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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Equites

EQU · A2X Markets · Incorporated in South Africa · Consolidated statements

On this page
Company details
Legal name
Equites Property Fund Limited
Incorporated in
South Africa
Listing
EQU on the A2X Markets, active · ISIN ZAE000188843 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
28 February

Overview

Year ended 28 February 2026 · audited financial statements, final status not established · source

Read with these figures

  • Audited financial statements not confirmed as final. The published copy is unsigned. The FY to 28 Feb 2026 figures come from it.
Full wording and sources

  • Audited financial statements for 2026: final status not established

    Independent auditor's report of PricewaterhouseCoopers Inc. (Director: P Liedeman, Registered Auditor), unmodified, dated 'Cape Town, South Africa, 13 May 2026' (PDF pp14-18); the firm and director names are typeset and the page states 'Signatures are not included here for security purposes.' (p18 page image): name_printed_unsigned. The directors' responsibility statement says the statements 'were approved by the board of directors on 13 May 2026' (p4, signatures likewise not included).

    Source: Equites Property Fund Limited Consolidated Annual Financial Statements for the year ended 28 February 2026 (dated 2026-05-13)

  • Revenue

    ZAR 3.15 billion

    3,153,595 ZAR thousands · p21

    −18.4% vs 2025

  • Operating profit / (loss)

    ZAR 2.47 billion

    2,469,543 ZAR thousands · p21

    +28.9% vs 2025

  • Profit / (loss) for the year

    ZAR 2.16 billion

    2,159,663 ZAR thousands · p21

    +52.3% vs 2025

  • Total assets

    ZAR 31.4 billion

    31,400,330 ZAR thousands · p20

    +2.8% vs 2025

  • Total equity

    ZAR 18.5 billion

    18,463,299 ZAR thousands · p20

    +5.2% vs 2025

  • Cash from operations

    −ZAR 265 million

    (265,227) ZAR thousands · p22

    Change not shown.

Large amounts are rounded for reading (ZAR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in ZAR thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 28 Feb 2026 — audited financial statements, final status not established; reported for the year · source
  • FY to 28 Feb 2025 — audited financial statements, final status not established; comparative in the FY to 28 Feb 2026 filing · source

Income statement

Income statement, ZAR thousands. Columns: FY to 28 Feb 2026 — audited financial statements (final status not established), as reported for the year; FY to 28 Feb 2025 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 28 Feb 2026Audited financial statementsreported for the yearFY to 28 Feb 2025Audited financial statementscomparative in FY to 28 Feb 2026 filing
Property revenue and tenant recoveries1 2,212,425 2,032,206
Straight-lining of leases adjustment2 189,692 308,884
Other revenue3 751,478 1,524,647
GROSS PROPERTY REVENUE 3,153,595 3,865,737
Cost of sales (813,109) (1,595,026)
Property operating and management expenses4 (544,799) (593,915)
Other net (losses)/gains5 (130,190) 23,223
Administrative expenses (126,698) (154,386)
Fair value adjustments – investment property6 930,744 369,737
OPERATING PROFIT BEFORE FINANCING ACTIVITIES 2,469,543 1,915,370
Finance cost (792,687) (691,690)
Finance income 369,017 272,885
NET PROFIT BEFORE TAX 2,045,873 1,496,565
Taxation (18,668) (9,796)
PROFIT FROM CONTINUING OPERATIONS7 2,027,205 1,486,769
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS8 132,458 (68,983)
PROFIT FOR THE YEAR 2,159,663 1,417,786
Translation of foreign operations9 (384,796) (215,183)
Reclassification of FCTR10 5,080 (6,533)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,779,947 1,196,070
NON-CONTROLLING INTEREST11 528,217 474,236
Notes and alternative reported figures (11)
  1. “Property revenue and tenant recoveries” is an issuer-specific line, not mapped to a shared definition: Rental revenue and tenant recoveries.
  2. “Straight-lining of leases adjustment” is an issuer-specific line, not mapped to a shared definition: Straight-line lease income adjustment.
  3. “Other revenue” is an issuer-specific line, not mapped to a shared definition: Other revenue (mainly sales of trading property).
  4. “Property operating and management expenses” is an issuer-specific line, not mapped to a shared definition: Note 21.
  5. “Other net (losses)/gains” is an issuer-specific line, not mapped to a shared definition: Note 20.
  6. “Fair value adjustments – investment property” is an issuer-specific line, not mapped to a shared definition: Note 4: fair value gains on investment property.
  7. “PROFIT FROM CONTINUING OPERATIONS” is an issuer-specific line, not mapped to a shared definition: Profit after tax from continuing operations.
  8. “PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS” is an issuer-specific line, not mapped to a shared definition: Note 26.1.
  9. “Translation of foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified to profit or loss.
  10. “Reclassification of FCTR” is an issuer-specific line, not mapped to a shared definition: OCI: translation reserve reclassified to profit or loss.
  11. “NON-CONTROLLING INTEREST” is an issuer-specific line, not mapped to a shared definition: Non-controlling interest's share of profit.

Balance sheet

Balance sheet, ZAR thousands. Columns: FY to 28 Feb 2026 — audited financial statements (final status not established), as reported for the year; FY to 28 Feb 2025 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 28 Feb 2026Audited financial statementsreported for the yearFY to 28 Feb 2025Audited financial statementscomparative in FY to 28 Feb 2026 filing
Investment property (excluding straight-lining) 21,206,418 24,437,171
Straight-lining lease income accrual1 1,480,912 1,412,013
Deferred tax asset –2 6
Other financial assets3 2,953 38,901
Trade and other receivables4 195 30,349
Loan receivable5 72,024 83,356
Property, plant and equipment 29,573 40,354
Non-current assets (unlabelled subtotal) 22,792,075 26,042,150
Trading property6 955,217 900,856
Trade and other receivables 477,635 1,038,175
Other financial assets3 61,998 62,081
Loan receivable5 5,392 11,651
Cash and cash equivalents 2,081,114 1,527,169
Current assets (unlabelled subtotal) 3,581,356 3,539,932
Assets held-for-sale7 5,026,899 960,330
TOTAL ASSETS 31,400,330 30,542,412
Stated capital 13,549,132 12,964,573
Accumulated profit/(loss) 296,446 (208,129)
Foreign currency translation reserve8 604,450 977,073
Share-based payment reserve9 23,358 38,431
TOTAL ATTRIBUTABLE TO OWNERS 14,473,386 13,771,948
Non-controlling interest 3,989,913 3,785,154
TOTAL EQUITY AND RESERVES 18,463,299 17,557,102
Loans and borrowings 6,142,107 10,304,627
Financial guarantees10 10,000 10,000
Other financial liabilities11 59,000 27,286
Deferred tax liability –12 198,209
Other payables13 84,708 84,017
Non-current liabilities (unlabelled subtotal) 6,295,815 10,624,139
Loans and borrowings 3,721,842 1,529,250
Trade and other payables 376,294 814,043
Current tax payable 8,213 3,462
Other financial liabilities11 49,853 14,416
Current liabilities (unlabelled subtotal) 4,156,202 2,361,171
Liabilities held-for-sale14 2,485,014 –15
TOTAL LIABILITIES 12,937,031 12,985,310
TOTAL EQUITY AND LIABILITIES 31,400,330 30,542,412
  1. Printed “—”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “—”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  3. Printed “—”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (12)
  1. “Straight-lining lease income accrual” is an issuer-specific line, not mapped to a shared definition: Note 4.3: accrued straight-line lease income, presented apart from investment property.
  2. “Other financial assets” is an issuer-specific line, not mapped to a shared definition: Note 7.
  3. “Trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Note 11.
  4. “Loan receivable” is an issuer-specific line, not mapped to a shared definition: Note 12.
  5. “Trading property” is an issuer-specific line, not mapped to a shared definition: Note 5: property held for sale in the ordinary course (inventory).
  6. “Assets held-for-sale” is an issuer-specific line, not mapped to a shared definition: Note 26.
  7. “Foreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: Foreign currency translation reserve.
  8. “Share-based payment reserve” is an issuer-specific line, not mapped to a shared definition: Note 14.
  9. “Financial guarantees” is an issuer-specific line, not mapped to a shared definition: Note 7.3.4: financial guarantee liabilities (non-current).
  10. “Other financial liabilities” is an issuer-specific line, not mapped to a shared definition: Note 7.
  11. “Other payables” is an issuer-specific line, not mapped to a shared definition: Note 16.
  12. “Liabilities held-for-sale” is an issuer-specific line, not mapped to a shared definition: Note 26.1.

Cash flow

Cash flow, ZAR thousands. Columns: FY to 28 Feb 2026 — audited financial statements (final status not established), as reported for the year; FY to 28 Feb 2025 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 28 Feb 2026Audited financial statementsreported for the yearFY to 28 Feb 2025Audited financial statementscomparative in FY to 28 Feb 2026 filing
Cash generated from operations 1,700,535 1,549,187
Finance cost paid (869,600) (821,016)
Finance income received 355,993 247,986
Tax paid (10,185) (7,863)
Dividends paid (1,441,970) (1,268,671)
NET CASH FLOWS UTILISED BY OPERATING ACTIVITIES (265,227) (300,377)
Acquisition of investment properties1 (129,817) (142,289)
Development of investment properties2 (610,918) (1,232,017)
Finance cost paid capitalised to investment properties3 (110,074) (257,503)
subsidiaries (net of costs)4 350,572 1,997,808
Purchases of current financial assets15 (8,268,338) (2,950,840)
Proceeds on divestment of current financial assets16 8,268,338 2,950,840
Proceeds from loan receivable7 12,000 –8
Loans advanced9 (549) –8
Proceeds from disposal of property, plant and equipment 35 2,206
Purchase and development of property, plant and equipment (289) (10,999)
BY INVESTING ACTIVITIES (489,040) 357,206
Share issue costs (paid)/refunded10 (961) 318
Proceeds from shares issued for cash11 712,417 –12
programme13 –12 696,129
Repurchase of shares14 (132,932) –12
Repayment of lease liability (8,717) (11,336)
Proceeds from borrowings 4,198,241 8,153,508
Repayment of borrowings (3,433,303) (7,870,848)
FINANCING ACTIVITIES 1,334,745 967,771
Net increase in cash and cash equivalents 580,478 1,024,600
Effect of exchange rate movements on cash and cash equivalents (26,076) 9,316
Cash and cash equivalents at the beginning of the year 1,527,169 493,253
OF THE YEAR 2,081,571 1,527,169
  1. Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “—”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
  1. “Acquisition of investment properties” is an issuer-specific line, not mapped to a shared definition: Investing; note 25.2.
  2. “Development of investment properties” is an issuer-specific line, not mapped to a shared definition: Investing; note 25.3.
  3. “Finance cost paid capitalised to investment properties” is an issuer-specific line, not mapped to a shared definition: Investing; note 22.
  4. “subsidiaries (net of costs)” is an issuer-specific line, not mapped to a shared definition: Investing; note 25.4.
  5. “Purchases of current financial assets1” is an issuer-specific line, not mapped to a shared definition: Investing; note 25.5 (money market funds).
  6. “Proceeds on divestment of current financial assets1” is an issuer-specific line, not mapped to a shared definition: Investing; note 25.5 (money market funds).
  7. “Proceeds from loan receivable” is an issuer-specific line, not mapped to a shared definition: Investing; note 12.1.
  8. “Loans advanced” is an issuer-specific line, not mapped to a shared definition: Investing; note 12.1.
  9. “Share issue costs (paid)/refunded” is an issuer-specific line, not mapped to a shared definition: Financing; note 13.3.
  10. “Proceeds from shares issued for cash” is an issuer-specific line, not mapped to a shared definition: Financing; note 13.3.
  11. “programme” is an issuer-specific line, not mapped to a shared definition: Financing; note 13.3.
  12. “Repurchase of shares” is an issuer-specific line, not mapped to a shared definition: Financing; note 13.3.

Per share and shares

Per share and shares. Columns: FY to 28 Feb 2026 — audited financial statements (final status not established), as reported for the year; FY to 28 Feb 2025 — audited financial statements (final status not established), comparative reported in the audited financial statements for 2026.
Line (as printed) FY to 28 Feb 2026Audited financial statementsreported for the yearFY to 28 Feb 2025Audited financial statementscomparative in FY to 28 Feb 2026 filing
Earnings / (loss) per share (per share)41 1.9452 1.1663
Profit / (loss) attributable to shareholders (ZAR thousands)5 1,631,446 943,550
  1. Printed as 194.5 cents; value converted to ZAR at 100 cents = 1 ZAR.
  2. Printed as 116.6 cents; value converted to ZAR at 100 cents = 1 ZAR.
Notes and alternative reported figures (3)
  1. “Basic earnings per share (cents)”: mapping to a shared definition is uncertain. Basic EPS (cents); diluted EPS is printed separately and differs (193.0 / 115.2), recorded as a native concept.
  2. Earnings / (loss) per share: printed as “Basic earnings per share (cents)”.
  3. Profit / (loss) attributable to shareholders: printed as “OWNERS OF THE PARENT”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
28 Feb 2026 Dividends paid (cash flow statement) Dividends paid (1,441,970) ZAR thousands Audited financial statements, p22
28 Feb 2025 Dividends paid (cash flow statement) Dividends paid (1,268,671) ZAR thousands Audited financial statements, p22

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Equites Property Fund Limited Consolidated Annual Financial Statements for the year ended 28 February 2026

    Year ended 28 February 2026 · Audited financial statements · final status not established

    Audit: PricewaterhouseCoopers Inc., unmodified opinion

    Auditor's sign-off: PricewaterhouseCoopers Inc., Director: P Liedeman, Registered Auditor (typeset)

    Final status: Independent auditor's report of PricewaterhouseCoopers Inc. (Director: P Liedeman, Registered Auditor), unmodified, dated 'Cape Town, South Africa, 13 May 2026' (PDF pp14-18); the firm and director names are typeset and the page states 'Signatures are not included here for security purposes.' (p18 page image): name_printed_unsigned. The directors' responsibility statement says the statements 'were approved by the board of directors on 13 May 2026' (p4, signatures likewise not included).

    Document date
    13 May 2026
    Auditor's report
    13 May 2026
    Board approval
    13 May 2026
    Retrieved by us
    17 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 28 Feb 2026, FY to 28 Feb 2025
    Basis
    consolidated statements · ZAR thousands (printed “R'000”)
    • Income-statement comparatives are headed 'RESTATED' ('Comparatives have been restated to reclassify balances for the effect of the discontinued operation', p21). Dividends paid are presented in operating activities. Cash at the end of the year in the cash-flow statement (2 081 571) includes 457 of cash of the discontinued operation; the statement of financial position prints cash and cash equivalents of 2 081 114 (p22 reconciliation).
    Technical details
    File
    84 pages, with a text layer
    SHA-256
    4ef56496129d3918eebce83135f4fdd986e6b0729581651ee8bf5e6444e5d045
    Entity as printed
    Equites Property Fund Limited and its subsidiaries
    Issuer copy
    retrieved 2026-10-17T13:51:42Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

South Africa country page · Company methodology and coverage