Attacq - FY24 distributable income outperforms
Attacq is a diversified real estate investment trust (REIT), which generates revenue from a ZAR22.9bn investment property portfolio made up of shopping centres, collaboration hubs (offices), logistics, hotels and data centres in South Africa. It also taps into its huge land bank and 1.4 million sqm of bulk with development rights in various sectors to build residential properties for sale. Attacq’s gross revenue for FY24 increased 6.9% to ZAR2.6bn, largely bolstered by rental income growth of 8.8% to ZAR2.5bn. Distributable income per share (DIPS) came in at 86.2c, up 19.9% y-o-y, above management’s previous guidance. Attacq has provided DIPS guidance of 103.4c for FY25, which implies an 82.7c dividend per share, given the 80% payout ratio. The stock is trading at a price to NAV multiple of 0.7x, with a dividend yield of 5.3% and a shareholder yield of 31.8% (sum of dividend yield, share buyback yield and net debt repayment yield). The share buyback and net debt repayment yields are 0.6% and 25.9%, respectively, although the shareholder yield has benefited from asset sales.Attacq Limited is a capital growth property company. The Company operates through eight segments: Office and mixed-use properties, Retail properties, Light industrial properties, Hotels, Vacant land and infrastructure, Developments under construction, International investments and Head office/other. Its business has two focus areas: Investments and Developments. Its Investments consist of completed buildings held directly or indirectly. Its Developments consist of greenfields development of land, or brownfields development by refurbishment of existing buildings. It has a portfolio of properties and investments in sub-Saharan Africa, western, central and eastern Europe. Its property portfolio includes Andringa Walk, Garden Route Mall, Glenfair Boulevard, MooiRivier Mall, Waterfall Corner, Brooklyn Bridge Office Park, Group Five, Lynnwood Bridge, Newtown Nedbank, Novartis, City Lodge-Lynnwood, City Lodge-Newtown, Angel Shack, Medtronic, Servest and Westcon.
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