Rural and township retail experts, Exemplar REITail have declared an interim dividend of 68.71483 cents per share (cps) for the period ended 31 August 2022.
The dividend is an increase of 51.5% on the comparative period and sees 97.9% of distributable income being distributed.
Additional highlights for the six months to August include an 8.54% increase in the weighted average anchor trading densities, to R4 714 per square meter and a 6.4% increase in basic rental. The LTV ratio is at a comfortable 34.8% with NAV per share at R12,60.
“These results are reflective of the stability of the Exemplar portfolio and the potential it holds for prospective shareholders as we look to increase liquidity to accelerate our next phase of growth,” explains CEO of Exemplar, Jason McCormick. “We remain confident in the strength of the township and rural retail space.”
Exemplar has expanded its focus on the acquisition, ownership and management of assets in this space to encompass development. The real estate investment trust opened KwaBhaca Mall in Mt Frere, Eastern Cape, at the end of October 2022. It is the first asset to be developed within the REIT and spans 18 829sqm. The double-level mall is the first of two developments undertaken by Exemplar, with Bizana Walk, also in the Eastern Cape, expected to open before the end of the year.
“We are confident that the move to develop carefully selected assets within Exemplar, along with our continued focus on the roll-out of environmentally responsible practices such as wastewater management and rooftop solar PV systems within our existing portfolio will continue to provide solid results and market-leading dividend distributions,” ends Jason.