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Unaudited condensed consolidated interim financial results for the six months ended 30 June 2026 and cash dividend declaration
SA CORPORATE REAL ESTATE
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026 AND CASH DIVIDEND DECLARATION
SA Corporate Real Estate Limited (SA Corporate or the Company) (Incorporated in the Republic of South Africa)
(Registration number 2015/015578/06) Approved as a REIT by the JSE Share code: SAC
ISIN code: ZAE000203238
Introduction
SA Corporate is a JSE-listed Real Estate Investment Trust (REIT) and, together with its subsidiaries (the Group) owns a focused portfolio of quality residential, industrial and retail buildings located primarily in the major metropolitan areas of South Africa with an investment in Zambia. As at 30 June 2026, the South African property portfolio consisted of 239 properties, with 1 621 332m2 of gross lettable area (GLA), valued at R18.6 billion, and exposure to direct and listed property valued at R1.7 billion in Zambia.
Overview
Distribution per share Increase of 7.0% to 13.92 cps at 92.5% payout ratio (2025 H1: 13.01 cps at 92.5% payout ratio)
Distributable income per share Increase of 7.0% to 15.05 cps (2025 H1: 14.07 cps)
Total like-for-like net property income increased by 5.5% to R655.1 million (2025 H1: R620.9 million)
Property disposals transferred, contracted and still to transfer for the period 1 January to 30 June 2026 of R1 731.0 million
Traditional portfolio vacancies at 30 June 2026 of 1.8% of GLA (31 December 2025: 1.5%)
Residential portfolio vacancies at 30 June 2026 of 3.6% of total units (31 December 2025: 3.6%)
Salient features
The salient features of the Groups unaudited condensed consolidated interim financial results for the six months ended 30 June 2026, as compared to the six months ended 30 June 2025, are set out below:
Revenue of R1 506.7 million (2025 H1: R1 456.3 million)
Total net property income of R802.0 million (2025 H1: R756.6 million)
Operating profit of R796.5 million (2025 H1: R712.3 million)
Headline earnings per share of 18.32 cents (2025 H1: 13.33 cents)
Basic earnings per share of 22.51 cents (2025 H1: 14.90 cents)
Distribution declaration and important dates
Notice is hereby given of the declaration of distribution number 22 in respect of the income distribution period 1 January 2026 to 30 June 2026, amounting to 13.92441 cps (June 2025: 13.01407 cps). 2 768 559 801 of the Company's shares are in issue at the date of this distribution declaration and the Company's income tax reference number is 9179743191.
Last date to trade cum distribution Tuesday, 13 October 2026
Shares will trade ex-distribution Wednesday, 14 October 2026
Record date to participate in the distribution Friday, 16 October 2026
Payment of distribution Monday, 19 October 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 14 October 2026 and Friday, 16 October 2026 (both days inclusive).
Tax implications
In accordance with the Company's REIT status, shareholders are advised that the distribution meets the requirements of a qualifying distribution for the purposes of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). The distributions on the Company's shares will be deemed to be dividends, for South African tax purposes, in terms of section 25BB of the Income Tax Act. The distributions received by or accrued to South African tax residents must be included in the gross income of such shareholders and are not exempt from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because they are dividends distributed by a REIT, with the effect that the distribution is taxable in the hands of the shareholder.
These distributions are, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that the South African resident shareholders have provided the following forms to their Central Securities Depository Participants (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the distribution is exempt from dividends tax; and
(b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the exemption change or the beneficial owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service.
The Company's shareholders are advised to contact the CSDP, broker or transfer secretaries, as the case may be, to arrange for the above-mentioned documents to be submitted prior to payment of the distribution, if such documents have not already been submitted.
Notice to non-resident shareholders
Distributions received by non-resident shareholders will not be taxable as income and instead will be treated as ordinary dividends which are exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Distributions received by a non-resident from a REIT are subject to dividend withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (DTA) between South Africa and the country of residence of the shareholder.
Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 11.13953 cents per SA Corporate share. A reduced dividend withholding rate, in terms of the applicable DTA, may only be relied on if the non-resident shareholder has provided the following forms to the CSDP or broker, as the case may be, in respect of uncertificated shares, or the transfer secretaries, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
(b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be, should the circumstances affecting the reduced rate change or the beneficial owner ceases to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact the CSDP, broker or the transfer secretaries, as the case may be, to arrange for the above-mentioned documents to be submitted prior to payment of the distribution if such documents have not already been submitted, if applicable.
Short-form notice
The contents of this short-form announcement are the responsibility of the board of directors of the Company. Shareholders are advised that this short-form announcement represents a brief summary of the information contained in the Unaudited Condensed Consolidated Interim Financial Statements, available on the JSE cloudlink below:
https://senspdf.jse.co.za/documents/2026/jse/isse/SACE/Interim26.pdf
and on SA Corporates website https://sacorporatefund.co.za/investor-relations/results-center/annual-interim-results. Any investment decisions by investors and/or shareholders should be based on the Unaudited Condensed Consolidated Interim Financial Statements as a whole and shareholders are encouraged to review the Unaudited Condensed Consolidated Interim Financial Statements as directed above.
For a more comprehensive analysis of SA Corporates results and outlook, please refer to https://www.sacorporatefund.co.za/
Johannesburg
17 September 2026
Sponsor: Valeo Capital
DIRECTORATE AND STATUTORY INFORMATION
Registered office
GreenPark Corner
16th Floor
Corner Lower Road
and West Road South
Morningside
2196
Tel 010 020 2530
Registered auditors
Forvis Mazars South Africa
54 Glenhove Road
Melrose Estate
Johannesburg
2196
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2196
Sponsor
Valeo Capital
Unit G02, Skyfall Building
14a De Beers Avenue
Paardevlei
Somerset West
7130
Directors
GJ Heron (Chairman)
OR Mosetlhi (Lead Independent Director)
TR Mackey (Chief Executive Officer)*
SY Moodley (Chief Financial Officer)*
JA Finn
SS Mafoyane
DS Pydigadu (appointed effective 1 August 2026)
N Ford-Hoon (Fok) (resigned effective 15 September 2026)
* Executive
Date: 17/09/2026 05:05:00
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