Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — FY2025 Earnings Presentation
54 slides from Sa Corporate Real Estate's earnings presentation, Mar 13, 2026
Slide 1: SA Corporate 2025 Year-end Results Presentation
SA Corporate 2025 Year-end Results Presentation 13 March 2026
Slide 2: Agenda
AGENDA Strategic Update 01 Rory Mackey Overview 02 Rory Mackey Portfolio Performance 03 Kevin Van Den Heever & Samson Mojalefa 04 Financial Performance Sam Moodley Outlook 05 Terry Kaplan
Slide 3: Strategy Update
T STRATEGY UPDATE = RORY MACKEY | SA CORPORATE AFHCO f REAL ESTATE aseneey
Slide 4: South Africa Improving
SOUTH AFRICA IMPROVING In 2025 Stabilisation Improved energy availability Easing inflation Reduced interest rates Rebuilt logistics capacity Whilst recent geopolitical events have negatively impacted emerging markets the structural improvements that began to support South Africa’s operating environm
Slide 5: Scale from Local Capability not Multi Jurisdiction Complexity
SCALE FROM LOCAL CAPABILITY NOT MULTI JURISDICTION COMPLEXITY SA Corporate chose to focus on defensive South African property classes: Non-discretionary convenience oriented retail embedded in neighbourhoods Logistics in established high demand strategic locations No office exposure (other than that
Slide 6: Competitive Advantage: Convenience-Oriented Retail
LONG-TERM THINKING & EXECUTION BECOMING SA CORPORATE’S COMPETITIVE ADVANTAGE Convenience-Oriented Retail 1) Leasing & tenant-mix optimisation (convenience focus) 4) Pre-emptive renewal execution & reversion recovery Evidence: from decisive negotiating style National tenancy = 70.1% Evidence: Renewal
Slide 7: Competitive Advantage: Logistics-Focused Industrial
LONG-TERM THINKING & EXECUTION BECOMING SA CORPORATE’S COMPETITIVE ADVANTAGE Logistics-Focused Industrial 4) Balance of tenant-specific optimisation and 1) Located in dominant established logistics nodes with high generic re-letability accessibility Evidence: Assets optimised to tenant needs while r
Slide 8: Competitive Advantage: No office exposure
LONG-TERM THINKING & EXECUTION BECOMING SA CORPORATE’S COMPETITIVE ADVANTAGE No office exposure • Last remaining office property with a GLA of 6 674m2 in Bloemfontein contracted for sale (other than that occupied by SAC). 8
Slide 9: Competitive Advantage: Best-in-class Residential
LONG-TERM THINKING & EXECUTION BECOMING SA CORPORATE’S COMPETITIVE ADVANTAGE “Best-in-class” Residential • Scalable portfolio currently consisting of 15 600 apartments split between 65% suburban & 35% inner city • Differentiated in the market with amenity-rich suburban estates & inner city precincts
Slide 10: Competitive Advantage: Zambia
LONG-TERM THINKING & EXECUTION BECOMING SA CORPORATE’S COMPETITIVE ADVANTAGE Zambia • Exposure to 157 000m2 of GLA 80% retail • Zambian consumer spend forecast by the World Bank to grow annually by 6.4% in 2026 and 6.5% in 2027 • Zambian macro improved considerably (Kwacha appreciated by 33% against
Slide 11: The Result When Capital Follows Trust
THE RESULT WHEN CAPITAL FOLLOWS TRUST • Largest South African residential landlord • 351 “in-house” passionate team members • Trusted 30-year-old brand • Sector dominant online, social media & outdoor marketing presence & competence with a total audience of in excess of 400 000 • Cutting-edge & ente
Slide 12: Optimised capital allocation through asset recycling
THE RESULT WHEN CAPITAL FOLLOWS TRUST Optimised capital allocation through asset recycling • In the last 3 years1 disposed of R3.4bn2 in assets & acquired assets of R4.3bn3 • Invested into high-demand locations & sectors defensive in the face of wider economic effects & technological change associat
Slide 13: 2025 Asset Management Activities
THE RESULT WHEN CAPITAL FOLLOWS TRUST 2025 ASSET MANAGEMENT ACTIVITIES Focused execution on capital recycling, disposing of non-core assets and redeploying proceeds into higher-yielding, strategic opportunities. Contracted Disposals Yield Value Transferred1 10.1% R784.3 million Contracted and uncond
Slide 14: Apartment Sales
THE RESULT WHEN CAPITAL FOLLOWS TRUST APARTMENT SALES 2025 2026 ACTUAL PROJECTED Transfers 818 1 028 Transfer Value R 388 231 906 R458 608 611 Book Value R 287 866 312 R363 911 554 Acquisition Value R208 094 112 R282 804 125 Exit Yield 8.2% 8.8% Premium to Book 34.9% 26.0% Premium to Acquisition 86.
Slide 15: Acquisition of The Parks Residential Estate
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE • Purchase consideration of R1 671 million at a 9.55% cap rate Acquisition • Forecast NPI of R159.6 million for 12 months metrics ending 31 Dec 2026 • Excludes economies of scale to be achieved from SAC’s residential prop
Slide 16: The Parks: Property Description and Location
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE PROPERTY DESCRIPTION STRATEGIC LOCATION & MARKET APPEAL • Located in the rapidly growing Riversands development • Newly developed residential estate near Steyn City, Fourways o Phase 1: 1 960 units GLA = 118 528 m2 & Phas
Slide 17: The Parks Portfolio (Phase 1)
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE THE PARKS PORTFOLIO (PHASE 1) Total units 1 960 Total GLA (m2) 118 528 UNIT TYPE (SIZE) NUMBER OF UNITS GLA (m2) 74m2 620 45 880 69m2 584 40 296 65m2 228 14 820 38m2 228 8 664 36m2 36 1 296 33m2 36 1 188 28m2 228 6 384 To
Slide 18: The Parks Facilities
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE INDOOR FACILITIES OUTDOOR FACILITIES • Swimming pools • Waterpark • Braai pavilions • Tennis court • Kids’ play area • Running/Walking trails • Multi-purpose court SCHOOLS • Restaurant • Spa & Salon • Cinema • Gym & studi
Slide 19: Rental Comparison with Nearby Properties
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE Rental Quality Property Comparison Bachelor Room 1 Bedroom 2 Bedroom 3 Bedroom Riverside View Inferior - R6 000 - R6 800 R5 800 – R7 100 R9 000 - R11 000 Indawo Lifestyle Apartments Equal - R6 900 - R8 000 R9 900 - R11 60
Slide 20: The Parks Vacancy
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE The Parks Vacancy 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% January February March April May June July August September October November December 2025 4.63% 3.41% 3.15% 3.20% 3.61% 2.75% 3.31% 3.31
Slide 21: Retail sales pricing of comparable lifestyle estates
SOURCING NOT CHASING OPPORTUNITIES ACQUISITION OF THE PARKS RESIDENTIAL ESTATE Retail sales pricing of comparable lifestyle estates Comparable lifestyle estates in Midrand The Richards Umthunzi Lifestyle Estate The Whisken The Marksman Halfway Parks The Austin Average West Origins Average R18 325 R1
Slide 22: Demand Exceeding Supply
DEMAND EXCEEDING SUPPLY • Sluggish new residential supply o Non-subsidy and subsidy NHBRC enrolments are 21% and 29% below Pre- COVID levels respectively • Younger cohort rent for longer before buying o Under 35s want rental mobility and struggle to afford ownership o First-time buyer age has risen
Slide 23: Potential Pipeline
SOURCING NOT CHASING OPPORTUNITIES POTENTIAL PIPELINE SHORTLISTED INCOME PRODUCING OPPORTUNITIES BEING EVALUATED Portfolio Value range Units (circa) Portfolio A R1.50bn – R1.75bn 1 900 Portfolio B R1.25bn – R1.50bn 1 800 SHORTLISTED OPPORTUNITIES TO BE DEVELOPED BEING EVALUATED Portfolio Units (circ
Slide 24: Overview
OVERVIEW RORY MACKEY | SA CORPORATE AFHCO | REAL ESTATE ssessmaeg
Slide 25: Overview: Distribution and Property Activity
OVERVIEW DISTRIBUTION PROPERTY ACTIVITY DISPOSAL PIPELINE DISTRIBUTION / SHARE SINCE 1 JANUARY 2025 9.0% vs twelve months to R2 231.9 million 31 December 2024 (Transferred to 31 December 2025: R784.3 million; Contracted not yet transferred: R1 447.6 million, of which R32.9 million has transferred af
Slide 26: Overview: Capital Structure
OVERVIEW CAPITAL STRUCTURE ASSETS UNDER MANAGEMENT R20.4 billion (2024: R19.4 billion) LOAN TO VALUE (“LTV”) RATIO 42.1%* (2024: 42.0%) *Net debt LTV excluding derivatives, which if included would be 42.7% ( 2024: 42.0%) WEIGHTED AVERAGE COST OF FUNDING 8.7% Weighted average 8.4% (2024: 9.4%) 70.2%
Slide 27: Overview: Portfolio Performance
OVERVIEW PORTFOLIO PERFORMANCE TOTAL LIKE-FOR-LIKE NPI INCREASED BY TRADITIONAL PORTFOLIO VACANCY % of gross lettable area (“GLA”) 6.2% to R1.3 billion 1.5% (2024: R1.2 billion) (2024: 1.5%) Like-for-Like NPI Increase by Sector: RESIDENTIAL PORTFOLIO VACANCY Industrial = 4.7%; Retail = 6.3% & Reside
Slide 28: Portfolio Performance
PORTFOLIO PERFORMANCE KEVIN VAN DEN HEEVER & SAMSON MOJALEFA
Slide 29: SA Portfolio: Residential
VALUE OF SOUTH SA PORTFOLIO: RESIDENTIAL AFRICAN PORTFOLIO (2024: 40.8%) 44.9% RESIDENTIAL INNER CITY RETAIL TOTAL (92.0% of portfolio) (8.0% of portfolio) VACANCY VACANCY RENTAL NPI GROWTH RESIDENTIAL 1 RETAIL ESCALATION LIKE FOR LIKE 3.6% 4.2% 5.5% 6.4% (2024: 4.1%) (2024: 6.1%) (2024: 6.3%) (2024
Slide 30: SA Portfolio: Retail
VALUE OF SOUTH SA PORTFOLIO: RETAIL AFRICAN PORTFOLIO (2024: 39.4%) 36.2% LIKE-FOR-LIKE 6.3% COLLECTIONS 99.5% NPI GROWTH (2024: 5.1% ) (2024: 101.2% ) VACANCY1 2.3% ARREARS 4.3% (2024: 2.4%) (2024: 3.9%) RENTAL 6.1% WALE2 3.2 years ESCALATION (2024: 6.1%) (2024: 3.6 years) RENTAL 1.1%3 TENANT GRADE
Slide 31: Retail Trading Density Growth (versus CPI)
RETAIL TRADING DENSITY GROWTH (VERSUS CPI) 27% growth over 5 years 4 000 8.0% 3 559 6.9% 3 500 3 350 7.0% 3 144 6.2% 2 957 6.6% 3 000 2 792 6.3% 6.0% 5.9% Trading Density(R/m2) 4.6% 6.0% 2 500 5.0% 4.5% 4.4% % growth 2 000 4.0% 3.2% 1 500 3.0% 1 000 2.0% 500 1.0% 0 0.0% 2021 2022 2023 2024 2025 Trad
Slide 32: Convenience vs Other Categories
CONVENIENCE VS OTHER CATEGORIES TRADING DENSITY YoY COMPARISON 12 0 00 Convenience Monthly Trading Densities Other Categories Monthly Trading Densities 10 0 00 8 00 0 6 00 0 4 00 0 2 00 0 0 ity ys s s y ts l d ts rs re e or s es e rs es y rs re ic ok ac ar oe ar er oo le ris tle Ba ce do itu or To o
Slide 33: Retail Portfolio 2025 Trading Density Growth versus MSCI
RETAIL PORTFOLIO 2025 TRADING DENSITY GROWTH VERSUS MSCI 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Centres > 40 000 sqm 3.1% 6.2% Centres < 40 000 sqm 4.4% SAC MSCI 33
Slide 34: SA Portfolio: Industrial
VALUE OF SOUTH SA PORTFOLIO: INDUSTRIAL AFRICAN PORTFOLIO (2024: 18.5%) 17.5% LIKE-FOR-LIKE 4.7% COLLECTIONS 99.6% NPI GROWTH (2024: 7.2%) (2024: 100.3%) VACANCY 0.0% ARREARS 2.7% (2024: 0.0%) (2024: 1.7%) RENTAL 6.2% WALE 1.9 years ESCALATION (2024: 6.2%) (2024: 2.1 years) RENTAL 4.4% TENANT GRADE
Slide 35: Financial Performance
FINANCIAL PERFORMANCE SAM MOODLEY
Slide 36: Financial Sustainability
FINANCIAL SUSTAINABILITY Refinanced USD 27 million facility (Jan 2025), margin of 2.40% (115 bps lower) & R4.6 billion local debt refinanced at improved margins of 11 bps to 22 bps. Additional debt of R953 million raised for the acquisition of The Parks Lifestyle Apartments at 125 bps above 3-month
Slide 37: Year-end Distributable Income Analysis
YEAR-END DISTRIBUTABLE INCOME ANALYSIS December 2025 December 2024 % R’m R’m Like-for-like NPI 1 306.2 1 229.5 6.2 Total NPI 1 520.6 1 486.1 2.3 Income from JV 59.0 59.7 (1.3) Net finance costs 694.1 728.4 (4.7) Distributable income 774.7 680.9 13.8 Distributable Income Per Share (cents) 28.71 27.08
Slide 38: Net Asset Value Performance
NET ASSET VALUE Net Asset Value (“NAV”) Performance NAV per share decreased by 5.2%, from 443 cents per share (“cps”) to 420 cps. The decline was largely attributable to: More prudent valuation assumptions of the new independent valuer, (had the same valuer's methodology been applied in the traditio
Slide 39: Investment Property Analysis
INVESTMENT PROPERTY ANALYSIS R’m 20 000 1 909 18 985 19 500 19 000 18 500 17 944 18 000 (2) 17 500 (183) 17 385 (683) 17 000 16 500 16 000 Investment Properties Disposals Owner occupied Fair value adjustment Improvements / Investment Properties December 2024 buildings transferred Development costs D
Slide 40: Debt & Interest Rate Swap Facilities
DEBT & INTEREST RATE SWAP FACILITIES DEBT FACILITIES CASH AND UNDRAWN WEIGHTED AVERAGE DRAWN DEBT FACILITIES AVERAGE TENOR FACILITIES RATE (“WAR”) excl. swaps R8.9bn R306.0m 2.6 years 8.4% (2024: R8.7bn) (2024: R518.9m) (2024: 1.7 years) (2024: 9.6%) SWAP PROFILE HEDGED % SWAP MARGIN AVERAGE TENOR W
Slide 41: SA REIT Loan to Value and Net Interest Cover
SA REIT LOAN TO VALUE AND NET INTEREST COVER SA REIT LOAN TO VALUE Net Debt LTV SA REIT LTV 31 December 2024 42.0% FV Swap derivative (Liability) R5.7m 42.0% FV Swap derivative (Liability) R125.7m 31 December 2025 42.1% 42.7% NET INTEREST COVER 1 600 000 2.09x 2.20 1 400 000 2.00 1 416 423 1.94x 1 4
Slide 42: Outlook
f OUTLOOK TERRY KAPLAN | SA CORPORATE AFHCO | REAL ESTATE conang
Slide 43: Outlook
OUTLOOK • South African operating environment in 2026 expected to support consumer affordability and business continuity. • Anticipate resilient rent collections, strong occupancy, and sustainable rental growth across the domestic portfolio. • Focused South African strategy offers an opportunity for
Slide 44: Questions
QUESTIONS
Slide 45: Appendices
. « APPENDICES es | SA CORPORATE AFHCO | REAL ESTATE ssessmaeg
Slide 46: Distributable Income at a Glance
DISTRIBUTABLE INCOME AT A GLANCE FOR THE YEAR ENDED 31 DECEMBER 2025 December 2025 December 2024 % Rm Rm Variance Net Property Income – Like-for-like 1 306.210 1 229.544 6.2 Net Property Income – Developments (3.863) 0.370 (1145.1) Net Property Income – Acquisitions 10.366 - 100 Net Property Income
Slide 47: Group Debt Structure
GROUP DEBT STRUCTURE – AT 31 DECEMBER 2025 (EXCL FIXES) 47
Slide 48: Group Debt Expiry Profile
GROUP DEBT EXPIRY PROFILE AT 31 DECEMBER 2025 1 Exclusive of interest rate swap derivatives. 48
Slide 49: Group Swap Structure
GROUP SWAP STRUCTURE AT 31 DECEMBER 2025 49
Slide 50: Group Swap Expiry Profile
GROUP SWAP EXPIRY PROFILE AT 31 DECEMBER 2025 50
Slide 51: Retail
RETAIL Portfolio1,2 Top 10 National Portfolio value R6.9 bn 36 Properties tenants exposure GLA 38.9% 70.1% 2 GLA 363 970m 26.2% Grocer GLA of total Rental income 33.5% 72.5% Cost to income (gross) 46.1% (2024: 46.1%) Cost to income (net of recoveries) 9.3% (2024: 10.4%) 1 Excludes bulk being (re)dev
Slide 52: Industrial Portfolio
INDUSTRIAL PORTFOLIO Portfolio Portfolio value R3.3 bn 44 Properties GLA 376 418m2 22.6% GLA of total portfolio Cost to income (gross) 28.5% (2024: 28.7%) Cost to income (net of recoveries) 8.7% (2024: 8.6%) Lease Expiries 45.0% 120.0% 40.0% 100.0% 35.0% 30.0% 80.0% % of GLA 25.0% 60.0% 20.0% 15.0%
Slide 53: Residential Portfolio
RESIDENTIAL PORTFOLIO Portfolio1 Portfolio value R8.5 bn1 156 Properties1 GLA Apartments 877 367m1 Cost to income (gross) 54.3% (2024: 54.3%) Cost to income2 (net of recoveries) 44.5% (2024: 44.5%) 1 Includes 65 561m2 of associated retail and excludes bulk of 5 187m2 valued at R51.4m 2.Utility expen
Slide 54: Commercial Portfolio
COMMERCIAL PORTFOLIO Portfolio Portfolio value R254.8 m1 2 Properties1 GLA1 20 602m2 1.2% GLA of total portfolio1 Cost to income (gross) 67.9% (2024: 72.0%) Cost to income (net of recoveries) 42.9% (2024: 48.5%) 1 One property contracted for sale 54
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