FY26 Interim Results reflect our sustained growth and strategic progress

We recently hosted our FY26 Interim Results live webcast and were delighted to share the strategic progress achieved over the six-month period ended 31 August 2025. The discussion included focus on the robust returns achieved for investors, our growth performance, our ongoing commitment to tenant value and our continued emphasis on sustainability. 

Below, we share an overview of key highlights across the portfolio for the six months in review: 

Distribution per share 

We were pleased to share that the distribution per share (DPS) had increased by 3.8% to 69.04 cents. This aligns with our full-year target of 5% to 7%, showcasing the strength of our organisation and our confidence in continued improvement over the next 12 to 18 months. Our goal remains to deliver long-term capital appreciation and consistent dividend returns for our investors.  

Net asset value 

Next, looking at net asset value (NAV) per share, there was an increase of 2.7% from February 2025 to R16.93, owing to the high quality and calibre of assets that we have in the portfolio. We recorded a like-for-like valuation uplift of 4.0% from February 2025. The main drivers of this increase were robust rental growth, better-than-expected rental reversions (especially at Waterfall and Meadowview), strong disposal yields that were among the best in the industry, and additional solar revenue. The combination of our long weighted average lease expiry (WALE) of 14.1 years and strong weighted average escalations also continue to drive steady valuation growth across the portfolio. 

Loan-to-value ratio 

We are very pleased that our loan-to-value (LTV) ratio has remained below 40%. Two years ago, we reported an LTV above 40% and outlined our plan to maintain a strong balance sheet. Since then, we’ve managed to dispose of some older properties in the portfolio and develop a number of high-quality assets. We see ourselves going from strength to strength and continuing on an upward trajectory as we progress through the UK-exit process. 

Strategic capital recycling  

We remain focused on strategic capital recycling. We had R700 m in income, most of which came from the sale of Burgess Hill in the United Kingdom. We have deployed R0.5 bn into South African acquisitions and developments in the first half of FY26, and we see this ramping up in the second half and going into FY27. 

B-BBEE impact 

We are also pleased that we remained a level 2 B-BBEE contributor with 78.0% verified black ownership. This reflects the importance we place on transformation and our commitment to being a responsible South African corporate citizen. 

 
Solar capacity and sustainability 

Our solar capacity continues to expand, with installations integrated into new developments and existing assets as leases are renewed or new tenants are introduced. As at 31August 2025, our portfolio includes 27.0 MW of electricity generation capacity. Six power purchase agreements (PPAs) contributed to revenue in the first half of FY26 and three more PPAs were signed. Having grown our solar capacity by 1.2 MW over the year, we anticipate that we will likely grow it by another 5.1 MW over the next two to three years.

As part of our continued commitment to sustainability, 48% of our portfolio is green certified, including an EDGE zero-carbon property, as at 31 August 2025, and we are on track for over 850 000 m² to be green certified. 

Especially in Gauteng, we have seen significant water availability issues over the last 18 months, which means we are looking to provide solutions to our clients so that their operations remain viable. With that, we have obtained municipal consent to install a wastewater treatment plant in one of our key precincts and plan to expand this initiative to major parks throughout the portfolio to further enhance water security for tenants. 

Closing note 

Overall, the last six months have been extremely pleasing in terms of what we have achieved. We really are starting to build on our hard work that has spanned recent years, from renewing leases, re-letting properties, selling older properties, bringing on newer properties to making sure that we are offering solutions to tenants for the very long-term, with sustainability focused aspects in place, and investing in future generations of young professionals in the build environment. 

As we look ahead, we remain committed to carrying “excellence” throughout the organisation, combining strategic foresight, sustainable growth, and stakeholder value creation to shape the future of logistics property development.  

Read the full Equites FY26 Interim Results presentation here or watch the webcast recording on LinkedIn.