Attacq delivers strong growth, lifts full year outlook

• Distributable income up 9.6% with guidance raised to 11–14%
• High occupancy of 93.7% supports stable income growth
• R2.1bn Waterfall City pipeline driving future expansion

Attacq: precinct-led investment strategy in action‍

Attacq has positioned itself as one of South Africa’s leading precinct-focused REITs, with Waterfall City at the centre of its long-term growth strategy.

Rather than a fragmented portfolio approach, the group focuses on building and scaling integrated mixed-use precincts, combining retail, office, logistics, and residential assets into cohesive ecosystems.

This strategy is clearly paying off. The group’s latest interim results reflect a business benefiting from:

• Strong underlying property performance
• Active development pipelines
• Disciplined capital management

Investment performance: steady growth with momentum‍

For the six months to December 2025, Attacq delivered: 

• Distributable income per share (DIPS): up 9.6% to 60.3 cents
• Interim dividend: up 9.1% to 48.0 cents
• Full-year guidance: upgraded to 11% - 14% growth

This is not marginal growth, it reflects consistent operational delivery across the portfolio.

Revenue also strengthened:

• Gross revenue up 8.9% to R1.6 billion
• Rental income up 4.9%
• Net operating income up 5.2%

Breaking it down: what’s driving performance

1. High occupancy and strong demand

• Portfolio occupancy: 93.7%
• Retail hubs: up to 97.8% occupancy
• Collections: 100.1%

This signals a high-quality tenant base and stable income stream.

2. Retail resilience and growth
Assets like Mall of Africa continue to lead: 

• Strong tenant demand
• New international brand entries
• Ongoing experiential retail activations

Trading density increased by 4.2%, reflecting healthy consumer activity.

3. Active development pipeline

Attacq currently has:

• 86,507m² of development underway
• Total investment: R2.1 billion

Key highlights:

• Completion of new data centre space
• Final Ellipse residential tower delivered (96.8% sold)
• New Aspire residential development launched

This pipeline underpins future income and asset value growth.

4. Strong balance sheet

• Gearing: 25.1%
• Interest cover ratio: 3.15x
• Cost of debt reduced to 8.9%
• Liquidity: ± R1.5 billion

This gives Attacq the flexibility to fund growth while maintaining stability.

5. Energy and water resilience

The group continues investing in operational sustainability:

• Additional 1.3 MWp solar PV installed
• Expanded water backup infrastructure
• Real-time utility monitoring systems

These initiatives are not just ESG-driven, they protect tenant operations and income continuity.

Leadership view

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CEO Jackie van Niekerk highlights the consistency of delivery:“Our portfolio continues to perform strongly… Market rentals are growing, our development pipeline is active, and our balance sheet is in good shape.”

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She adds that Attacq remains focused on sustainable growth and long-term value creation, anchored by Waterfall City as its primary growth engine.

The bigger picture‍

Attacq’s results reflect broader trends in the REIT sector: 

• Quality precincts outperform standalone assets
• Mixed-use developments drive long-term value
• Tenant demand is concentrating in well-managed nodes
• Operational resilience (energy, water) is now critical

Investors are no longer chasing yield alone, they’re backing platforms that can sustain growth.

Interim performance‍

Attacq’s interim performance shows a REIT in control of its strategy: 

• Strong income growth
• High occupancy and collections
• Active development pipeline
• Robust balance sheet

With upgraded guidance and continued momentum at Waterfall City, the group is well positioned to deliver double-digit growth in a challenging market.

For investors, the message is clear: This is a business built on scale, discipline, and long-term precinct value and it’s delivering.

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