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Audited Financial Results and Cash Dividend Declaration For The Year Ended 30 June 2025
Texton Property Fund Limited
Incorporated in the Republic of South Africa
Registration number 2005/019302/06
A REIT, listed on the JSE Limited
JSE share code : TEX
ISIN : ZAE000190542
("Texton" or "the Company")
Audited Financial Results and Cash Dividend Declaration For The Year Ended 30 June 2025
Over the past year, Texton strengthened its balance sheet and advanced its SME-focused office and
self-storage strategy, while benefiting from diversification across geographies and asset classes. In
South Africa, improved political stability, reduced power outages, and lower inflation supported business
confidence and office demand. In the UK, disciplined disposals preserved value despite persistent
headwinds, leaving a leaner, more resilient portfolio. In the US, steady growth and slowing new supply
created opportunities that enhanced our diversification and hard currency exposure.
Highlights
• Distributions for the period: Texton paid a dividend of 20,13 cents per share and a Return of
Contributed Tax Capital ("Return of CTC") of 79,87 cents per share, for a total distribution of
R1 per share. Subsequent to year end, Texton declared a further Return of CTC of 63,87 '
• cents per share. This brings the total distribution for the period under review to 163,87 cents
per share, amounting to a total of distribution of R490m.
• Sale of assets: Texton successfully completed the sale of 3 non-core assets (2 in the UK and
1 in SA) to the value of R364,3 million. These funds were applied towards debt reduction.
• Redemption of BREIT and SREIT: Texton sold off 4,614.1917 BREIT shares at the end of
2024 for proceeds of $6 million (R109,4 million) and subsequent to year end 2025, sold the
remaining 4,945.45 shares for $6,3 million (R111,0 million). Texton redeemed 114,119.16
SREIT shares for proceeds of $3,1 million (R57 million).
• Operational highlights: Core vacancy* increased slightly from 7,7% as at 30 June 2024 to
8,6% as at 30 June 2025. On a like-for-like basis our net property income in South Africa
stayed relatively flat at R127,4 million for the 12 months ending 30 June 2025 (30 June 2024:
R125,9 million) despite the selling of some non-core buildings. This strong performance
positively affected the fair values of our Investment Properties where we adjusted them
upwards to the value of R100,4 million. In the UK, our net property income was down by
R19,7 million in the past year to 30 June 2025, driven by the loss of earnings from the
disposal of Gainsborough and Peterlee. The inclusion of our North Carolina contributed R5,6
million to our net property income.
• Net finance costs: The reduction of our debt by R278,2 million as well as the interest rate
reduction contributed positively to our net finance cost which reduced by R28,5 million.
• Distributable income decreased from R79,9 million in FY24 to R73,8 million in FY25, largely
due to the sale of properties during the latter part of FY24 and early part of FY25.
* The methodology of core vacancy has changed and is calculation based on the lettable GLA within the portfolio, excluding
GLA that is under development or mothballed. June 2024 number has been restated to reflect this calculation .
Key Financial Results
30 June 2025 30 June 2024 Change %
Property Revenue (R'000) 259 921 272 904 (4,76)
Distributable earnings (R'000 73 797 79 901 (7,60)
Headline earnings per share (cents) 0,61 2,52 (75,8)
Earnings per share (cents) 29,65 (4,95) 699,0
Net asset value per share (cents) 574,61 625,08 (8,07)
Distributable earnings (R'000) 24,76 26,80 (7,62)
Distribution
The Board of directors of Texton ("the Board") is pleased to announce that it has approved and declared
a further distribution which will result in a capital reduction of the "contributed tax capital" (as such term
is defined in the Income Tax Act) of the Company of 63,74 cents per ordinary share ("Return of CTC"),
subject to the required South African Reserve Bank approval being obtained for the declaration of the
Return of CTC ("Condition").At the date of the announcement, Texton had 330 059 664 ordinary shares
in issue.
Declaration date Friday, 26 September
Finalisation date anticipated to be on, by 11h00 Friday, 17 October
Last day to trade cum dividend Friday, 24 October
Shares to trade ex-dividend Monday, 27 October
Record date Wednesday, 29 October
Payment date Thursday, 30 October
Notes
Shares may not be dematerialised or rematerialised between the commencement of trade on Friday,
24 October 2025 and the close of trade on Wednesday, 29 October 2025, 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 and in the pressThe Company's tax reference number is: 9353785158
TAX TREATMENT OF A RETURN OF CTC
The Return of CTC of 63,74 cents per share should constitute a "return of capital" as defined in section
1 of the Income Tax Act. The return of capital by way of a reduction of the CTC of the Company should
not constitute a "dividend" as defined in the Income Tax Act and should therefore not be subject to
dividends tax. South African resident shareholders who hold their shares as capital assets will be
required in terms of paragraph 76B of the Eighth Schedule to the Income Tax Act to reduce the base
cost of their Texton shares with the amount of CTC returned. If the amount of CTC returned exceeds
the base cost of the Texton shares in the hands of a particular shareholder, the excess will constitute a
capital gain in the hands of the shareholder. Texton shareholders who hold their shares as trading stock
should obtain advice on the correct tax treatment of the Return of CTC. The South African tax
consequences for non-South African resident Texton shareholders in respect of the Return of CTC is
fact dependent and depends on the extent of their shareholding and activities in South Africa – such
shareholders should obtain advice on the correct tax treatment of the Return of CTC
Short-form statement
This announcement is the responsibility of the directors and is only a summary of the information
contained in the audited consolidated Annual Financial Statements for the year ended 30 June 2025
("AFS") and 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/2025/jse/isse/tex/AFS25.pdf
The AFS have been audited by the Group's auditors, BDO South Africa Incorporated("BDO"), who
expressed an unmodified opinion thereon. Copies of the Annual Financial Statements may also be
requested from the Company's registered office.
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
26 September 2025
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: 26-09-2025 04:43:00
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