Exemplar REITail has released its FY22 interim results for the period ended 31 August 2021.
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On the back of a tumultuous year that included the July 2021
riots and the long-term impact of the global pandemic on the local economy,
Exemplar declared an interim dividend of 45.34 cents per share – an increase of
26.08% on the corresponding period.
Rental and recovery income for the corresponding period has
grown by 25.83%. On a like-for-like basis, contractual basic rental
income increased by 5.79%, with expected tenant retention in excess of 80% for
the full year. A positive escalation rate of 1.75% has thus far been achieved
on renewals concluded in the period.
Exemplar is a market leading developer, owner and manager of
township and rural retail space across five provinces in South Africa. The fund
internally manages in excess of 450 000sqm of GLA and is currently
developing a further 27 000sqm retail in the Eastern Cape.
Exemplar’s interim results are all the more impressive when
viewed against the backdrop of the unrest in July that affected a quarter of
the GLA within the group’s portfolio. 5 of Exemplar’s 23 assets, including 334
stores totalling 110 000sqm GLA were damaged or destroyed.
At the time of writing, a total of 53 817sqm GLA has been
rebuilt and handed back to tenants with 100% of tenants at 4 of these malls
expected to be trading by December again.
“24.4% of our total GLA was impacted by the riots,” explains
CEO of Exemplar, Jason McCormick. “Despite this we have seen a phenomenal
growth of over 26% in our distribution against the same period last year. This
is indicative of the immense strength and relevance of the Exemplar portfolio
as well as a testament to our incredible people who toiled relentlessly to get
our damaged assets operational again. It is on the back of these results
that we reaffirm our commitment to providing convenient retail opportunities to
the most under-serviced areas and communities of South Africa.”
The period under review also saw an addition to the Exemplar
board with the appointment of Ms. Nonyameko Mandindi (‘Nyami’) as an
independent non-executive director in July.
04 Nov 2024
31 Oct 2024
02 Oct 2024
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