Exemplar REITail has declared a dividend of 141,1 cents per share (cps) for the full year ended 28 February 2023.
Together with an interim dividend of 68,7 cps for the six months ended 31 August 2022, the final dividend of 72,4 cps for the period represents a 20.0% increase on the prior year.
“The Exemplar portfolio continues to strengthen despite the current market challenges,” says CEO of Exemplar Jason McCormick. “We remain confident in the potential of our portfolio and in our team’s ability to manage it.”
Exemplar’s LTV is at a comfortable 36.3% with NAV per share at R13,74, an increase of 18.8% when compared to FY2022. An average rental escalation of 5.1% has been achieved for the period.
Vacancies in the portfolio were at 3.35% at year end and the rental through-rate has increased to R155,95 per square metre. Rental income and recoveries increased by 14.2% and anchor trading densities have increased by 8.8% to R4 725 per square metre.
The continued focus on solar installations throughout the portfolio has helped to keep net property operating cost increases at just 5.7%. Approximately 24.7% of the company’s total electricity consumption is generated by rooftop PV systems across 19 assets with further enhancements to the systems planned for FY2024.
Notable activities over the past 12 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,” ends Jason.
Exemplar is a real estate investment trust (REIT) with a niche focus on rural and township retail real estate within South Africa. The Group’s portfolio consists of 26 assets across five provinces with a fair value of R8,24 billion.