Exemplar REITail posts industry leading FY2024 results

Mabopane Square.

Exemplar REITail has published its financial results for the year ended February 2024, declaring an interim dividend of 64.20 cents per share for the six months ended August 2023 and a final distribution of 74.60 cents per share with its full distribution 138.90 cents per share.

We are thrilled to report another year of strong results,” says Exemplar CEO, Jason McCormick. “Our focus remains on expanding the portfolio while maintaining reasonable gearing levels and we are excited about the prospects that lie ahead.”

Before lease straight-lining adjustments and fair value changes, net property income (NOI) increased 14.9% with the Group’s loan-to-value (LTV) at 36.5% and an average rental escalation of 4.1% for the period. Exemplar’s portfolio vacancy is 3.51% with its rental through-rate having increased to R162.35 per square metre. Rental income and recoveries increased by 17.6% with anchor trading densities having increased by 2.6% to R4 847 per square meter.

Despite volatility in distributions from year-to-year, mainly due to Covid-19 and the riots, its compound annual growth rate (CAGR) in distributions since FY2020 is 10.77% with its net asset value (NAV) per share 7.54% – an effective annual total return of 18.31%.