Exemplar REITail has declared a dividend of 64.27 cents per share for the six months ended August 2023 with rental and recovery income (before straight lining adjustments) up 24.4% on the comparative period.
With a core focus on the provision and management of retail services to previously under-serviced regions across South Africa, the REIT’s portfolio currently consists of 26 retail assets with a combined gross lettable area (GLA) of 414 420m2 and an additional 197 630m2 under management.
The dividend distribution represents 100% of distributable income and Exemplar strives to ensure that this is closely matched by cash generated from operations. Since its listing on the JSE in 2018, the company has paid out 100 percent of distributable income in all but one dividend declaration.
Exemplar’s loan-to-value (LTV) remains unchanged at 36.5% with its net asset value (NAV) per share at R14.34. The weighted average anchor trading density has increased by 3.9% and the portfolio vacancy rate is 3.36%.
“These results speak volumes when considering the current economic circumstances as even essential retail tenants are starting to feel the effects of the pressure on consumers,” commented CEO of Exemplar, Jason McCormick.
“The release of these results coincides with an exciting growth period for Exemplar as we look to finalise a potential capital raise and continue on our journey of development and acquisitions within the REIT.”
The company recently broke ground on its next development in the Eastern Cape, Mbhashe Mall in Idutywa. The mall will be a single-level, double-anchored enclosed mall, with its first phase spanning almost 19 000m2.
“With a number of our own developments in the pipeline as well as the potential of several acquisitions, we are confident that Exemplar will continue on its growth trajectory.”