Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — H1 2026 Earnings Presentation
51 slides from Sa Corporate Real Estate's earnings presentation, Sep 18, 2026
Slide 1: 2026 Interim Results Presentation
2026 Interim Results Presentation “A rallying cry to bring capital home to South African defensive real estate …” 18 September 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
{ SA CORPORATE AFHCO f REAL ESTATE ceteeted
Slide 4: Refinement Through Recycling
DEFENSIVE SOUTH AFRICAN EXPOSURE Sustainable Distribution Growth & Long Term Capital Appreciation Non-discretionary convenience Multi-family residential leveraging off Logistics in established high oriented retail embedded in urbanisation and offering a safe and demand strategic locations communitie
Slide 5: SAC's Residential Portfolio's Virtuous Circle
SAC’s RESIDENTIAL PORTFOLIO’S VIRTUOUS CIRCLE Each advantage funds the next: scale lowers operating cost, which funds a differentiated product, which sustains demand and brand strength, unlocking retail sales value and enabling acquisition at a yield advantage, which adds further scale. 5
Slide 6: Portfolio Scale and Residential Operating Efficiency
1. PORTFOLIO SCALE 2. RESIDENTIAL OPERATING EFFICIENCY 151 16 399 4 318 65 674m2 791 407m2 +39% Total buildings Total residential units Total student beds Total retail size Total residential size Average value increase in 2 years 6 155 Residential 10 244 Inner city unit location Suburban “Differenti
Slide 7: Differentiated Product Attracts Tenant Demand
3. DIFFERENTIATED PRODUCT ATTRACTS 4. TENANT DEMAND New block of 40 units lease-up performance BLOCK 54 DELIVERED — 40 NEW UNITS 16 × 1-bed · 16 × 2-bed · 8 × 3-bed 40 / 40 11 DAYS UNITS LEASED FULL LEASE-UP Block 54 fully let on launch 23 Jun – 3 Jul 2026 [ Development photo — Block 54, The Parks ]
Slide 8: Brand & Reach: July 2026 Activity
5. BRAND & REACH JULY 2026 ACTIVITY SOCIAL 2.3m +141% R0.83 3.00% GOOGLE 800K +161% R2.06 4.38% MEDIA Impressions YoY Growth Cost/Click Click Through ADS Impressions YoY Growth Cost/Click Click Through Rate Rate WEBSITE 71 566 TRAFFIC 69% 12% 7% 12% Total Website Sessions SOURCES Google Ads Organic
Slide 9: Apartment Sales
6. RETAIL SALES VALUE UNLOCK APARTMENT SALES 2025 2026 ACTUAL PROJECTED Transfers 818 884 Transfer Value R 388 231 906 R390 636 920 Book Value R 287 866 312 R332 128 631 Acquisition Value R208 094 112 R280 588 003 Exit Yield 8.2% 8.2% Premium to Book 34.9% 17.6% Premium to Acquisition 86.6% 39.2% AP
Slide 10: Accretive Residential Acquisitions
7. ACCRETIVE RESIDENTIAL ACQUISITIONS SAC will leverage off its dominant market leader position in an underrepresented South African property sector to create acquisition opportunities exploiting our residential property management platform efficiencies which provides a 40 bps yield enhancement when
Slide 11: Retail Trading Density Growth
RETAIL Trading Density Growth > Inflation Impacted by External Factors RETAIL PORTFOLIO ROLLING 12-MONTH TRADING DENSITY GROWTH BY MONTH 11
Slide 12: Optimising the Retail Portfolio
OPTIMISING THE RETAIL PORTFOLIO Focused interventions to strengthen relevance, resilience and trading performance 01 02 03 Tenant mix Anchors Shopping centres Curate the right category Strengthen anchor quality Target asset management mix to improve customer and positioning to support interventions
Slide 13: Optimising Tenant Mix
OPTIMISING TENANT MIX SAC focusing on strong growth convenience led retail categories 12-month trading density growth per retail category & SAC GLA Exposure Health, beauty and pharmacy 8,4% 7.5% of GLA Services 7,3% 4.7% of GLA Grocery anchors 5,9% 40.1% of GLA Apparel and footwear 4,2% 25.0% of GLA
Slide 14: Optimising Anchors
OPTIMISING ANCHORS Whilst anchors drive shopping centre growth it is not the case that a single brand is best for all locations Anchor replacement trading density (R/m²/mth) 10 000 Grocer Groups A-E: 9 000 8 000 LFL turnover 7 000 growth range 6 000 63.6% Group A 5 000 4 000 Group B 3 000 18.1% 28.7
Slide 15: Optimising Shopping Centres
OPTIMISING SHOPPPING CENTRES (ASSET MANAGEMENT INTERVENTIONS) Strong performance achieved at shopping centres as a result of interventions whilst actions formulated for poorer performing properties LFL TURNOVER GROWTH BY SHOPPING CENTRE INTERVENTIONS 15
Slide 16: Industrial: Buttressing a Defensive Portfolio
INDUSTRIAL BUTTRESSING A DEFENSIVE PORTFOLIO Logistics operators trade on thin margins, supporting resilient demand for strategically located warehousing SAC offers competitive rentals in established logistics nodes SAC achieved gross rental vs MSCI gross rental Node MSCI SAC SAC vs R/m² R/m² MSCI L
Slide 17: Long-Term Thinking & Execution: Zambia
LONG-TERM THINKING & EXECUTION BECOMING SA CORPORATE’S COMPETITIVE ADVANTAGE Zambia • Restructuring to listed tax efficient investment to be completed by end November 2026 • Will Hold 37.1% of only Zambian REIT, REIZ • Primary investment of 110 000m2 of GLA in dominant retail node in capital city of
Slide 18: Overview
OVERVIEW RORY MACKEY ff SAconporate f REAL ESTATE
Slide 19: Overview: Distribution and Property Activity
OVERVIEW DISTRIBUTION PROPERTY ACTIVITY DISTRIBUTION / SHARE DISPOSAL PIPELINE SINCE 1 JANUARY 2026 7.0% vs six months to 30 June 2025 R1 731.0 million Transferred to 30 June 2026: R746 million; Contracted not yet transferred: R985 million, of which R88.2 million has transferred after 30 June 2026.
Slide 20: Overview: Capital Structure
OVERVIEW CAPITAL STRUCTURE ASSETS UNDER MANAGEMENT R19.9 billion (31 December 2025: R20.4 billion) LOAN TO VALUE (“LTV”) RATIO 40.5%* (31 December 2025: 42.1%) Based on net debt excluding derivatives. Including derivatives, LTV is 40.5% (31 December 2025: 42.7%) WEIGHTED AVERAGE COST OF FUNDING 8.7%
Slide 21: Overview: Portfolio Performance
OVERVIEW PORTFOLIO PERFORMANCE TOTAL LIKE-FOR-LIKE NPI INCREASED BY TRADITIONAL PORTFOLIO VACANCY % of gross lettable area (“GLA”) 1.8% 5.5% to R655.1 million (31 December 2025: 1.5%) (2025 H1: R620.9 million) RESIDENTIAL PORTFOLIO VACANCY Like-for-Like NPI Increase by Sector: % of total units Indus
Slide 22: Portfolio Performance
PORTFOLIO PERFORMANCE KEVIN VAN DEN HEEVER & SAMSON MOJALEFA
Slide 23: SA Portfolio: Residential
VALUE OF SOUTH AFRICAN SA PORTFOLIO: RESIDENTIAL PORTFOLIO (Jun 2025: 40.8%; Dec 2025: 44.9%) 45.5% RESIDENTIAL INNER CITY RETAIL TOTAL (93.0% of portfolio) (7.0% of portfolio) VACANCY VACANCY RENTAL NPI GROWTH RESIDENTIAL 1 RETAIL ESCALATION LIKE FOR LIKE 6.1% 3.6% 2.3% 6.3% (Jun 2025: 3.3% (Jun 20
Slide 24: SA Portfolio: Retail
VALUE OF SOUTH AFRICAN SA PORTFOLIO: RETAIL PORTFOLIO (Jun 2025: 39.1%; Dec 2025: 36.2%) 35.2% LIKE-FOR-LIKE 5.6% 100.5% (2025 H1: 5.3% COLLECTIONS (2025 H1: 98.4% NPI GROWTH 2025 FY: 6.7%) 2025 FY: 99.5%) 2.9% 3.2% VACANCY1 (Jun 2025: 2.6% ARREARS (Jun 2025: 3.7% Dec 2025: 2.3%) Dec 2025: 4.3%) REN
Slide 25: SA Portfolio: Industrial
VALUE OF SOUTH AFRICAN SA PORTFOLIO: INDUSTRIAL PORTFOLIO (Jun 2025: 18.7%; Dec 2025: 17.5%) 17.9% LIKE-FOR-LIKE 3.2% 102.1% (2025 H1: 4.0% COLLECTIONS (2025 H1: 99.3% NPI GROWTH 2025 FY: 99.6%) 2025 FY: 4.7%) VACANCY 0.0% ARREARS 1.9% (Jun 2025: 0.0% (Jun 2025: 2.5% Dec 2025: 0.0%) Dec 2025: 2.7%)
Slide 26: Comaro Crossing Redevelopment
COMARO CROSSING REDEVELOPMENT 26
Slide 27: Comaro Crossing Redevelopment
COMARO CROSSING REDEVELOPMENT 27
Slide 28: Willow Way Shopping Centre Redevelopment
WILLOW WAY SHOPPING CENTRE REDEVELOPMENT 28
Slide 29: Willow Way Shopping Centre Redevelopment
WILLOW WAY SHOPPING CENTRE REDEVELOPMENT 29
Slide 30: Financial Performance
FINANCIAL PERFORMANCE SAM MOODLEY
Slide 31: Financial Sustainability at 30 June 2026
FINANCIAL SUSTAINABILITY AT 30 JUNE 2026 DEBT REFINANCING • Refinanced R2.3bn of facilities expiring in 2026 (R0.7bn) and 2027 (R1.6bn) at improved margins of 43–55 bps, R2.3bn tenors of 3-5 years Refinanced across 2026–2027 expiries • New R400m RCF raised at 116 bps above 3-month JIBAR 43–55 bps ma
Slide 32: Interim Distributable Income Analysis
INTERIM DISTRIBUTABLE INCOME ANALYSIS June 2026 June 2025 % R’m R’m Like-for-like NPI 655.114 620.924 5.5 Total NPI 802.000 756.605 6.0 Income from Investment in Zambia 30.469 30.795 (1.1) Net finance costs 345.718 363.021 (4.8) Distributable income 416.764 369.353 12.8 Distributable Income Per Shar
Slide 33: Net Asset Value Performance
NET ASSET VALUE NET ASSET VALUE Net Asset Value (“NAV”) Performance Key contributors to the movement (cents per share) +3 +3 MTM swap +2 Revaluation of derivatives; FX adjustments Retained earnings properties & Other movements 31 December 2025 30 June 2026 415 +1.9% +8 cps 423 cents per share cents
Slide 34: Investment Property Analysis
INVESTMENT PROPERTY ANALYSIS R’m 20 000 19 500 157 18 525 93 18 985 19 000 (1) 18 500 (709) 18 000 17 500 17 000 16 500 16 000 Investment Disposals Owner occupied Fair value Improvements / Investment Properties buildings transferred adjustment Development costs Properties June 2026 December 2025 to
Slide 35: 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 R8.4 bn R850.9m 3.1 years* 8.5% (Dec 2025: R8.9bn) (Dec 2025: R306.0m) (Dec 2025: 2.6 years) * Includes forward starting facilities for the (
Slide 36: 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 2025 42.1% FV Swap derivative (Liability) R125.7m 42.7% FV Swap derivative (Asset) R10.2m 30 June 2026 40.5% 40.5% NET INTEREST COVER 36
Slide 37: Outlook
| OUTLOOK ff sAconporate f REAL ESTATE ¢ AFHCO
Slide 38: Outlook
OUTLOOK • Resilient rental collections and strong occupancy across the portfolio as a whole • Further recycling of capital with divestments transferring in the 6 months from 1 July to 31 December 2026 of circa R800 million • The Group's stated ambition is to consolidate SA Corporate's position as So
Slide 39: Four Technological Advances Impacting Real Estate
FOUR TECHNOLOGICAL ADVANCES IMPACTING REAL ESTATE 1. Ubiquitous internet connectivity 2. Workspace virtualisation 3. Artificial intelligence 4. eCommerce 39
Slide 40: Questions
QUESTIONS
Slide 41: Appendices
See. —_ V. | APPENDICES ff SAconporate f REAL ESTATE
Slide 42: Distributable Income at a Glance
DISTRIBUTABLE INCOME AT A GLANCE FOR INTERIM PERIOD ENDED 30 JUNE 2026 D I ST R I B U T AB L E I NC O M E AFT E R T AX D I ST R I B U T AB L E I NC O M E DISTRIBUTION R416.8m 15.05 cps 13.92 cps ▲ +12.8% vs Jun 2025 ▲ +7.0% vs Jun 2025 ▲ +7.0% vs Jun 2025 R'million Jun 2026 Jun 2025 % Var Net Proper
Slide 43: Group Debt Structure at 30 June 2026
GROUP DEBT STRUCTURE – AT 30 JUNE 2026 (EXCL FIXES) 1 1 USD 27 million USD denoted facility 43
Slide 44: Group Swap Structure at 30 June 2026
GROUP SWAP STRUCTURE AT 30 JUNE 2026 GROUP SWAP STRUCTURE AT 30 JUNE 2026 1 44
Slide 45: Group Debt Expiry Profile at 30 June 2026
GROUP DEBT EXPIRY PROFILE AT 30 JUNE 2026 1 The above excludes interest rate swap derivatives. Includes forward starting facilities for the refinance of 2027 debt. 1 Includes the USD27 million facility. 45
Slide 46: Group Swap Expiry Profile at 30 June 2026
GROUP SWAP EXPIRY PROFILE AT 30 JUNE 2026 1 1 Includes the USD27 million swap. 46
Slide 47: Residential Portfolio
RESIDENTIAL PORTFOLIO Portfolio1 Portfolio value R8.4 bn1 149 Properties1 GLA Apartments1 851 894m2 Cost to income (gross) 53.5% (2025 H1: 53.4%) Cost to income2 (net of recoveries) 43.5% (2025 H1: 45.2%) 1 Includes 60 487m2 of associated retail and excludes bulk of 5 187m2 in two development proper
Slide 48: Retail
RETAIL Portfolio1,2 Top 10 National Portfolio value R6.5 bn 41 Properties1 tenants exposure GLA 36.4% 66.7% GLA 340 976m2 21.7% Grocer GLA of total Rental income 32.3% 69.0% Cost to income (gross) 48.7% (2025 H1: 47.8%) Cost to income (net of recoveries) 12.7% (2025 H1: 15.1%) Lease Expiries 35,0% 1
Slide 49: Industrial Portfolio
INDUSTRIAL PORTFOLIO Portfolio Portfolio value R3.3 bn 44 Properties GLA 376 418m2 23.2% GLA of total portfolio Cost to income (gross) 28.2% (2025 H1: 27.5%) Cost to income (net of recoveries) 10.0% (2025 H1: 11.0%) Lease Expiries 50,0% 120,0% 45,0% 40,0% 100,0% 35,0% 80,0% % of GLA 30,0% 25,0% 60,0
Slide 50: Commercial Portfolio
COMMERCIAL PORTFOLIO Portfolio Portfolio value R259.6 m1 2 Properties1 GLA1 21 160m2 1.2% GLA of total portfolio1 Cost to income (gross) 68.4% (2025 H1: 69.7%) Cost to income (net of recoveries) 41.8% (2025 H1: 57.3%) Lease Expiries 35,0% 120,0% 30,0% 100,0% 25,0% 80,0% % of GLA 20,0% 60,0% 15,0% 40
Slide 51: 2026 Interim Results Presentation Anthem Lyrics
2026 Interim Results Presentation Anthem Lyrics “A rallying cry to bring capital home to South African defensive real estate …” COMING HOME (Verse 1) Money went walking, looking for the sun, Chasing after somewhere the growing gets done. Crossed every border, spent a season away — But the ground tha
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