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APF Annual Report Availability Neutral

ACCELERATE PROPERTY FUND LIMITED - Audited AFS for the year ended 31 March 2026 & Distribution of Integrated Annual Report & Notice of AGM

Accelerate Property Fund Limited
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What this filing means

Accelerate's audited FY2026 accounts confirm the trading statement's numbers: SA REIT FFO turned positive at 6.25 cents per share, the loss narrowed sharply to R45.9 million and the vacancy rate halved to 10.9%. The clean PwC audit opinion validates the operational recovery narrative, but the absence of a dividend, a thin 1.2x interest cover, a R1.15 billion property write-down and R6.6 billion of facilities maturing in eight months keep this a company still navigating a difficult balance sheet…

Bull case

  • SA REIT FFO per share swung to a positive 6.25 cents from a loss of 3.97 cents, a 257.3% improvement signalling operational recovery.
  • Portfolio vacancies halved from 19.4% to 10.9% year-on-year, with post-year-end disposals taking the rate further to 8.4%, materially improving income quality.

Bear case

  • The Board declined to declare a dividend despite FFO per share turning positive at 6.25 cents, indicating the solvency and liquidity assessment does not support any cash distribution.
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Category
Annual Report Availability
Event posture
No Edge
Published
Jul 31, 2026

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