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Unaudited consolidated interim results for the six months ended 31 August 2023 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")
UNAUDITED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2023 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 420m2.
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 Change 28 February
2023 2022 % 2023
Revenue (R'000) 581 523 498 098 16.75 1 047 495
Profit from operations (R'000) 345 833 414 138 (16.49) 696 944
Profit from operations before operating
lease equalisation (R'000) 344 094 382 271 (9.99) 655 873
Basic earnings per share (cents) 108,69 99,89 8.81 293,52
Headline earnings per share (cents) 48,62 99,89 (57.33) 141,53
Diluted earnings per share (cents) 105,56 98,17 7.53 288,46
Diluted headline earnings per share (cents) 47,22 98,17 (51.90) 139,09
Net asset value per share (Rand) 14,34 12,60 13.81 13,74
Interim dividend per share (cents) 64,27220 68,71483 (6.47) 68,71483
Final dividend per share (cents) N/A N/A N/A 72,40709
Declaration of dividend for the six months ended 31 August 2023
The board of directors of Exemplar ("the Board") has approved an interim dividend of 64.27220
cents per share for the six months ended 31 August 2023, which will be paid to shareholders in
accordance with the timetable set out below:
Last date to trade cum dividend Tuesday, 21 November 2023
Shares trade ex dividend Wednesday, 22 November 2023
Record date Friday, 24 November 2023
Payment date Monday, 27 November 2023
Share certificates may not be dematerialised or rematerialised between Wednesday,
22 November 2023 and Friday, 24 November 2023, both days inclusive. The dividend will be
transferred to dematerialised shareholders' CSDP/broker accounts on Monday, 27 November 2023.
Certificated shareholders' dividend payments will be paid to certificated shareholders' bank
accounts on or about Monday, 27 November 2023.
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 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
51.41776 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 above-mentioned 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 6 November 2023 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/2023/jse/isse/expe/HY2024.pdf as well as via Exemplar's
website: https://exemplarreit.co.za/UIR/UnauditedResultsfor6monthsended31Aug2023.pdf.
The full announcement is available for inspection at the registered office of the Company (Sokatumi
Estate, Corner Lyttelton Road and Leyden 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, 6 November 2023 to Thursday, 16 November 2023.
6 November 2023
Approved as a REIT by the JSE
Executive directors Jason McCormick (CEO) DA Church (CFO) John McCormick (Executive Director)
Non-executive directors FM Berkeley (Chairman), PJ Katzenellenbogen (Lead independent director),
GVC Azzopardi, N Mandindi, EP Maponya
Company Secretary A Booysen BA(Hons)LLB LLM
Registered Office Sokatumi Estate, Cnr Lyttelton Road and Leyden Avenue, Clubview, Centurion,
0157, PO Box 12169, Clubview, 0014
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: 06-11-2023 09:30:00
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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.
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