Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — FY2025 Earnings Presentation
15 slides from Sa Corporate Real Estate's earnings presentation, Dec 12, 2025
Slide 1: SA Corporate 2025 Year-End Pre-Close Update Presentation
SA Corporate 2025 Year-End Pre-Close Update Presentation 12 December 2025
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 Disposals Update 07 Residential Apartment Sales Timeline 08 Apartment Sales 0 09 Financial Sustainability 10 2025 H2 As
Slide 3: LFL NPI Portfolio Performance
LFL NPI PORTFOLIO PERFORMANCE Forecast FY 2025 vs FY 2024 Sector Commentary LFL NPI Growth Strong contracted escalations of 6.2%, curtailed by downtime resulting from tenant Industrial ~ 5.0% replacements of 26’847m2 in 2025. Growth in NPI largely due to contracted escalations of 6%, increased renta
Slide 4: Retail Portfolio Performance
RETAIL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-24 31-Oct-25 31-Dec-25 Vacancies remained low in 2025, resulting from high Retail 2.4% 2.2% 2.3% national tenancy and the convenience offering in our shopping centres. Retention Anticipated Retention Retention Ra
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 31-Oct-25 The replacement of anchor tenants at various centres has positively contributed towards trading densities. Major convenience categories s
Slide 6: Industrial Portfolio Performance
INDUSTRIAL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-24 31-Oct-25 31-Dec-25 Fully let as at Dec 2025. Industrial 0.0% 2.9% 0.0% Retention Anticipated Retention Rate Sector Rate YTD Retention Rate Comments 31-Dec-24 31-Oct-25 31-Dec-25 26’847m2 across 7 building
Slide 7: Residential Portfolio Performance
RESIDENTIAL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 31-Dec-24 31-Oct-25 31-Dec-25 Current vacancy levels are consistent with historical Residential 4.1% 4.1% 3.7% occupancy patterns, with targeted actions underway to address elevated vacancies at specific assets. Re
Slide 8: Zambia Investment Performance
ZAMBIA INVESTMENT PERFORMANCE East Park Mall 31-Dec-24 31-Oct-25 31-Dec-25 Forecast Vacancy1 0.7% 2.1% 2.1% Retention of expiring leases 100.0% 100.0% 100.0% Renewal Reversion (USD)2 2.3% 0.1% 1.7% REIZ PORTFOLIO 31-Dec-24 31-Oct-25 31-Dec-25 Forecast Vacancy3 26.2% 12.1% 10.0% Retention of expiring
Slide 9: Disposals Update
DISPOSALS UPDATE 2025 Disposals Pipeline YTD (Including Apartment Sales) R 2’167.2 million Transferred R 688.9 million Unconditional R 765.1 million Conditional R 713.2 million 9
Slide 10: Residential Apartment Sales Timeline
RESIDENTIAL APARTMENT SALES TIMELINE 12 MONTHS 24 MONTHS 36 MONTHS J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D MONTH a e a p a u ul u e ct o e a e a p a u ul u e ct o e a e a p a u ul u e ct o e n b r r y n 2 g p 2 v c n b r r y n 2 g p 2 v c n b r r y n 2 g p 2 v c 2 2 2
Slide 11: Apartment Sales
APARTMENT SALES 2025 H1 2025 H2 2025 H2 2026 2027 Jan -Jun Actual Jul-Nov Actual Projected Projected Projected Transfers 245 483 552 1000 1000 Transfer Value R 112 774 141.00 R 224 694 000.00 R 262 254 000.00 R475 000 000.00 R475 000 000.00 APARTMENTS SALES – ACTUAL AND PROJECTED TRANSFERS 200 173 1
Slide 12: 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. Improved weighted average debt margin of 1.78%, cost of debt of 8.75%, tenor of 2.8 years. DEBT Bringing debt maturiti
Slide 13: 2025 H2 Asset Management Activities
2025 H2 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 Residential Apartment Sales 8.2% R199.4 million Bluff Shopping Centre 9.3% R533.0 million
Slide 14: DIPS & DPS Forecast Growth Update
DIPS & DPS FORECAST GROWTH UPDATE 2025 YE: • DIPS within guidance of between 4% and 5% > 2024 • DPS > 7% 2026 YE: • Strong growth forecast benefiting from asset management interventions in 2025 14
Slide 15: Q&A
Q&A ?? ? Q & ?? A ? 15
SA Corporate Real Estate — FY2025 Earnings Presentation on 6ix