Rural and township retail development experts, Exemplar REITail, have released their financial results for the year ended 29 February 2024.
With an interim dividend of 64,2 cents per share (cps) for the six months ended 31 August 2023 and the final distribution of 74,6 cps, the full year distribution is 138,9 cps.
The company's performance is outstanding considering the current financial environment, with significant growth reported in several key areas.
"We are thrilled to report another year of strong results," says Exemplar CEO, Jason McCormick. "Our focus remains on expanding the portfolio while maintaining reasonable gearing levels and we are excited about the prospects that lie ahead."
Before lease straight-lining adjustments and fair value charges, net property income is up 14.9% with LTV at a comfortable 36.5% and an average rental escalation of 4.1% for the period. The portfolio vacancy rate is 3.51% and the rental through-rate has increased to R162,35 per square metre. Rental income and recoveries increased by 17.6% and anchor trading densities have increased by 2.6% to R4 847 per square metre.
Despite some volatility in distributions from year-to-year, almost entirely as a consequence of Covid-19 and the riots, there is a clear trend in Exemplar’s performance. The compound annual growth rate (CAGR) in distributions since FY2020 is 10.77% and the Net Asset Value (NAV) per share is 7.54% - an effective annual total return of 18.31%.
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 R8,65 billion.
Visit Investor Relations - Exemplar (exemplarreit.co.za) for the full set of results.
