.9%)
 Dividend declared per share (cents)                                    133.92            131.12         2.1%
 Net asset value per share (cents)                                       1 649             1 714       (3.8%)
PROSPECTS

The Board expects DPS to increase at a rate above inflation going forward, within a target range of 5%
and 7% (c. 140.62 and 143.29 cps; FY25: 133.92). The Board’s DPS guidance is premised on the strong tenant
base, the completion of several large scale developments in FY25 enhancing revenue in FY26, and the
certainty of overheads. The guidance assumes no major corporate failures will occur, the GBP/ZAR
exchange rate remains materially stable (GBP1:R22.00-R26.00), and rent and costs are recovered from
tenants. This forecast has not been audited or reviewed by the external auditors.

DECLARATION OF A FINAL CASH DIVIDEND

The Board has declared a final gross dividend of 67.41880 cents per share on 14 May 2025 further to the
interim dividend of 66.50 cents per share. This brings the total distributions for the year ended 28 February
2025 to 133.92 cents per share, which is 2.1% higher compared to the prior year total distributions of 131.12
cents per share. The DPS is in line with previous guidance of 130 – 135 cents per share.



 Salient dates                                                                                        2025
Last day to trade in order to receive a cash dividend                                      Tuesday, 3 June

Shares trade ex-dividend                                                               Wednesday, 4 June

Record date to receive a cash dividend                                                       Friday, 6 June

Payment of cash dividend to certificated shareholders by electronic
funds transfer                                                                            Monday, 9 June

Dematerialised shareholders’ CSDP or broker accounts credited with
the cash dividend payment                                                                 Monday, 9 June

Notes:
   1. Shares may not be dematerialised or rematerialised between Wednesday, 4 June 2025 and
       Friday, 6 June 2025, both days inclusive.
   2. The above dates and times are subject to change. Any changes will be released on SENS.

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 67.41880 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 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 exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income
       Tax Act) because such qualifying distributions are distributed by a REIT. These qualifying
       distributions are however exempt from dividends withholding tax in the hands of SA tax resident
       shareholders, provided that such 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 which are exempt from income tax in
           terms of the general dividend exemptions per section 10(1)(k)(i) of the Income Tax Act. Any
           qualifying distributions received by non-residents from a REIT will be 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 53.93504 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 832 008 815.
 -       Income Tax Reference Number of Equites: 9275393180.

The cash dividend may have tax implications for resident as well as non-resident shareholders. Shareholders
are therefore encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.

RESULTS ANNOUNCEMENT

This results announcement is the responsibility of the directors of Equites and the contents were approved
by the board on 14 May 2025. This results announcement contains a summary of the audited consolidated
financial statements for the year ended 28 February 2025 (“2025 AFS”) released on SENS on 15 May 2025
and does not include full or complete details. Any investment decision should be based on the 2025 AFS.
None of the information in this announcement has been reviewed or reported on by the Company’s
auditors.

The 2025 AFS have been audited by the Company’s auditors, PricewaterhouseCoopers Inc., who
expressed an unmodified audit opinion thereon. This opinion is available, along with the 2025 AFS, on the
Company’s website at https://equites.co.za/financial-results/#investor-centre and can also be accessed
using the following JSE link: https://senspdf.jse.co.za/documents/2025/jse/isse/EQU/2025AFS.pdf.

The results commentary, which includes directors’ commentary, is available on the Company’s website at
https://equites.co.za/financial-results/#investor-centre.

15 May 2025


Sponsor                                                                           Debt sponsor