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    Real estate investment trusts
SA Corporate Real Estate Ltd.

SA Corporate Real Estate Ltd.

JJSE:SAC
333.00
ZAC
+3.00
(+0.91%)
985.04BMarket Cap
Mar 12Next Earn
SA Corporate Real Estate Ltd.
JSE:SAC
(Johannesburg Stock Exchange)

Recent

price

333.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
ZAR
0.57
0.59
0.59
0.6
0.71
0.79
0.79
0.85
0.91
0.9
0.82
0.84
0.82
1
1.18
1.13
- -
Revenue per Share
0.41
0.2
0.36
0.58
0.48
0.7
1.07
0.62
0.34
0.09
-0.59
0.25
0.33
0.49
0.26
0.22
- -
Basic EPS, GAAP
-0.21
-0.07
0.03
0.01
-0.08
-0.05
-0.04
-0.03
-0.04
-0.03
0.09
- -
-0.08
0.06
0.03
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
3.41
3.33
3.41
3.66
3.79
4.37
5
5.14
5.1
4.78
4.05
4.05
4.14
4.43
4.49
4.22
4.22
Book Value per Share
3.41
3.33
3.41
3.66
3.76
4.34
4.96
5.11
5.07
4.75
4.01
4.01
4.11
4.4
4.46
4.19
4.19
Tangible Book Value per Share
2,090
2,090
2,066
1,994
1,997
2,034
2,321
2,473
2,531
2,527
2,515
2,515
2,489
2,491
2,486
2,580
2,607
Basic Weighted Avg Shares
1,182
1,235
1,228
1,186
1,409
1,615
1,833
2,114
2,310
2,284
2,062
2,121
2,042
2,480
2,941
2,922
- -
Sales/Revenue/Turnover
65.18
60.92
59.5
58.05
46.53
61.76
62.97
63.13
60.67
56.97
47.53
52.77
50.76
47.45
47.29
45.91
- -
Operating Margin (%)
- -
- -
- -
- -
1
1
2
4
6
12
24
12
12
26
18
21
- -
Depreciation Expense
852
415
737
1,159
967
1,414
2,480
1,526
848
236
-1,494
621
819
1,209
646
564
- -
Net Income, GAAP
2.62
- -
6.35
- -
0.01
- -
0.04
0.24
- -
- -
- -
0.94
0.44
0.62
- -
1.6
- -
Effective Tax Rate (%)
72.07
33.58
59.99
97.72
68.65
87.56
135.29
72.17
36.71
10.32
-72.43
29.27
40.11
48.74
21.96
19.3
- -
Profit Margin (%)
425
264
-249
-21
87
544
-63
489
-1,167
-362
-1,202
84
910
-217
-1,956
1,235
1,235
Working Capital
1,684
1,223
621
1,626
3,101
3,486
3,431
4,666
4,951
6,072
5,595
6,165
6,407
7,523
5,401
8,071
8,071
LT Debt
7,126
6,968
6,973
7,280
7,603
9,981
12,070
13,009
12,861
11,992
10,093
10,066
10,321
11,035
11,161
11,555
11,555
Total Equity
7.22
- -
6.96
- -
6.93
- -
6.09
5.95
- -
- -
- -
3.71
6.27
9.83
- -
5.73
- -
Return on Invested Capital (%)
9.87
- -
10.32
- -
11.84
- -
18.06
10.75
- -
- -
- -
6.71
8.02
10.35
- -
6.42
- -
Return on Capital (%)
12.19
5.89
10.57
16.27
13
16.08
22.49
12.17
6.55
1.89
-13.53
6.16
8.04
11.32
5.82
4.97
- -
Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
3,423
1,865
921
LT Borrowings
5,365
6,230
8,020
LT Finance Leases
36
50
52
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,485
2,593
2,736
Market Capitalization
7,256
8,090
9,850

Working Capital

ZAR

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
2,236
974
2,960
Cash, Cash Equivalents & STI
519
472
185
Accounts Receivable, Net
125
430
91
Inventories
- -
1
1
Total Current Liabilities
4,192
2,608
1,726
Payables & Accruals
- -
- -
- -
ST Debt
3,423
1,865
921
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.89%
2.77%
3.53%
Free Cash Flow
-3,818.18%
-7,556.34%
-109.65%
Net Income, GAAP
-93.49%
-24.26%
-12.67%
Sales/Revenue/Turnover
6.58%
7.71%
-0.63%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
2,480
2024
- -
- -
2,941
2025
- -
- -
2,922

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.49
2024
- -
- -
0.26
2025
- -
- -
0.22

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
- -
2024
- -
- -
- -
2025
- -
- -
- -
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Business
S.A. Corporate Real Estate Limited is a Johannesburg Stock Exchange-listed Real Estate Investment Trust (REIT) specializing in owning and managing a diversified property portfolio. The company’s core products and services include industrial, retail, residential, commercial, and storage property segments. Its portfolio consists of approximately 267 properties, valued at around R18 billion, with a gross lettable area of about 1.7 million square meters, primarily located in South Africa’s major metropolitan centers, including Gauteng, KwaZulu-Natal, and Western Cape, as well as a 50% joint venture interest in Zambian retail and commercial properties. The company serves a broad tenant base comprising large national tenants, government tenants, and franchisees. S.A. Corporate’s retail portfolio specializes in convenience retail and storage facilities; its residential portfolio is managed largely through its subsidiary Afhco Holdings Proprietary Limited, focusing on suburban estates and increasing exposure in this segment. The industrial portfolio is logistics-focused, while commercial assets include a smaller office component. The company’s property management for the traditional portfolio is handled by Broll Property Group (Pty) Ltd. Target markets include both institutional and retail investors seeking diversified property income across Southern Africa. Recent major developments include the acquisition of the Riversands Residential Apartments for R1.671 billion through its subsidiary Afhco, boosting its suburban estate residential portfolio to approximately 67.2%, and internal restructuring of Afhco completed by end of 2024 to streamline operations and align with strategic growth objectives. In 2024, S.A. Corporate also completed a notable merger with Heriot, enhancing scale and portfolio quality. Peresec Prime Brokers acquired an 11.82% stake in mid-2024, signaling increased investor interest. The company continues to expand and optimize its portfolio with strategic acquisitions and asset management initiatives. Founded in 2015 and headquartered in Century City, Cape Town, South Africa, S.A. Corporate Real Estate Limited operates as a leading REIT in the Southern African property market with assets under management exceeding R19 billion. It maintains a focus on long-term income generation through diversified property ownership and active portfolio management, supported by substantial geographic presence and strategic partnerships. The company is listed under the ticker SAC.JO on the JSE.