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Unaudited interim financial results for the six months ended 30 June 2025 and cash dividend declaration
SA Corporate Real Estate Limited
(SA Corporate or the Company)
(Incorporated in the Republic of South Africa)
(Registration number 2015/015578/06)
Approved as a REIT by the JSE
Share code: SAC
ISIN code: ZAE000203238
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 AND CASH DIVIDEND DECLARATION
Introduction
SA Corporate is a JSE-listed Real Estate Investment Trust (REIT) and together with its subsidiaries (the Group) owns a focused
portfolio of quality industrial, retail and residential properties located primarily in the major metropolitan areas of South Africa
with a secondary node in Zambia. As at 30 June 2025, the property portfolio consisted of 250 properties, with 1 655 326m2 of gross
lettable area (GLA), valued at R17.7 billion and exposure to direct and listed property valued at R1.8 billion in Zambia.
Overview
Distribution per share
Increase of 7.5% to 13.01 cps at 92.5% payout ratio (2024 H1: 12.11 cps at 90% payout ratio)
Distributable income per share
Increase per share of 4.6% to 14.07 cps (2024 H1: 13.46 cps)
Total like-for-like net property income increased by 4.9% to R718.1 million (2024 H1: R684.8 million)
Property disposals transferred, contracted and still to transfer for the period 1 January to 30 June 2025 of R953.2 million
Traditional portfolio vacancies of 1.5% of GLA (31 December 2024: 1.5%)
Residential portfolio vacancies of 3.3% of total units (31 December 2024: 4.1%)
Salient features
The salient features of the Groups unaudited condensed consolidated interim financial results for the six months ended 30 June 2025,
as compared to the six months ended 30 June 2024, are set out below:
Revenue of R1 456.3 million (2024 H1: R1 459.6 million)
Total net property income of R756.6 million (2024 H1: R734.5 million)
Operating profit of R712.3 million (2024 H1: R736.3 million)
Headline earnings per share of 13.33 cents (2024 H1: 14.34 cents)
Basic earnings per share of 14.90 cents (2024 H1: 16.33 cents)
Net asset value per share of 433 cents (31 December 2024: 443 cents)
Distribution declaration and important dates
Notice is hereby given of the declaration of distribution number 20 in respect of the income distribution period 1 January 2025 to
30 June 2025. The payment amounts to 13.01407 cps (June 2024: 12.11103 cps). The source of the distribution comprises mainly of net
income from property rentals. Please refer to the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income for
further details. 2 625 247 699 of the Company's shares are in issue at the date of this distribution declaration and the Company's
income tax reference number is 9179743191.
Last date to trade cum distribution Tuesday, 14 October 2025
Shares will trade ex-distribution Wednesday, 15 October 2025
Record date to participate in the distribution Friday, 17 October 2025
Payment of distribution Monday, 20 October 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 15 October 2025 and Friday, 17 October 2025
(both days inclusive).
Tax implications
In accordance with the Company's REIT status, shareholders are advised that the distribution meets the requirements of a qualifying
distribution for the purposes of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). The distributions on the Company's
shares will be deemed to be dividends, for South African tax purposes, in terms of section 25BB of the Income Tax Act. The distributions
received by or accrued to South African tax residents must be included in the gross income of such shareholders and are not 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 they are dividends distributed by a REIT, with the effect that the distribution is taxable in the hands of the shareholder.
These distributions are, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that
the South African resident shareholders have provided the following forms to their Central Securities Depository Participants (CSDP) or broker,
as the case may be, in respect of uncertificated shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the distribution is exempt from dividends tax; and
(b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be, 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 for the South African
Revenue Service.
The Company's shareholders are advised to contact the CSDP, broker or transfer secretaries, as the case may be, to arrange for the above-mentioned documents
to be submitted prior to payment of the distribution, if such documents have not already been submitted.
Notice to non-resident shareholders
Distributions received by non-resident 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 exemption in section 10(1)(k)(i) of the Income Tax Act. Distributions received by a non-resident from a REIT are 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.
Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 10.41126 cents per SA Corporate
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 forms
to the CSDP or broker, as the case may be, in respect of uncertificated shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
(b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be, 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 for the South African Revenue Service.
Non-resident shareholders are advised to contact the CSDP, broker or the transfer secretaries, as the case may be, to arrange for the above-mentioned documents to
be submitted prior to payment of the distribution if such documents have not already been submitted, if applicable.
Short-form notice
The contents of this short-form announcement are the responsibility of the board of directors of the Company. Shareholders are advised that this short-form announcement
represents a brief summary of the information contained in the Unaudited Condensed Consolidated Interim Financial Statements, available on the JSE cloud link below:
https://senspdf.jse.co.za/documents/2025/jse/isse/SACE/Interim25.pdf
and on SA Corporates website https://www.sacorporatefund.co.za. Any investment decisions by investors and/or shareholders should be based on a consideration of the
Unaudited Condensed Consolidated Interim Financial Statements as a whole and shareholders are encouraged to review the Unaudited Condensed Consolidated Interim
Financial Statements as directed above.
For a more comprehensive analysis of SA Corporates results and outlook, please refer to https://www.sacorporatefund.co.za/
Johannesburg
18 September 2025
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
DIRECTORATE AND STATUTORY INFORMATION
Registered office
GreenPark Corner
16th Floor
Corner Lower Road
and West Road South
Morningside
2196
Tel 010 020 2530
Registered auditors
PricewaterhouseCoopers Inc.
5 Silo Square
V&A Waterfront
Cape Town
8002
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2196
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
135 Rivonia Road
Sandton
2196
Directors
GJ Heron (Chairman)
N Ford-Hoon(Fok)(Lead Independent Director)
TR Mackey (Chief Executive Officer)*
SY Moodley (Chief Financial Officer)*
JA Finn (appointed 11 February 2025)
SS Mafoyane
OR Mosetlhi
EM Hendricks (retired 5 June 2025)
MA Moloto (retired 5 June 2025)
SJ Mojalefa (Head of Corporate Finance)* (resigned 5 June 2025 as director)
NNN Radebe (Chief Operating Officer)* (resigned 5 June 2025 as director)
* Executive
Date: 18-09-2025 05:05:00
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