ATTACQ LIMITED - Audited financial results for the year ended 30 June 2026, dividend declaration and guidance
What this filing means
A strong distribution result that lands as a genuine beat. Attacq grew normalised distributable income per share 15.5% to 125.1 cents and lifted the full-year dividend 17.2% to 102.0 cents, with occupancy up to 94.9% and the cost of debt down to 8.7%. The one shadow is FY27 guidance of 6.0%–9.0% DIPS growth — a sharp step down from this year's pace.
Attacq made more money available to shareholders than it did last year, and it is paying out a bigger dividend. The catch is that the company itself expects next year's growth to be much slower, which tells you the easy gains may be behind it.
Bull case
- Occupancy improved to 94.9% from 91.6% with collections at 99.8%, signalling portfolio resilience and tenant demand.
- Normalised DIPS grew 15.5% to 125.1 cents, the core distribution metric signalling real operational outperformance.
- Full-year DPS rose 17.2% to 102.0 cents at an 80.3% payout ratio, delivering tangible cash returns to shareholders.
- Cost of debt fell to 8.7% from 9.2%, with ICR strengthening to 3.21x and gearing steady at 25.0%, reflecting cheaper and safer funding.
- Waterfall City development pipeline expanded to 46,460m² of effective GLA at an effective cost of R1.3 billion, securing future income growth.
Bear case
- FY27 DIPS growth guidance of 6.0%–9.0% is a sharp deceleration from FY26's 15.5% normalised DIPS growth, signalling the bulk of the recovery gains have already been captured.
- Basic EPS fell 3.8% to 206.3c despite a 34.8% rise in HEPS to 99.8c, indicating sizeable fair-value or impairment losses are masking the operational story on the bottom line.
- The filing does not disclose the specific fair-value items driving the EPS/HEPS divergence (206.3c vs 99.8c), so the quality and sustainability of underlying earnings cannot be assessed.
- The filing does not disclose the quantum of the once-off municipal rates credit excluded from normalised DIPS, so the organic quality of the 15.5% normalised growth cannot be independently verified.
- Collections rate softened to 99.8% from 100.0%, a marginal but real deterioration in tenant payment behaviour worth monitoring against the FY27 guidance.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
The balance sheet also strengthened — cheaper debt, higher interest cover, stable gearing. The forward signal is the caveat: FY27 guidance of 6.0%–9.0% DIPS growth is a meaningful deceleration, and the EPS/HEPS divergence points to fair-value noise the summary does not explain. So what: the operating engine is working, but the market still needs the full AFS to confirm the quality of the earnings and whether the FY27 slowdown is the new normal.
The full AFS is where the market will test the fair-value items behind the EPS/HEPS gap and the organic quality of the DIPS growth.
Evidence from the filing
Occupancy improved to 94.9% from 91.6% with collections at 99.8%, signalling portfolio resilience and tenant demand.
“High occupancy and collections rates of 94.9% and 99.8% respectively (FY25: 91.6% and 100.0%)”
Normalised DIPS grew 15.5% to 125.1 cents, the core distribution metric signalling real operational outperformance.
“Normalised distributable income per share (DIPS) increased by 15.5% to 125.1 cents (FY25: increased by 25.6%)”
Full-year DPS rose 17.2% to 102.0 cents at an 80.3% payout ratio, delivering tangible cash returns to shareholders.
“Full-year dividend per share (DPS) increased by 17.2% to 102.0 cents (FY25: increased by 26.1%)”
Cost of debt fell to 8.7% from 9.2%, with ICR strengthening to 3.21x and gearing steady at 25.0%, reflecting cheaper and safer funding.
“Gearing, interest cover ratio (ICR) and cost of debt: Gearing improved to 25.0%, ICR strengthened to 3.21 times and the cost of debt reduced to 8.7% (FY25: 25.3%, 2.95 times, 9.2%)”
Waterfall City development pipeline expanded to 46,460m² of effective GLA at an effective cost of R1.3 billion, securing future income growth.
“Development activity (developments under construction and approved pipeline) at Waterfall City increased to 46 460m(2) effective share of gross lettable area (GLA), with an effective cost of R1.3 billion (FY25: 39 641m(2) effective GLA and effective cost, R1.0 billion)”
FY27 DIPS growth guidance of 6.0%–9.0% is a sharp deceleration from FY26's 15.5% normalised DIPS growth, signalling the bulk of the recovery gains have already been captured.
“The group expects to grow its DIPS in FY27 by between 6.0% and 9.0%, with a dividend payout ratio of 80.0%.”
Basic EPS fell 3.8% to 206.3c despite a 34.8% rise in HEPS to 99.8c, indicating sizeable fair-value or impairment losses are masking the operational story on the bottom line.
“Earnings per share cents 206.3 214.6 (3.8)”
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