Attacq turns momentum into muscle at Waterfall City

• Distributable income per share jumped 25.6% to 108.3c; DPS up 26.1% to 87.0c.
• Balance sheet sturdier: ICR 2.95x; gearing eased to 25.3%; hedging at 86.8%.
• Waterfall engine purrs: 90 664m² development under way; Mall of Africa now 100% owned and EDGE Advanced-certified.

Investor portfolio (what you own today)

‍Attacq’s completed South African portfolio is anchored by six key precincts, led by Waterfall City. The multi-asset approach (retail-experience, collaboration hubs, logistics, hotel) keeps cash flows diversified and precincts future-fit.

Mall of Africa remains the flagship, 98.9% occupied with refreshed branding, additional rooftop PV (now +1.3 MWp installed in the period) and an EDGE Advanced rating, the highest of its kind globally for a retail asset. Trading density rose 4.9% on steady footfall. Occupancy across the SA portfolio closed at 91.6%, with collections at 100%.

Investor results snapshot (why it’s working)

‍Group DIPS rose 25.6% to 108.3c on broader NOI growth (+14%), disciplined costs and accretive capital deployment, supporting a 26.1% uplift in DPS to 87.0c. Liquidity and covenants are comfortable: ICR at 2.95x (vs 2.31x), gearing at 25.3%, and 86.8% of debt hedged (WACD 9.2%). The debt story improved further with a 5.27x-oversubscribed inaugural DMTN issuance and R5.9 bn of refinancings at lower margins. Weighted trading density increased 5.0% across the retail platform, echoing steady tenant health.

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“Building quality precincts that generate sustainable value for all stakeholders.” Jackie van Niekerk, CEO.

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Waterfall growth flywheel (how it scales)

‍Development under way totals 90 664 m² (R2.3 bn) at Waterfall City, with first-phase infrastructure at Waterfall City Junction activated (±156 000 m²).

Residential keeps compounding: Aspire Waterfall City launched with 51.6% of units sold shortly after launch; Ellipse Phase 3 is on track with 92.7% of units pre-sold and earlier phases carrying 4-Star GBCSA design certifications.

These levers of retail densification, logistics launchpads and residential absorption, feed recurring NOI while elevating precinct quality.

Way forward (what to watch next)

‍Management guides to full-year FY26 DIPS growth of 7% - 10%, anchored by “sensible deployment of capital” across four repeatable levers: continued development rollout, selective acquisitions, green initiatives and asset recycling.

Balance-sheet priorities include lowering hedge rates further and considering another DMTN issuance. Operationally, the focus remains on tenant retention, trading density growth and bringing Waterfall City Junction’s logistics capacity to market.

In short: compound from a stronger base, keep capital nimble, and let the precinct model do the heavy lifting.

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