Accelerate Property Fund has reported a R59,4 million increase in its revenue during the six months ended 30^th of September 2025, primarily due to increased commercial rent, parking income, and a R82,5 million insurance settlement.

Fourways Mall, its largest asset and which welcomed SA’s second Walmart store in late November 2025, recorded a decrease in vacancies from 17.9% in September 2024 to 13.7% in March 2025 and to 10.7% in September 2025. The shopping centre saw 10 544m² of vacant space being filled and 17 182,2m² of renewals concluded, representing 100% of its leasing activity (not the 50% attributable to Accelerate Property Fund). Post period, 5 396m² of vacancies were filled at Fourways Mall. Capex of R69 million was spent on Fourways Mall during the period.

The Company’s rental retail rent decreased by R29,4 million due to the disposal of Eden Meander in June 2024, Cherry Lane in February 2025, and increased vacancies in 73 Hertzog Boulevard – partially offset by a decrease in vacancies in Fourways Mall.

Overall vacancies decreased from 21,7% in September 2024 to 19,4% in March 2025 and subsequently to 15.1% for the reporting period.

Accelerate says its recoveries of R113,9 million were on par with that of the prior period’s R113,8 million with property expenses having decreased by R15,5 million between September 2024 and September 2025, driven by lower electricity costs of R8,8 million and reduced rates charges of R10,7 million. Repairs and maintenance costs rose by R3,6 million over the period.

Accelerate disposed of two assets during the interim period, Erf 7 Roggebaai and 1 Charles Crescent which were transferred mid to late May 2025, reducing its debt by R62,4 million.

Post period, the Fund received Competition Commission and shareholder approval to dispose of Portside with the transfer expected to take place by the end of 2025. The transfer of Pri-movie Park, Beacon Isle and Valleyview, and 73 Hertzog Boulevard are anticipated for December 2025/January 2026, which will reduce the Company’s debt in total by R719,1 million.

Its finance costs reduced by R28,4 million due to settling debt through the disposal of assets and the raising of capital through a fully underwritten rights issue. The amortisation of debt fees decreased by R7,9 million. Its swap settlement income decreased from the prior comparative period due to the termination of the remaining swaps in the prior period. Subsequently, Accelerate entered new swaps to stabilize the interest on the debt book by hedging 68.1% of its debt book with its finance income having reduced from R2,3 million to R1,8 million.

Accelerate’s trade debtors decreased by R59,1 million mainly due to bad debts written off at Fourways Mall with related party debtors, which were all provided for at yearend, written off following various legal actions instituted by against the related party entities by third parties.

Its share capital increased following the rights offer of R100 million with R50 million to be used for further capex draws at Fourways Mall and R45 million for working capital purposes. The Fund says the remaining balance will be paid towards costs incurred regarding the rights offer.

Accelerate’s SA REIT loan-to-value (LTV) ratio increased to 47,1% from 46,7% in 2024’s comparable period with its Board resolving not to declare a dividend for the period.