Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — H1 2026 Earnings Presentation
13 slides from Sa Corporate Real Estate's earnings presentation, Jun 29, 2026
Slide 1: 2026 Interim Pre-Close Update Presentation
2026 Interim Pre-Close Update Presentation 29 June 2026
Slide 2: Agenda
AGENDA 01 LFL NPI Portfolio Performance 02 Retail Portfolio Performance 03 Industrial Portfolio Performance 04 Residential Portfolio Performance 05 Zambia Investment Performance 06 Financial Sustainability 07 Disposals Pipeline as at 30 June 2026 08 Acquisition Update 09 DIPS & DPS Forecast Growth U
Slide 3: LFL NPI Portfolio Performance
LFL NPI PORTFOLIO PERFORMANCE Forecast H1 2026 vs H1 2025 Sector Commentary LFL NPI Growth Contractual escalations of 6.2%, were partially offset by vacancies at Corner Koornhof, Corner Fleming and 149 Fleming, which have subsequently been let, the Industrial 3% - 4% reduced rental from improved ten
Slide 4: Retail Portfolio Performance
RETAIL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-25 30-Apr-26 30-Jun-26 The Retail portfolio has contained low vacancies amid a recent uncertain macro-economic environment. Retail 2.3% 2.9% 2.9% Reletting options for vacant space are under negotiation with a fo
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-25 to 30-Apr-26 Musgrave Centre (10.1%) and Springfield Value Centre (8.6%) continue to show strong trading growth. This growth has been diluted by negat
Slide 6: Industrial Portfolio Performance
INDUSTRIAL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-25 30-Apr-26 30-Jun-26 Zero vacancy. Industrial 0.0% 0.4% 0.0% Retention Anticipated Retention Rate Sector Rate YTD Retention Rate Comments 31-Dec-25 30-Apr-26 30-Jun-26 17 552m2 at 5 Yaldwyn due re-tenanting
Slide 7: Residential Portfolio Performance
RESIDENTIAL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-25 30-Apr-26 30-Jun-26 Group vacancy has trended steadily downward from 4.5% in August 2025 to 3.2% in May 2026, with June Residential 3.6% 3.3% 3.1% 2026 anticipated to close at 3.1%. This consistent perfor
Slide 8: Zambia Investment Performance
ZAMBIA INVESTMENT PERFORMANCE East Park Mall 31-Dec-25 30-Apr-26 30-Jun-26 Forecast Vacancy 2.1% 1.8% 1.4% Retention of expiring leases 100% 100% 100% Renewal Reversion (US$)1 1.7% 5.1% 3.5% REIZ Portfolio 31-Dec-25 30-Apr-26 30-Jun-26 Forecast Vacancy2 12.4% 8.2% 6.9% Retention of expiring leases 1
Slide 9: Financial Sustainability
FINANCIAL SUSTAINABILITY Weighted average debt margin of 1.7%, cost of debt excluding swaps of 8.3%, tenor of 2.3 years at 30 April 2026. Refinance of R2 335.5 million 2026 and 2027 expiring debt at tenors of 3 to 5 years at DEBT reduced weighted average debt margin of 49 bps above ZARONIA in advanc
Slide 10: 2026 Disposal Pipeline as at 30 June 2026
2026 DISPOSAL PIPELINE AS @ 30 JUNE 2026 (INCLUDING APARTMENT SALES TO DATE) 2026 Disposal Pipeline as @ 30 June 2026 (Including Apartment Sales to Date) R1’633.7 million Transferred R708.6 million Unconditional (37 & 112 Yaldwyn representing R514.0 million to transfer by the end of July) R742.8 mil
Slide 11: Acquisition Update
ACQUISITION UPDATE SHORTLISTED INCOME PRODUCING OPPORTUNITY BEING EVALUATED Portfolio Value range Units (circa) Progress Pricing negotiated. Portfolio A Circa R1.4bn 1 800 Internal approval process initiated. SHORTLISTED OPPORTUNITY TO BE DEVELOPED BEING EVALUATED Portfolio Units (circa) Progress Of
Slide 12: DIPS & DPS Forecast Growth Update
DIPS & DPS FORECAST GROWTH UPDATE 2026 H1: • Between 6% and 7% > 2025 H1. 2026 YE: • Between 5% and 7% > 2025 FY. 12
Slide 13: Q&A
Q&A ?? ? Q & ?? A ? 13
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