Exemplar REITail has declared a dividend of 141.1 cents per share for the full year ended February 2023, an interim dividend of 68.7 cents per share for the six months ended August 2022 and a final dividend of 72.40 cents per share for the period which represents a 20% increase on the prior year.
“The Exemplar portfolio continues to strengthen despite the current market challenges,” comments CEO of Exemplar Jason McCormick. “We remain confident in the potential of our portfolio and in our team’s ability to manage it.”
The REIT’s loan-to-value (LTV) sits comfortably at 36.3% with its net asset value (NAV) per share at R13.74, a 18.8% increase when compared to FY2022. The company achieved an average rental escalation of 5.1% for the period.
Vacancies in its portfolio were at 3.35% at yearend with its rental through-rate having increased to R155.95 per square metre. Rental income and recoveries increased by 14.2% with anchor trading densities having increased by 8.8% to R4 725 per square metre.
The company’s continued focus on solar installations throughout the portfolio has helped to keep net property operating cost increase at just 5.7%. Approximately 24.7% of its total electricity consumption is generated by rooftop PV systems across nineteen assets with further enhancements to the systems planned for FY2024.
Notable activities over the past twelve months include the acquisition of the remaining interest in the Mall of Thembisa in Thembisa, Gauteng as well as a 50% undivided share in the recently opened Mamelodi Square in the same province. In addition, the first two Exemplar-funded developments opened in the Eastern Cape, Bizana Walk and KwaBhaca Mall.
“We have no doubt that these assets will continue to strengthen the portfolio and look forward to reporting on their progress in the future,” says Jason.
“Our key focus areas remain the continued strengthening of our balance sheet, further reducing our reliance on municipal utilities and closing out a number of development and acquisition opportunities currently on the table.”