Equites Property Fund (EQU) Pre-close call summary

Executive summary

• Strong operational and financial performance in the first half, with robust demand for industrial assets and a positive outlook for the remainder of the year and beyond.

• R420m invested in development and acquisitions in 1H26, with R675m in disposals completed at or above book value.

• Six leases agreed across speculative and existing buildings, with 1% vacancy across the portfolio and full letting expected in SA from 2H26.

• Solar capacity increased to 27MW, and approval received for the first water treatment plant in the portfolio.

• Significant progress on asset disposals, development pipeline, and ESG initiatives, with continued focus on capital allocation and shareholder value.

Trading performance and revenue trends

• Six leases concluded in the first half, including four renewals and two new tenants, covering over 100,000 sq m.

• Achieved rentals for new and existing warehouses in excess of ZAR 90/sq m, reflecting strong market demand.

• Disposed of three non-core properties at or above book value and acquired a new site for SPAR in Gqeberha.

• Over the past 18 months, leads totaling 268,000m² for new developments or facilities were secured, valued at over R3 billion.

• Vacancy across the portfolio at 1%, with the South African portfolio fully let.

Profitability and margins

• Achieved a 5%-10% rental premium over competitors due to superior specifications and prime locations.

• Negative rental reversions on longer leases were limited to 10% on average.

• All SA disposals in 1H26 were concluded at their last reported book values.

• UK Aviva portfolio disposal negotiations underway, with all offers exceeding book value.

• DPD Burgess Hill asset sold for £17.65 million at a 5.0% yield, proceeds used to settle HSBC facility.