Wrap Text
Short Form Ann: Unaudited Results for the Nine Months Ended 30 September 2022 & Declaration of Cash Dividend #3
AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
(“aReit Prop” or “the Company”)
ISIN Code: ZAE000306585 | JSE Code: APO
SHORT FORM ANNOUNCEMENT
UNAUDITED RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022 AND
DECLARATION OF CASH DIVIDEND NUMBER 3
Salient Features
Comparative information has not been presented as the Company only commenced trading with effect
from 1 January 2022:
Quarter Cumulative
30 September 30 September
2022 2022
Unaudited Unaudited
R R
Revenue 24 973 561 57 700 103
Operating profit 24 630 681 56 607 069
Distributable profit 9 647 120 29 994 785
Cents
Headline earnings per share 56.61 31.98
Earnings per share 56.61 31.98
Dividend paid per share (cents) 9.64 20.34
Net Asset Value Per Share (cents) 950.2 935.2
A dividend of 9.65 cents per share has been declared as detailed further below.
Short-Form Announcement
The short-form announcement is the responsibility of the directors and is only a summary of information in
the full announcement which is available on the Company’s website at www.areitprop.co.za/sens/. This
announcement does not contain full or complete details and any investment decisions by investors
and/or shareholders should be based on consideration of the full announcement published SENS
available on:
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/APOE/APOQ32022.pdf
Copies of the full announcement may also be requested at the Company’s registered office and at the
offices of the sponsor, at no charge, during office hours. Any investment decision should be based on the
full announcement, which stakeholders are encouraged to view, and released on SENS on 28 October
2022 and published on the Company's website at www.areitprop.co.za as a whole, copies of which may
be requested at the Company's registered office, and the offices of the Sponsors, AcaciaCap Advisors,
at no charge.
DIVIDEND DECLARATION
The Board is pleased to declare a third Interim dividend (Dividend Number 3) of 9.6471 cents per share
(Q2: 9.64239 cents per share and Q1: 10.70525 cents per share), which amounts to 100% of distributable
profit. The dividend is declared out of distributable reserves of the Group.
As the Company has REIT status, 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), as
amended, (“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.
aReit Prop’s tax reference number is 9961778173. The number of ordinary shares which will be eligible for
the dividend at the declaration date is 100 000 000.
The salient dates for the dividend will be as follows:
Details 2022
Last date to trade “cum? dividend Monday, 12 December
Shares commence trading ”ex” dividend Tuesday 13 November
Record date (date shareholders recorded in share register) Thursday, 15 December
Payment date Monday, 19 December
Shareholders may not dematerialise or rematerialise their share certificates between Tuesday,
13 December 2022 and Thursday, 15 December 2022, both dates inclusive.
TAX IMPLICATIONS
South African tax residents
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 exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because
it is a dividend distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident
Shareholders, provided that the South African resident Shareholders provide the following forms to the
CSDP or broker in respect of uncertificated shares, or to the company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the company, should the circumstances
affecting the exemption change or the beneficial owner cease 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 to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
Non-resident Shareholders
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. Since 1 January 2014, any dividend 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 concerned. Assuming dividend withholding tax will be
withheld at a rate of 20%, the net dividend amount due to non-resident Shareholders is 7.7177 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 form to their CSDP or broker 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 DTA; and
b) a written undertaking to inform their CSDP, broker or the company, should the circumstances
affecting the reduced rate change or the beneficial owner cease 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 to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
PROSPECTS
aReit Prop’s business strategy is to invest in yield-enhancing assets and areas that offer consistent, long-
term rental growth. The asset and property management function are carried out internally by aReit
Prop’s experienced management team with a view to extracting maximum value from each property.
There is no intention to gear the existing leasehold properties.
With a secure minimum rental income, upside potential with variable income, a strong balance sheet
and no gearing, aReit Prop has a solid base that will provide the ability to invest in various real estate
sectors both locally and internationally through further property acquisitions. The Group expects that it
will be able to add significantly to its property portfolio on a yield-enhancing basis for its investors over
time.
BY ORDER OF THE BOARD
Cape Town
28 October 2022
Sponsor
Date: 28-10-2022 03:50:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
