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Unaudited condensed consolidated financial statements for the six months ended 31 December 2021
HERIOT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/167697/06)
(Approved as a REIT by the JSE)
JSE share code: HET ISIN: ZAE000246740
("Heriot" or "the company" or "the group")
SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2021
NATURE OF BUSINESS
Heriot, a property holding and investment company listed in the "Diversified REITs" sector on the Alternative
Exchange of the JSE Limited ("JSE"), is invested in industrial, retail, office, residential and specialised
properties valued at R4,5 billion and situated in areas with high growth potential. The group's primary
objective is to develop or acquire yield-enhancing assets within South Africa to create a stable and diverse
portfolio of assets for the purposes of generating secure and escalating net rental income.
KEY FINANCIAL HIGHLIGHTS
Unaudited for Unaudited for
the 6 months the 6 months
ended ended
31 Dec 2021 31 Dec 2020 Change %
Dividend per share (cents) 50.42 43.84 15.0%
Total assets (R'm) 5,263 4,827 9.0%
Net asset value per share (cents) 1,166.61 1,096.23 6.4%
Gross revenue (R'm) 282 236 19.5%
Net profit after taxation (R'm) 186 87 113.8%
Earnings per share (cents) 70.94 32.41 118.9%
Headline earnings per share (cents) 49.50 39.05 26.8%
PAYMENT OF FINAL DIVIDEND
The board of directors of Heriot ("board") has declared a final gross cash dividend of 50.42000 cents per
share, for the six months ended 31 December 2021, out of the company’s distributable income.
The dividend is payable to Heriot shareholders in accordance with the timetable set out below:
2022
Last date to trade cum dividend Tuesday, 15 March
Shares trade ex dividend Wednesday, 16 March
Record date Friday, 18 March
Payment date Tuesday, 22 March
Share certificates may not be dematerialised or rematerialised between Wednesday, 16 March 2022 and Friday,
18 March 2022, both days inclusive. The dividend will be transferred to dematerialised shareholders'
CSDP/broker accounts on Tuesday, 22 March 2022. Certificated shareholders’ dividend payments will be paid
to certificated shareholders' bank accounts on or about, Tuesday, 22 March 2022.
In accordance with Heriot’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 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, 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 40,33600 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) 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 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, 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 the dividend: 255,395,858 (excluding 900,000 treasury shares)
Heriot's income tax reference number: 9541295185
Where the transfer secretaries do not have the banking details of any certificated shareholders, the cash
dividend will be held in trust by the transfer secretaries pending receipt of the relevant certificated
shareholder's banking details where after the cash dividend will be paid via electronic transfer into the personal
bank accounts of certificated shareholders.
This short-form announcement is the responsibility of the directors of Heriot and the contents were approved
by the board on 24 February 2022. This short-form announcement is a only summary of the full announcement
released on SENS on 24 February 2022 and does not include full or complete details. Any investment decisions
by investors and/or shareholders should be based on consideration of the full announcement published in SENS
and on Heriot's website as a whole. The short-form announcement has not been audited or reviewed by the
company’s external auditors.
The full announcement is available on the company's website at:
http://heriot.co.za/results-announcements.php.
The full announcement can also be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2022/jse/isse/HETE/HY2021.pdf
The full announcement is available for inspection at the registered offices of the company or its sponsor, at no
charge, during office hours from Thursday, 24 February 2022 to Thursday, 3 March 2022. Any investment
decision should be based on the full announcement available on the company's website.
By order of the Board
24 February 2022
COMPANY SECRETARY
CIS Company Secretaries Proprietary Limited
REGISTERED OFFICE
Suite 1, Ground Floor, 3 Melrose Boulevard, Melrose Arch, Johannesburg, 2196
PO Box 652737, Benmore, 2010
DIRECTORS
SB Herring (Chairperson)*, RL Herring (CEO), JA Finn (CFO), SJ Blieden*†, T Cohen*†, R Lockhart-
Ross*† NA Ngale*†
*Non-executive †Independent
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
DESIGNATED ADVISOR
Java Capital
6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Date: 24-02-2022 04:40:00
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