Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — H1 2025 Earnings Presentation
13 slides from Sa Corporate Real Estate's earnings presentation, Jun 27, 2025
Slide 1: SA Corporate 2025 Interim Pre-Close Update Presentation
SA Corporate 2025 Interim Pre-Close Update Presentation 27 June 2025
Slide 2: Agenda
AGENDA 01 LFL NPI Portfolio Performance 02 Retail Portfolio Performance 03 Industrial Portfolio Performance 04 Afhco Portfolio Performance 05 Zambia Investment Performance 06 Residential Apartment Sales Timeline 07 Financial Sustainability 08 Distribution Guidance 09 Q&A 10
Slide 3: LFL NPI Portfolio Performance
LFL NPI PORTFOLIO PERFORMANCE Forecast H1 2025 vs H1 2024 Sector Commentary LFL NPI Growth Contracted escalations of 6.2%. Downtime resulting from tenant replacements on Industrial 4.1% 13 313m2 in H1’25 vs no downtime in H1’24. Growth in NPI largely due to increased rentals and recoveries earned at
Slide 4: Retail Portfolio Performance
RETAIL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-24 30-Apr-25 30-Jun-25 The Group continues to be focused on maintaining Retail 2.4% 2.6% 2.5% low vacancies, high national tenancy and convenience offering at its shopping centres. Retention Anticipated Retention
Slide 5: Retail Portfolio Performance (continued)
RETAIL PORTFOLIO PERFORMANCE (continued) Trading Density Trading Density Growth Growth Sector Comments 12 month rolling to 12 month rolling 31-Dec-24 to 30-Apr-25 The convenience orientated tenant mix remains key to strong trading density growth and low vacancies in the portfolio, with trading densi
Slide 6: Industrial Portfolio Performance
INDUSTRIAL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-24 30-Apr-25 30-Jun-25 Fully let as at June 2025. Industrial 0.0% 0.0% 0.0% Retention Anticipated Retention Rate Sector Rate YTD Retention Rate Comments 31-Dec-24 30-Apr-25 30-Jun-25 33/37 Aloefield Crescent
Slide 7: Afhco Portfolio Performance
AFHCO PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-24 30-Apr-25 30-Jun-25 Current vacancies align with historical occupancy cycles, Residential 4.1% 4.4% 4.0% with targeted interventions underway to address elevated vacancies at select assets. Occupancies continue
Slide 8: Zambia Investment Performance
ZAMBIA INVESTMENT PERFORMANCE East Park Mall 31-Dec-24 30-Apr-25 30-Jun-25 Forecast Vacancy1 0.7% 1.9% 1.5% Retention of expiring leases 100% 100% 100% Renewal Reversion (US$) 2.3% 3.0% 1.3%2 Distributable Income H1 2025 vs H1 2024 Comments Improved occupancy at Distributable Income to SAC ~ 10% Arc
Slide 9: Financial Sustainability
FINANCIAL SUSTAINABILITY Disposals Update Disposals Pipeline at 30 June 2025 (Including Apartment Sales to Date) R981.0 million Transferred R256.3 million Unconditional R398.6 million Conditional R326.0 million Apartment Sales (October 2024 To June 2025) Apartments Transferred 196 apartments R89.0 m
Slide 10: Residential Apartment Sales Timeline
RESIDENTIAL APARTMENT SALES TIMELINE APARTMENT SALES TIMELINE 12 MONTHS 24 MONTHS 36 MONTHS MONTH Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 24 24 24 25 25 25 25 25 25 25 25 25 25 25 25 26 26 26 26 2
Slide 11: Financial Sustainability (continued)
FINANCIAL SUSTAINABILITY (continued) Debt Management and Covenant Forecasts • R250 million 2-year ZAR swap, at 28 bps below the prevailing JIBAR, contracted in June 2025 as well as US$27 million 3-year swap, at 110 bps below the prevailing SOFR, contracted in April 2025 • Successful refinance of the
Slide 12: Distribution Guidance
DISTRIBUTION GUIDANCE 2025 H1: • Between 4% and 5% > 2024 H1. 2025 YE: • Similar to 2025 H1. 12
Slide 13: Q&A
Q&A ?? ? Q & ?? A ? 13
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