Fairvest Limited has posted its results for the year ended 30^th September 2025, declaring an annual distribution of 142.57 cents per A share and 48.15 cents per B share, surpassing its guidance to the market.

The Company has a portfolio of 130 retail, office and industrial assets valued at R13.4 billion (held directly and through subsidiaries) with the average value per property held (as at 30^th of September 2025) R103.3 million. Its retail assets represent close to 71% of its revenue and value with offices and industrial assets comprising the remainder.

Fairvest reduced its vacancies from 4.3%, achieving like-for-like net property income (NOI) growth of 5.8% with positive rental reversions having improved from 3.6% to 4.8%.

During the year, it concluded 537 new deals and 504 renewals, achieving an overall tenant retention rate of 83% with its average gross rent having increased by 5.2% to R134.18 per m².

Its weighted average lease escalation across the portfolio held at 6.7% while its weighted average lease term extended to 30.1 months.

Farivest’s total capex for the period was R288.9 million.

The Company acquired seven retail properties during the period, valued at R1.15 billion: Nquthu Shopping Centre, Ulundi Shopping Centre and Eyethu Junction from Collins Property Group and Thembalethu Square, Shoprite Manguzi, Jozini Mall and Tugela Ferry. Eyethu Junction, Jozini Mall and Tugela Ferry Mall are expected to transfer in early 2026. It also disposed of industrial and office assets valued at R99 million with two having been transferred and one anticipated to transfer in the new year.

In early October 2025, Fairvest invested R477 million in a subsidiary, Onepath Investments (a 79.9% interest), which acquires de-risked fibre infrastructure in townships.

At yearend, the Company’s loans amounted to R3.9 billion with an average maturity of 2.5 years. After deducting cash and cash equivalents, its loan-to-value (LTV) ratio was 25.6% – down from 33.3% the prior year.

As of September 2025, Fairvest had approximately R1.3 billion in cash and available undrawn debt facilities for growth initiatives with interest rate swaps of R3.7 billion and 93.6% of its debt hedged. These swaps have a weighted average maturity of 1.1 years.

Fairvest holds a 23.6% interest in Dipula Properties (2024: 5%) – Dipula’s biggest shareholder. The Company received a dividend R123.3 million for the year from the REIT.

The Company expects distributable earnings per B share to increase by 9% to 11% in 2026 at a 100% dividend payout ratio.