Exemplar REIT Delivers 20% Dividend Boost and Impressive Financial Growth

Exemplar REIT
  • Exemplar REIT announces a 20% increase in total cash dividend for the year, reaching 141.1 cents per share.
  • Strong financial results: Revenue and operating profit rose by 18.4% and 18.5% respectively.
  • Shareholders to receive a final dividend of 72.40709 cents per share, resulting in a total dividend increase of 20.0% compared to the previous year.

Exemplar Retail Limited, a prominent Real Estate Investment Trust (REIT) specializing in the provision and management of retail services, has announced a remarkable 20% increase in its total cash dividend for the year ended February 28, 2023. The company’s audited financial statements were released concurrently, revealing impressive financial performance and solid growth.

Exemplar’s commitment to delivering retail services to previously underserved regions across five provinces of South Africa has proven highly successful. With a portfolio of 26 retail assets boasting a combined Gross Lettable Area (GLA) of 407,942m², the company has established a strong position in the market.

The financial indicators showcased Exemplar’s robust market standing, with a loan-to-value ratio of 36.3%, reflecting a healthy balance between debt and assets. The interest cover ratio of 4.2 times indicated the company’s ability to comfortably meet interest payments. Moreover, the net asset value (NAV) per share saw a substantial increase of 11.8%, reaching R13.74.

In terms of financial results, Exemplar reported impressive figures for the twelve months ending February 28, 2023. The company’s revenue surged by 18.4% to reach R1,047,495,884. Operating profit and operating profit before operating lease equalization exhibited growth rates of 18.5% and 9.8% respectively. Basic earnings per share experienced a 6.7% increase, while headline earnings per share recorded a significant growth rate of 12.2%.

To reward its shareholders, Exemplar declared a final dividend of 72.40709 cents per share for the six months ended February 28, 2023. When combined with the interim dividend of 68.71483 cents per share, the total dividend for FY2023 amounted to 141.12192 cents per share, reflecting an impressive 20.0% increase compared to the previous year. This dividend payout represents approximately 98.9% of the distributable income for the year.

Shareholders are advised to take note of the following important dates related to the dividend payment:

  • Last date to trade cum dividend: Monday, June 12, 2023
  • Shares trade ex-dividend: Tuesday, June 13, 2023
  • Record date: Thursday, June 15, 2023
  • Payment date: Monday, June 19, 2023

Exemplar, as a REIT, ensures that the dividend meets the requirements of a “qualifying distribution” according to the Income Tax Act. However, South African tax residents should be aware that the dividend received or accrued must be included in their gross income and is not exempt from income tax. Nonetheless, the dividend remains exempt from dividend withholding tax for South African tax resident shareholders.

Non-resident shareholders will also receive the dividend, which will be treated as an ordinary dividend exempt from income tax. However, non-resident shareholders should note that a dividend withholding tax rate of 20% will be applicable, unless reduced by a Double Taxation Agreement (DTA) between South Africa and the shareholder’s country of residence.

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