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Unaudited condensed consolidated interim results for the six months ended 31 August 2024 and declaration of dividend
EXEMPLAR REITAIL LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2018/022591/06
JSE share code: EXP
ISIN: ZAE000257549
LEI: 3789000558287E37F130
Approved as a REIT by the JSE
("Exemplar" or "the Company")
SHORT-FORM ANNOUNCEMENT:
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2024
AND DECLARATION OF DIVIDEND
NATURE OF BUSINESS
Exemplar is a listed Real Estate Investment Trust ("REIT") whose core focus is the
provision and management of retail services to previously under-serviced regions across
five provinces of South Africa. There are currently 26 retail assets in the portfolio with a
combined GLA of 414 555m2. We are the only South African fund focused exclusively on
rural and township retail. We target sustainable rental levels, operational cost management
and viable development models in the pursuit of sustainable dividend growth.
KEY FINANCIAL INFORMATION
Unaudited Unaudited Audited
for the for the for the
6 months 6 months 12 months
ended ended ended
31 August 31 August 29 February
2024 2023 Change 2024
Revenue (R'000) 638 471 581 523 9.79% 1 219 692
Net property income (R'000) 408 187 363 965 12.15% 784 148
Net property income before operating lease
equalisation (R'000) 402 394 362 226 11.09% 774 502
Basic earnings per share (cents) 111.99 108.69 3.03% 213.27
Headline earnings per share (cents) 62.47 48.62 28.48% 113.50
Diluted earnings per share (cents) 108.78 105.56 3.05% 207.16
Diluted headline earnings per share (cents) 60.68 47.22 28.50% 110.25
Net asset value per share (Rand) 15.26 14.34 6.43% 14.75
Interim dividend per share (cents) 70.24654 64.27220 9.30% 64.27220
Final dividend per share (cents) N/A N/A N/A 57.03275
Return of contributed tax capital (cents) N/A N/A N/A 17.63150
DECLARATION OF DIVIDEND FOR THE SIX MONTHS ENDED 31 AUGUST 2024
The board of directors of Exemplar (the "Board") has approved an interim dividend of
70.24654 cents per share for the six months ended 31 August 2024 which will be paid to
shareholders in accordance with the timetable set out below:
Last date to trade cum dividend Tuesday, 19 November 2024
Shares trade ex-dividend Wednesday, 20 November 2024
Record date Friday, 22 November 2024
Payment date Monday, 25 November 2024
Share certificates may not be dematerialised or rematerialised between Wednesday,
20 November 2024 and Friday, 22 November 2024, both days inclusive. The dividend
will be transferred to dematerialised shareholders' CSDP/broker accounts on Monday,
25 November 2024. Certificated shareholders' dividend payments will be paid to certificated
shareholders' bank accounts on or about Monday, 25 November 2024.
In accordance with Exemplar's status as a REIT, shareholders are advised that the dividend
meets the requirements of a "qualifying distribution" for the purposes of section 25BB of
the Income Tax Act, No. 58 of 1962 ("Income Tax Act"). The dividend on the shares will be
deemed to be a dividend, for South African tax purposes, in terms of section 25BB of the
Income Tax Act.
The dividend received by or accrued to South African tax residents must be included
in the gross income of such shareholders and will not be exempt from income tax (in
terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of
section 10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. This
dividend is, however, exempt from dividend withholding tax in the hands of South African tax
resident shareholders, provided that such shareholders provide the following forms to their
Central Securities Depository Participant ("CSDP") or broker, as the case may be, in respect
of uncertificated shares, or the Company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the Company, as the case may
be, should the circumstances affecting the exemption change or the beneficial owner
ceases to be the beneficial owner;
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the Company, as the case may
be, to arrange for the abovementioned documents to be submitted prior to payment of the
dividend, if such documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as an ordinary dividend which is exempt from income tax in terms of the
general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Any distribution
received by a non-resident from a REIT will be subject to dividend withholding tax at 20%,
unless the rate is reduced in terms of any applicable agreement for the avoidance of double
taxation ("DTA") between South Africa and the country of residence of the shareholder.
Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend
amount due to non-resident shareholders is 56.19723 cents per share. A reduced dividend
withholding rate in terms of the applicable DTA may only be relied on if the non-resident
shareholder has provided the following forms to their CSDP or broker, as the case may be, in
respect of uncertificated shares, or the Company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application
of a DTA; and
b) a written undertaking to inform their CSDP, broker or the Company, as the case may be,
should the circumstances affecting the reduced rate change or the beneficial owner
ceases to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the Company, as
the case may be, to arrange for the abovementioned documents to be submitted prior to
payment of the dividend if such documents have not already been submitted, if applicable.
Shares in issue at the date of declaration of the dividend: 332 290 686
Exemplar income tax reference number: 9727063175
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the Board. It is a summary of the full
announcement released on SENS on 4 November 2024 and does not contain all the details
of the full announcement. Any investment decisions by investors and/or shareholders
should be based on consideration of the full announcement published on SENS and the
issuer's website as a whole.
The full announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2024/jse/isse/expe/HY2025.pdf as well as via Exemplar's website.
(https://exemplarreit.co.za/UIR/EXPHY2025.pdf).
The full announcement is available for inspection at the registered office of the Company,
204 Von Willich Avenue, Clubview, Centurion, 0157, and the office of the sponsor,
Java Capital 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196 at no charge during normal
business hours from Monday, 4 November 2024 to Thursday, 14 November 2024.
By order of the Board
4 November 2024
Executive directors Jason McCormick (CEO), DA Church (CFO), John McCormick (Executive director)
Non-executive directors FM Berkeley (Chair), PJ Katzenellenbogen (Lead independent director), GVC Azzopardi, N Mandindi, EP Maponya
Company Secretary A Booysen BA (Hons) LLB LLM
Registered Office 204 Von Willich Avenue, Clubview, Centurion, 0157
Transfer Secretaries Computershare Investor Services Proprietary Limited, Rosebank Towers,
15 Biermann Avenue, Rosebank, Johannesburg, 2196,
PO Box 61051, Marshalltown, 2107
Auditor BDO South Africa Incorporated
Sponsor Java Capital
Date: 04-11-2024 09:30:00
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