Distributable income per share (DIPS) increased by 25.6% to 108.3 cents per share (cps), (June 2024: increased by 19.9%).
Full year dividend growth of 26.1% to 87.0 cps, (June 2024: increased by 19.0%)
Net operating income (NOI) increased by 14.0%.
Full financial year benefit from the Waterfall City transaction with GEPF and 100% interest in Mall of Africa
High occupancy and collection rates of 91.6% and 100.0% respectively
Development activity (developments under construction and pipeline development) at Waterfall City totalling 90 644m2 of GLA with a total cost of R2.3 billion
Strategic capital management lowered finance charges and strengthened the interest cover ratio to 2.95 time
Installed 3.3 MWp of rooftop PV systems, with renewable energy contributing 9.1% of total energy mix
FY26 DIPS expected to grow between 7.0% and 10% with a dividend payout ratio of 80%
16 September 2025 – Attacq Limited (“Attacq”), the JSE-listed REIT (Real Estate Investment Trust) and strategic development partner of Waterfall City, today announced a market-leading set of financial results for the year ended 30 June 2025. DIPS rose by 25.6% to 108.3 cents with a full-year dividend of 87.0 cents per share declared, representing growth of 26.1% and reflecting performance that continues to set Attacq apart in the industry.
Jackie van Niekerk, Attacq CEO, said: “Over the past year, we have navigated sustained headwinds and a challenging operating environment by prioritising disciplined capital allocation, NOI growth, cost containment, and a thriving working culture that have delivered an exceptional set of results. We are encouraged by the growth in market rentals across all sectors, and leasing activity was robust with the full-year benefit of the landmark Waterfall City transaction and 100% ownership from Mall of Africa for the year. Development activity across Waterfall City further continues to create long-term value. We remain focused on driving sustainable growth and delivering quality spaces in South Africa that meet the evolving needs of our communities.”
Raj Nana, Attacq CFO, said: “Attacq’s FY25 reflects the continued execution of our focused strategy, quality portfolio, and disciplined capital allocation. Attacq’s market leading financial performance follows on from our previous financial year, which was also exceptional. DIPS increased by 25.6% to 108.3 cents, underpinned by improved NOI, lower net finance costs, and higher municipal recoveries, supported by our rooftop PV roll-out. The successful execution of our debt strategy, including another major refinance, the R760 million raised under our DMTN programme and our first long-term credit rating of A+[ZA], have resulted in our average cost of debt reducing by 80bps from the prior year, a low gearing level of 25.3% and interest cover ratio of 2.95 times.
Our DIPS has grown by more than 50% from two years ago, which is a remarkable performance. Looking ahead, Attacq is in a very strong position going into the next financial year as we aim to continue to deliver strong returns for our shareholders.”
Strategic SA focus to drive future growth.
Attacq remains committed to the expansion of its South African real estate portfolio, with a continued focus on developing Waterfall City. Centrally located in Gauteng, Waterfall City, is a leading mixed-use hub for business, residential, and lifestyle activities. With 1.1 million m² of prime development bulk under its belt, Attacq—through its 70% subsidiary AWIC—is unlocking the future of the City by investing in world-class infrastructure.
Building on the success of Ellipse Waterfall, Attacq launched Aspire Waterfall City in May 2025, a 19-storey, 217-unit residential tower with integrated mixed-use space, valued at R295.5 million. Early market response has been strong, with 112 units, or 51.6% of the development by number of units, sold within months of the launch, reflecting continued demand for quality residential living within Waterfall City.
Attacq has launched Waterfall City Junction, a strategic logistics hub within Waterfall City. With client-led developments already secured and speculative warehouse development set to begin in FY26, the precinct is gaining strong momentum. The 627,582m² site includes 313,791m² of bulk and is envisioned as a secure, environmentally sustainable logistics park. Phase 1 infrastructure (±156,000m²) was completed in FY25, with formal proclamation expected in Q1 of FY26.
Mall of Africa, Attacq’s flagship retail asset, strengthened its position with nine new brands and refurbishment of 33 existing retailers. A refreshed brand rollout positioned the mall as “connecting the world to Africa and Africa to the world,” supported by repainting and operational upgrades, reinforcing its status as a premier retail destination.
Capital structure prudently managed.
Attacq repaid interest-bearing borrowings from sales proceeds and refinanced R5.9 billion in bank debt at lower margins which together with the launch of its DMTN programme, raising R760 million at materially lower margins, resulted in a reduced weighted average cost of debt of 9.2%. The Group interest cover ratio improved to 2.95 times while gearing was maintained at 25.3%.
The strong balance sheet performance was supported by a 7.3% rise in total assets to R24.6 billion and a 6.0% increase in net asset value (NAV) to R16.6 billion. NAV attributable to Attacq equity owners increased to R13.3 billion, equating to R18.94 per share.
Sustainability driving returns and resilience.
Sustainability remains a key focus for Attacq, with initiatives aimed at improving operational efficiency, resilience, and environmental performance across the portfolio. Over the past year, 3.3MWp of rooftop PV systems were installed, contributing 9.1% of the Group’s total energy mix, which together with real-time monitoring via the Smart Utility Hub enhanced the municipal recovery ratio from 89.9% to 94.4% and supported NOI growth.
At Mall of Africa, the existing 8-year-old PV installation was upgraded, with an additional 1.3MWp of rooftop PV systems added. These efficiency initiatives earned EDGE Advanced certification, making it the largest global retail real estate asset with this rating. MooiRivier Mall in Potchefstroom also benefited from its 2.4MWp rooftop PV system, which improved municipal recoveries. Attacq has made significant strides in enhancing water resilience across its precincts. A 655Kℓ water backup project, completed in November 2024, now provides up to five days of water supply, strengthening operational continuity and sustainability.
These initiatives reflect Attacq’s ongoing commitment to sustainable operations, delivering tangible benefits for investors and key stakeholders alike.
Commenting on the outlook for the year ahead, Nana says, “We are excited about the prospects for the year ahead. Attacq enters FY26 in an exceptional financial position and with a solid foundation from which to deliver continued growth. The year will see us derive returns from Waterfall City development activity, increased solar energy utilisation and reduced finance interest charges. We accordingly expect growth in DIPS of between 7% and 10% for FY26 with the payout ratio held steady at 80%.”
“We are extremely proud of Attacq’s performance, which reflects delivery against our strategic priorities. Our growth is underpinned by a people-centric approach, a disciplined capital structure, operational excellence through an integrated digital business, and a strong client focus. By continuing to deliver positive impacts for our communities and the environment, we are confident in our ability to create sustainable long-term value,” concludes van Niekerk.