Rural and township retail specialists, Exemplar REITail, have declared a final dividend of 49.07 cents per share for the year ended 28 February 2021.
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As one of the few in the sector to be paying 100% of its
distributions, Exemplar’s balance sheet remains strong – boasting a gearing
ratio of 38.5%, a corporate interest rate cover ratio of 3.57 times and R292
million in undrawn facilities. The period saw R32,2 million granted to tenants
in rental relief credits and an 83.4% tenant retention rate, with vacancies at
a respectable 5.3%.
While the challenges of FY2021 cannot be denied, the
defensive nature of the Exemplar portfolio (valued at R6,541 billion) and a
dynamic management team have ensured that it remains a top performer in the
property sector.
Further highlights for the Company include a 0.41% increase
in portfolio fair value and the acquisition of the biggest asset in the
portfolio to date – the Mall of Thembisa in Gauteng. The acquisition speaks to
the strength and agility of the Company in a time when the country was, and
still is, facing the threat of the COVID-19 pandemic and feeling its impact on
the South African economy.
Exemplar CEO, Jason McCormick, credits the strength of the
REIT in the most difficult periods of recent history, to the strong foundation
on which it was built.
“Our core market has always been on essential retail. As
landlords in the niche sector of rural and township retail, over 50% of our
tenant base is considered essential services and were thus able to trade when
the rest of the industry could not. This factor alone is not what ensured our
buoyancy – the strength and agility of our team members, the in-depth knowledge
we have of our market and the trust that our communities bestow on our centres
all contributed to the overall robust nature of our results.”
Exemplar follows a hands-on approach to asset management and
is confident that it will continue to deliver long term growth for its
shareholders.
“With a solid portfolio of defensive assets, a strong
pipeline of acquisition opportunities and an incredible team managing them, we
expect the portfolio to continue to grow from strength to strength in the years
to come,” concludes Jason.
04 Nov 2024
31 Oct 2024
02 Oct 2024
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