Wrap Text
Audited Summary Consolidated Financial Results
for the year ended 31 December 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)
JSE share code: SAC
ISIN code: ZAE000203238
Approved as a REIT by the JSE
AUDITED SUMMARY CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 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 residential, industrial and retail buildings located primarily in the major metropolitan areas of South Africa with a secondary node in Zambia. As at 31 December 2025, the South African property portfolio consisted of 241 properties, with 1 669 240m2 of gross lettable area (GLA), valued at R19.0 billion, and exposure to direct and listed property valued at R1.7 billion in Zambia.
Overview
Distribution per share Increase of 9.0% to 26.55 cps at 92.5% payout ratio
(2024: 24.37 cps at 90.0% payout ratio)
Distributable income per share Increase of 6.0% to 28.71 cps (2024: 27.08)
Total like-for-like net property income increased by 6.2% to R1.3 billion (2024: R1.2 billion)
Property disposals transferred, contracted and still to transfer for the year of R2 231.9 million
Traditional portfolio vacancies of 1.5% of GLA (2024: 1.5%)
Residential portfolio vacancies of 3.6% of total units (2024: 4.1%)
Salient features
The salient features of the Group annual financial results for the year ended 31 December 2025, as compared to the year ended 31 December 2024, are set out below:
Revenue of R2 922.4 million (2024: R2 941.0 million)
Total net property income of R1.5 billion (2024: R1.5 billion)
Operating profit of R1 179.3 million (2024: R1 407.1 million)
Headline earnings per share of 24.40 cents (2024: 26.12 cents)
Basic earnings per share of 21.86 cents (2024: 25.98 cents)
Net asset value per share of 420 cents (2024: 443 cents)
Distribution declaration and important dates
Notice is hereby given of the declaration of distribution number 21 in respect of the income distribution period 1 July 2025 to 31 December 2025. The distribution amounts to 13.54461 cps (2024: 12.25826 cps). The source of the distribution comprises net income from property rentals. Please refer to the Consolidated Statement of Comprehensive Income for further details. 2 768 559 801 of the Companys shares are in issue at the date of this distribution declaration and the Companys income tax reference number is 9179743191.
Last date to trade cum distribution Tuesday, 14 April 2026
Shares will trade ex-distribution Wednesday, 15 April 2026
Record date to participate in the distribution Friday, 17 April 2026
Payment of distribution Monday, 20 April 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 15 April 2026 and Friday, 17 April 2026 (both days inclusive).
Tax implications
In accordance with the Companys 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 Companys 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 Companys 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 10.83569 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 announcement
The Companys auditors, PricewaterhouseCoopers Inc. have issued an unqualified audit opinion on the Group audited annual financial statements for the year ended 31 December 2025. 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 Group annual financial statements for the year ended 31 December 2025, which is available via the JSE cloud link on
https://senspdf.jse.co.za/documents/2026/jse/isse/sace/ye2025.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 full announcement as a whole and shareholders are encouraged to review the full announcement as directed above. Furthermore, investors are advised that the audited summary consolidated financial statements, which have been audited by PwC who issued an unqualified opinion thereon, are available at https://www.sacorporatefund.co.za. Investors and/or shareholders may request copies of the full announcement by contacting the registered office, details of which are set out below.
For a more comprehensive analysis of SA Corporates results and outlook, please refer to https://www.sacorporatefund.co.za/
Johannesburg
12 March 2026
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 (resigned 5 June 2025 as executive director)
NNN Radebe (resigned 5 June 2025 as executive director)
* Executive
Date: 13-03-2026 07:30:00
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