Spear REIT Ltd
(JSE:SEA)
R
12.7
(0%)
Market Cap: 6.51 Bil
Enterprise Value: 8.17 Bil
PE Ratio: 6.16
PB Ratio: 0.98
GF Score: 70/100 
Half Year 2026 Spear REIT Ltd Earnings Call (In Person and Virtual Presentation) Transcript
Oct 20, 2025 / 09:00AM GMT
Release Date Price:
R11.14
(+1.55%)
Key Points
Positve
- Spear REIT Ltd (JSE:SEA) achieved a 5.21% growth in distributable income per share for the interim period, surpassing the midpoint of their forecast.
- The company reported a positive core portfolio rent reversion of 1.31% and increased their weighted average lease escalation to 7.31%.
- Spear REIT Ltd (JSE:SEA) maintained a high occupancy rate of 95.05%, with expectations for further improvement in the second half of the year.
- The company has a robust growth pipeline, with ZAR300 million worth of potential acquisition opportunities and a healthy development pipeline of around 90,000 square meters.
- Spear REIT Ltd (JSE:SEA) successfully raised ZAR749 million of new equity, maintaining a strong balance sheet with a low loan-to-value (LTV) ratio of 13.85%.
Negative
- The company faced challenges with a negative like-for-like net operating income (NOI) growth of 1.25%, attributed to planned vacancies for asbestos replacement.
- Spear REIT Ltd (JSE:SEA) experienced a slight decline in tangible net asset value (TNAV) due to the capital raise, despite fair value adjustments.
- The cost-to-income ratio was relatively high at 45.61%, influenced by winter tariffs that cannot be fully recovered from tenants.
- The company reported negative reversions in some areas, such as a negative 3.81% in the retail sector due to specific vacates.
- Spear REIT Ltd (JSE:SEA) is facing potential challenges from rising electricity costs, load shedding risks, and increasing ESG demands.
Quintin Rossi
Spear REIT Ltd - Chief Executive Officer, Executive Director
Great. Well, good morning, everyone. I'd like to extend a warm welcome from beautiful Cape Town, for those that are joining us in person today, we appreciate taking the time to be here. And for those that are joining us via Spear's YouTube channel, we also appreciate the time you've taken to join this morning. Also I'd like to also extend a warm welcome to our -- some of our Board members that have joined us on today's presentation.
And yes, we're going to kick off with Spear's Interim Results Presentation for the FY 2026 financial year. I must say that the first half of the year has
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