Results for the year-ended 31 March 2025

Results were in line with guidance, with distributable income per share declining by 3.0% to 102.5cps (Mar-24: 105.7cps).

The dividend payout ratio for FY25 was increased to 90%, increasing cash dividend per share by 3.1% to 92.22cps (Mar-24: 89.46cps).

The Group has accelerated the expansion of its fund and asset management strategy across all regions in which it operates:

• Strategic partnership with the Group’s Pan-European Logistics portfolio (“PEL portfolio”) and funds managed by affiliates of Blackstone Inc. (“Blackstone”) (i.e. “the Blackstone transaction”).

• During the year, Irongate established an industrial platform with TPG Angelo Gordon, a global diversified credit and real estate investing platform within TPG, with approximately US$91 billion assets under management. Irongate now manages c.A$624 million of equity across office, industrial, retail and residential assets for some of the world’s leading real estate investors (Ivanhoe Cambridge, Phoenix Property Investors, Metrics Credit Partners and TPG Angelo Gordon). Third-party assets under management (“AUM”) has grown by 27% over the period.

• Burstone has made significant progress with a cornerstone investor to seed and then build to scale a South African focused diversified real estate platform (“SA Core Plus platform”). All material due diligence is now complete subject to various investment approval processes.

The Group’s balance sheet was significantly bolstered during the period:

• The Group’s adjusted loan to value (“LTV”) reduced significantly to c.36% (Mar-24: adjusted LTV of 44%). Look-through gearing has reduced from 58% to c.45%.

• Successful refinancing of R6.6 billion of Group ZAR and EUR debt in August 2024 that has improved margin, extended the debt profile and provided greater flexibility with respect to sales and facility settlement.

• The Group continued with its capital recycling programme, with c.R1 billion of South African sales at c.2.5% discount to book value concluded during the year.

The results were underpinned by stable operational performances from the South African and European businesses, with like-for-like net operating income marginally improving by 0.2% in the South African portfolio and increasing by 0.5% (in EUR) in the PEL portfolio.

Fee revenue grew by c.40% over the period to R88 million (Mar-24: R63 million), amounting to 10.7% of distributable earnings (Mar-24: 7.3%) driven by third party AUM which has increased by 2.6 times over the past year. The Group expects the funds and asset management initiatives to have a significant impact on earnings over the next few years.