Half Year 2026 Delta Property Fund Ltd Earnings Call Transcript

Nov 25, 2025 / 10:30 AM GMT

Release Date Price: R0.34 (+6.25%)

Transcript

Key Points

Positve

Delta Property Fund Ltd (JSE:DLT) reported a 72% increase in profit to 50.7 million, driven by lower finance costs and operational cost discipline.
Rental collections improved to 100% from 95.1% in the previous financial year, reflecting strengthened credit control processes.
The company achieved a significant reduction in vacancies from 31.9% to 29.7%, with core asset vacancies down to 18.7%.
Delta Property Fund Ltd (JSE:DLT) has made progress in its disposal strategy, selling 102 million in non-core assets, which has positively impacted its capital structure.
The company's weighted average cost of debt decreased from 11.2% to 10.5%, benefiting from interest rate cuts and ongoing debt amortization.

Negative

Revenue contracted by 0.9% to 578.2 million due to the disposal of assets and temporary vacancies.
Property operating expenses increased by 2.3%, primarily due to electricity and municipal escalations.
The company remains outside covenant thresholds, with a loan-to-value (LTV) ratio of 58.4%, still above the 50% target.
The office sector demand, particularly for B-grade office space, remains subdued due to muted economic growth.
Delta Property Fund Ltd (JSE:DLT) faces challenges with short lease expiry terms, primarily due to government leases being renewed on a twelve-month basis.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DLTJ.J - Delta Property Fund Ltd
Half Year 2026 Delta Property Fund Ltd Earnings Call
Nov 25, 2025 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon ladies and gentlemen. Welcome to Delta Property Fund's results webcast for the six months in the 31 August 2025. Before I hand over to management, please note that there will be a question-and-answer session after the presentation.

You could send through your questions or comments by clicking on the questions tab under the, which is under the top left-hand, which is in the top left-hand side of the screen under the logo.

Not that this presentation will also be available on Delta's website under the Investor relations tab within the next 24 hours, or you can use the same link that you registered on to access the recording. I'll now hand you over to Ms. Boni Masinga, CEO, and Mr. Fikile

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