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Audited AFS and cash dividend declaration for the six months ended 30 September 2025 and propsects for FY2026
FAIRVEST LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2007/032604/06
JSE share code: FTA ISIN: ZAE000304788
JSE share code: FTB ISIN: ZAE000304796
LEI: 378900E93AFC4D1CAD45
(Granted REIT status with the JSE)
("Fairvest" or the "Company" or the "Group")
RESULTS ANNOUNCEMENT: AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS AND CASH DIVIDEND DECLARATION
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025 AND PROSPECTS FOR THE YEAR ENDING 30 SEPTEMBER 2026
Highlights
- Robust performance in a challenging environment with an 11.2% growth in distribution per B share
- Distribution of 142.57 cents per A share for the 12 months ended 30 September 2025
- Distribution of 48.15 cents per B share for the 12 months ended 30 September 2025
- Growth in distribution per B share of 9% to 11% expected for 2026
- Pay-out ratio of 100% maintained
- Like-for-like net property income increased by 5.8%
- Vacancies reduced to 4.1%
- Positive rental reversion at 4.8%
- LTV reduced to 25.6%
Financial Indicators
30 September 30 September %
Audited 2025 2024 Increase
Revenue (excl. straight-line rental income) (R'000) 2 179 211 2 034 340 7.1%
Basic earnings per A share in issue (cents) 177.08 152.23 16.3%
Basic earnings per B share in issue (cents) 84.04 58.00 44.9%
Headline earnings per A share in issue (cents) 144.27 137.13 5.2%
Headline earnings per B share in issue (cents) 51.23 42.91 19.4%
Net asset value per A share (cents) 1 834.90 1 611.62 13.9%
Net asset value per B share (cents) 516.32 485.69 6.3%
Dividend per A share (cents) for the year 142.57 138.34 3.1%
Dividend per B share (cents) for the year 48.15 43.29 11.2%
Nature of business
Fairvest is a diversified South African Real Estate Investment Trust ("REIT") focused on creating long-
term shareholder value.
Fairvest holds a portfolio of 130 retail, office and industrial properties valued at R13.4 billion (held
directly and through subsidiaries). The average value per property held as at 30 September 2025 was
R103.3 million.
As at 30 September 2025, Fairvest held a 23.6% interest (2024: 5.0%) in Dipula Properties Limited
("Dipula").
As at 30 September 2025, Fairvest held a 79.9% interest (2024: 0%) in Onepath Investments (RF)
Proprietary Limited ("Onepath"). Onepath owns fibre infrastructure in townships which is rented to a
fibre network operator to provide high quality internet access to township homes and communities.
Declaration of dividend for the six months ended 30 September 2025
The Board has resolved to declare a final dividend (dividend number 21) of 72.91527 cents per A share,
and 25.04395 cents per B share, being 100% of the distributable income for the period (2024: 100%).
The dividend will be paid to shareholders in accordance with the timetable set out below:
2025
Last date to trade cum distribution Friday, 19 December
Shares trade ex-distribution Monday, 22 December
Record date Wednesday, 24 December
Payment date Monday, 29 December
Share certificates may not be dematerialised or rematerialised between Monday, 22 December 2025 and
Wednesday, 24 December 2025, both days inclusive. Payment of the dividend will be made to
shareholders on Monday, 29 December 2025. In respect of dematerialised shareholders, the dividend
will be transferred to the Central Securities Depositary Participant ("CSDP") accounts/broker accounts
on Monday, 29 December 2025. Certificated shareholders' dividend payments will be deposited on or
about Monday, 29 December 2025 to certificated shareholders' bank accounts.
In accordance with Fairvest's status as a REIT, shareholders are advised that the dividends meet 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 shares will be deemed to be a dividend, for
South African tax purposes, in terms of section 25BB of the Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross income
of such shareholders and will not be 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. These dividends are, however, exempt from dividend
withholding tax in the hands of South African tax resident shareholders, provided that the South African
resident shareholders provided the following forms to their CSDP or broker, as the case may be, in
respect of uncertificated shares, or the Company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the Company should the circumstances
affecting the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the Company to arrange for the
abovementioned documents to be submitted prior to payment of the dividend if such documents
have not already been submitted.
Dividends 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. Dividends withholding tax is 20% and accordingly, any
dividends received by a non-resident from a REIT will be 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 shareholders. Assuming dividend
withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident
shareholders in respect of the final dividend per A share is 58.33222 cents per A share. The net dividend
amount due to non-resident shareholders in respect of the final dividend per B share is 20.03516 cents
per B 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 their CSDP or broker in respect of
uncertificated shares, or the Company, in respect of certificated shares:
a) a declaration that the dividends are subject to a reduced rate as a result of the application of a
DTA; and
b) a written undertaking to inform their CSDP, broker or the Company should the circumstances
affecting the reduced rate change or the beneficial owner cease 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 their CSDP, broker or the Company to arrange for
the abovementioned documents to be submitted prior to payment of the dividend if such
documents have not already been submitted, if applicable.
Shareholders are encouraged to consult their professional advisors should they be in any doubt as to the
appropriate action to take.
A-shares in issue at the date of declaration of the dividend: 62 718 658
B-shares in issue at the date of declaration of the dividend: 1 974 347 227
Fairvest's income tax reference number: 9068/723/17/1
Prospects
The Group enters the 2026 financial year from a position of strength, supported by a robust operating
performance and the disciplined execution of our strategy. Portfolio fundamentals remain sound, with
consistently low vacancies, improved tenant quality and strong like-for-like net property income growth
across all sectors. The stabilisation of the national electricity grid, easing inflation and a more favourable
interest rate outlook have contributed to a gradual improvement in operating conditions, although
persistent service delivery challenges at municipal level and a fragile macroeconomic backdrop continue
to present risks.
Against this environment, the portfolio remains resilient and well positioned for further growth. Progress
continues on our strategic transition toward a retail-focused portfolio, with non-core disposals and
selective, accretive acquisitions enhancing long-term sustainability and earnings visibility. Based on
current assumptions, distributable earnings per B share for the 2026 financial year are expected to be
between 52.5 cents per share and 53.4 cents per share, an increase of between 9.0% and 11.0% (2025:
48.15 cents per share). Distribution per A share will increase by the lesser of 5% or the most recent
Consumer Price Index, as set out in the Company's Memorandum of Incorporation. The Board has
resolved to maintain the dividend payout ratio at 100% of distributable earnings, subject to its normal
bi-annual review.
This guidance assumes no material deterioration in prevailing macroeconomic and socio-political
conditions, no major corporate or tenant failures, continued tenant affordability in absorbing rising
municipal and utility charges, and no significant disruption from civil unrest. Forecast rental income is
based on contractual escalations and anticipated market-related lease renewals and further assumes that
Dipula maintains its communicated payout ratio and distribution expectations. This forecast is the
responsibility of the Board and has not been reviewed or reported on by the Group's external auditors.
Results announcement
The contents of this announcement are the responsibility of the board of directors of Fairvest. This
announcement is only a summary of the information contained in Fairvest's group audited annual
financial statements for the year ended 30 September 2025 ("2025 AFS") and does not include full or
complete details.
Fairvest's 2025 AFS have been released on SENS and are available on the JSE website at:
https://senspdf.jse.co.za/documents/2025/jse/isse/FTAE/Sept2025.pdf and on the Company website at
https://fairvest.co.za/cmsAdmin/uploads/annual-results/afs-2025.pdf.
The 2025 AFS have audited by Forvis Mazars, who expressed an unmodified opinion thereon. A copy
of the auditor's report, together with the accompanying 2025 AFS are available on the Fairvest's website
and available for inspection at Fairvest's registered office.
Copies of the 2025 AFS may be requested via email to fairvestir@fairvest.co.za or
sponsor@javacapital.co.za. Any investment decision should be based on the 2025 AFS published on the
Company's website.
Fairvest's summarised audited consolidated financial results for the year ended 30 September 2025,
which includes directors' commentary, has been published on the Company's website at
https://fairvest.co.za/cmsAdmin/uploads/annual-results/annual-results-2025.pdf.
1 December 2025
Sponsor
Java Capital
Date: 01-12-2025 08:00:00
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