Mall of Africa owner maintains double-digit growth

Attacq Limited – the property company driving the Waterfall City precinct and full owner of Mall of Africa – continues to deliver double-digit distributable income and dividend growth for shareholders.

The real estate investment trust (Reit) reported a 15.5% jump in normalised distributable income per share (Dips), and full-year dividend per share (DPS) growth of 17.2% for the year ended 30 June 2026 on Tuesday.

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Dips came in at 125.1c and full-year DPS at 102c – both are key financial reporting metrics for JSE-listed Reits. While this growth is higher than many of its peers, it is lower growth compared to the 25.6% Dips and 26.1% DPS growth it achieved in FY2025.

Attacq CEO Jackie van Niekerk cautioned recently in an interview with Moneyweb that SA Reits will face increased headwinds in the wake of the impact of the Middle East conflict on oil prices, inflation and consequently interest rates. But she said that the sector has stronger balance sheets to better weather such storms.

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View the interview on MoneywebTV on Youtube below:  

For Attacq, based on its latest annual results, its gearing or loan-to-value (LTV) ratio has improved to just 25%, from 25.5% in FY2025. Listed property companies are highly leveraged businesses generally, with most Reits having LTV levels between the 35% to 40% level.

Other key operational and financial metrics:

Net operating income (NOI) increased 7% (FY2025: increased by 13.6%)
High occupancy and collections rates of 94.9% and 99.8% respectively (FY25: 91.6% and 100%)
Weighted average annual trading density growth of 3.7% (FY25: growth of 5.0%)
Development activity (under construction and approved pipeline) at Waterfall City increased to 46 460m2 effective share of gross lettable area (GLA), with an effective cost of R1.3 billion (FY2025: 39 641m2 effective GLA and effective cost, R1 billion). This excludes future development of Waterfall Junction as a joint venture with Sanlam Properties.
Interest cover ratio (ICR) and cost of debt strengthened to 3.21 times, and 8.7%, respectively (FY2025: 2.95 times, 9.2%)
Installed photovoltaic (PV) systems and water backup: 18.5MWp installed PV systems, generating 13.7% of total energy consumed and 5.3Ml of backup water capacity added (FY2025: Installed 16.6MWp, 9.1% energy mix)

Reiterating comments made in its Sens results filing, Van Niekerk said Attacq delivered a strong financial performance for FY2026 during a results media briefing online on Tuesday.

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She said the results exceeded expectations, reflecting the resilience of the Attacq business, the quality of its assets, the disciplined execution of its strategy.

Attacq share price 

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