Spear Reit Ltd. · JSE:SEA
Spear Reit — Investor Presentation (August 2026)
22 slides from Spear Reit's investor presentation, Aug 31, 2026
Slide 1: HY2027 Pre-Close Investor Presentation
The Western Cape REIT Credible, Predictable, Consistent. HY2027 Pre-Close Investor Presentation For the period ending 31 August 2026 Presentation: 31 August 2026
Slide 2: Table of Contents
contents TABLE OF Contents 01. HY2027 Update | YTD July 2026 02. HY2027 Salient Details | YTD July 2026 03. HY2027 Sectoral Performance Update | YTD July 2026 04. HY2027 Sectoral Split | YTD July 2026 05. Acquisitive Growth, Disposals & Development Growth 06. Conclusion 07. Questions THE VIEW. TYGER
Slide 3: HY2027 Update
1 HY2027 Update YTD July 2026 NO.1 WATERHOUSE, CENTURY CITY PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 3
Slide 4: Mission Statement and YTD Summary
01. HY2027 Update | YTD July 2026 Mission Statement and YTD Summary To be the leading Western Cape-focused REIT and to consistently grow our distribution per share on an annualised basis and to THE MISSION operate within the top quartile of our peer group. FY2027 YTD SUMMARY: DIPS growth tracking at
Slide 5: HY2027 Salient Details
2 HY2027 Salient Details YTD July 2026 MAYNARD MALL, WYNBERG PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 5
Slide 6: HY2027 Salient Details Highlights
02. HY2027 Salient Details | YTD July 2026 Highlights TNAVIncom Portfolio Solar PBalancExpan WESTERN CAPE PORTFOLIO HY2027 DISTRIBUTIONS PORTFOLIO E X PA N S I O N AT A G L A N C E Tracking towards upper end of guidance Acquired 2 prime real estate assets R7.10 billion 95% payout ratio R1.402 billio
Slide 7: Letting Activity
02. HY2027 Salient Details | YTD July 2026 Letting Activity Expiries and Gross rental at Average gross Renewals/ Gross new Average gross Rental New lets and vacated expiry expiry rental New lets rental new rental reversion renewals GLA m² R'000 R/m² GLA m² R'000 R/m² % Commercial 18 498 2 810 151.92
Slide 8: Balance Sheet and Funding Update
02. HY2027 Salient Details | YTD July 2026 Balance Sheet and Funding Update JULY 2026 FY2026 DEBT COVENANTS WEIGHTED AVERAGE 28.66 34.07 EXPIRY months months YTD WEIGHTED AVERAGE 25.68 30.67 6.02 FIXED EXPIRY months months JULY 2026 7.48% times JULY 2026 FY2026 WEIGHTED AVERAGE 8.69% 8.59% 2.00 COST
Slide 9: LTV Sensitivity
02. HY2027 Salient Details | YTD July 2026 LTV Sensitivity SA REIT LTV Movement in real % 30 2.10% 0.24% 26.74% 0.77% 0.50% 25 9.81% 0.47% (0.03%) Paarden Eiland GAT FY2027 Development 20 Mambo’s DC GTX Civils Percentage Land Acquisition Portion 8 Interim Dividend Development Top Structure 15 5.40%
Slide 10: HY2027 Sectoral Performance
3 HY2027 Sectoral Performance YTD July 2026 27 JUNCTION ROAD, PAROW PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 10
Slide 11: Sub-Sector Operational Performance – YTD July 2026
03. HY2027 Sectoral Performance | YTD July 2026 Sub-Sector Operational Performance – YTD July 2026 Retail Commercial Industrial 82 233m2 GLA 121 378m2 GLA 422 000m2 GLA Occupancy = 97.17% Occupancy = 90.24% Occupancy = 97.98% Collections = 98.07% Collections = 100% Collections = 99.86% Reversions =
Slide 12: General Business Update
03. HY2027 Sectoral Performance | YTD July 2026 General Business Update Portfolio resilience was evident during the half year despite the volatility shocks that came through, driving up inflation, interest rates and fuel costs Western Cape remains the strongest performing real estate market across s
Slide 13: HY2027 Sectoral Split
4 HY2027 Sectoral Split YTD July 2026 MEGA PARK, BELLVILLE PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 13
Slide 14: Sub-Sector Segmentation
04. HY2027 Sectoral Split | YTD July 2026 Sub-Sector Segmentation ADDITIONS AND DISPOSALS Number of Value Value GLA GLA Sector split properties R'000 % m² % Retail 1 442 000 34 19 681 45 Commercial (Additions) 1 960 000 74 28 488 65 Commercial (Disposals) (2) (107 000) (8) (4 468) (10) TOTAL – 1 295
Slide 15: Acquisitive Growth, Disposals & Development Growth
5 Acquisitive Growth, Disposals & Development Growth 9 LONG STREET, CAPE TOWN PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 15
Slide 16: Acquisitions and Disposals
05. Acquisitive Growth, Disposals & Development Growth Acquisitions: Acquisitions: Disposals: Santam Precinct, Watergate Centre, Hamilton and Chiappini House, Tygervalley Mitchells Plain De Waterkant Commercial 9.67% Retail 8.37% Commercial 7.50% Sector Yield Sector Yield Sector Disposal yield R960
Slide 17: Development Growth: Active developments under construction
05. Acquisitive Growth, Disposals & Development Growth Development Growth: Active developments under construction GTX Park, Bravo Park Extension, R404 Airport Road, George Range Road, Blackheath 75.6% 9% 7 150m2 8.6% Ownership Target yield Developable GLA Target yield ±30 000m2 Ptn 165 construction
Slide 18: Development Growth: Future developments
05. Acquisitive Growth, Disposals & Development Growth Development Growth: Future developments 55 Century Boulevard, The Anchoridge, Century City Marine Drive, Paarden Eiland 25 000m2 R2 121/m2 52 000m2 9.5% Developable bulk Bulk rate Developable GLA Target yield General Business November 2026 Mixed
Slide 19: Conclusion
6 Conclusion PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 19
Slide 20: Outlook
06. Conclusion Outlook Consistent milestones being achieved during the half year, which can be summarised as follows: HY2027 DIPS cadence tracking at the upper end of FY2027 guidance Positive overall rental reversion of 6.78% YTD Robust cash collections of 99% Solar PV portfolio contributing R14.5 m
Slide 21: FY2027 Guidance Affirmation
06. Conclusion FY2027 Guidance Affirmation Management reaffirms its DIPS guidance for HY2027 which is set to be 6% – 8% higher than the DIPS for FY2026 subject to the guidance assumptions set out below. Spear’s payout ratio is set to be maintained at 95% as approved by the Board of Directors. Spear’
Slide 22: Thank you
BERG RIVER BUSINESS PARK, PAARL Thank you Questions? Email questions to INFO@SPEARPROP.CO.ZA spearreitlimited Spear REIT Limited Spear REIT Limited @SpearREIT Live Q&A after presentation PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2026 22