Despite a challenging year that has seen the retail sector facing unprecedented headwinds, Exemplar REITail has released a healthy set of interim results for the period ended 31 August 2020.
SHARE
Exemplar currently owns a portfolio of 22 retail assets
across five provinces, exclusively in the township and rural retail sector. As
a result of the location of these assets, a number of tenants within the
portfolio are deemed as ‘essential services’ and were thus able to trade
throughout the lockdown period.
“While these are not the results we anticipated, we are
still immensely proud of what the company has achieved in this difficult
economic environment,” explains CEO of Exemplar, Jason McCormick.
“No-one could have predicted the challenges we would have to
face in 2020 but we have managed to maintain the growth of the portfolio and
ensure the job security of our employees.”
The company has declared a distribution of R116.9 million
for the 6 months ended 31 August 2020, equating to 35.96 cents per share.
The REIT has provided rental assistance to the value of R28.5 million and
anticipates that vacancies will be at a comfortable 3.4% by the 2020 Festive
Season.
“The final quarter of the year holds a number of
opportunities for us as we will be acquiring a 50.1% stake in the newly
developed Mall of Thembisa. While the deal is still subject to JSE and
Competition Commission approval, we are confident that this will be a
phenomenal addition to the Exemplar portfolio.”
The commencement of construction of Mt Frere Mall, a
green-fields development in the Eastern Cape, marks the evolution of Exemplar’s
acquisition strategy. “Whilst our initial strategy was to only acquire
completed, income-producing properties, this project sees our involvement from
the development stage, with the view to delivering greater returns for our
shareholders,” ends Jason.
04 Nov 2024
31 Oct 2024
02 Oct 2024
quick links to other articles
2024
November (1)
October (2)
September (2)
July (1)
May (1)
2023
November (2)
October (1)
August (1)
June (1)
May (1)
March (1)
2022
November (1)
October (1)
August (2)
May (2)
February (1)
2021
2020
2019
SHARE
Investor Relations