47% of Equites Property Fund SA portfolio now equipped with solar

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  • Equites Property Fund Limited today announced results for the six months to 31 August 2024, highlighting DPS of 66.50 cents, well in line with its market guidance.
  • The Group targets a full-year distribution at the upper end of its guidance of 130 โ€“ 135 cents per share for FY25.

Equitesโ€™ portfolio fundamentals are exceedingly robust. The R28.3 billion portfolio is fully let with a WALE of 13.2 years, 99% of rental income derived from A-grade tenants and robust escalation clauses. These fundamentals support high-income certainty over a sustained period, bolstering property valuations.

The Group prioritises natural resource management as a key pillar of its sustainability strategy. The Equites strategy on solar PV is designed to provide occupiers with a comprehensive, maintenance-free solution through a Power Purchase Agreement (โ€œPPAโ€). Total installed solar capacity grew to 23.5 MW, while the number of buildings with solar PV increased to 32. Renewable energy as a percentage of total grid energy consumed increased to 18.6%, with 47% of the SA portfolio now equipped with solar. Within the next 18-36 months, the installed solar capacity is planned to increase to 29 MW. The Groupโ€™s extensive roof spaces in key nodes are well-positioned to benefit from the transformation of the South African energy landscape and will continue to expand its revenue generation from this offering in partnership with key industry stakeholders.

Water security in the portfolio is being managed by introducing wastewater treatment plants to minimise the Groupโ€™s water footprint, thereby reducing reliance on municipal infrastructure. Equites proudly achieved its landmark first Edge net-zero carbon certification during this period.

Author: Bryan Groenendaal

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