Exemplar REITail announces double digit growth in distribution.

Posted On Wednesday, 06 November 2019 06:54 Published by
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Real Estate Investment Trust Exemplar REITail has released its mid-year results for the six months ended 31 August 2019.

Jason_McCormick_Exemplar

As a retail property owner and asset manager that focuses primarily on under-serviced markets, the fund has 21 properties spanning 340 122sqm across five provinces.

“In the current economic climate we are extremely proud to announce distribution for the period of 43.77 cents per share, an increase of 14.6% on the annualised corresponding period,” said CEO of Exemplar, Jason McCormick.

“Further highlights include an expected annualised distribution growth of between 10% and 11% for the year ending 28 February 2020 and a positive reversion rate of 6.82% on renewals and new leases concluded in the year to date.”

Exemplar listed in June 2018 and in the past 18 months has acquired expanded portions of both Modi Mall in Modimolle, Limpopo (5 054sqm) and Kwagga Mall in Kwaggafontein, Mpumalanga (5 274sqm).

Its first full centre acquisition was Katale Square (8 734sqm) in Marapyane, Mpumalanga and it is currently acquiring the recently completed Mabopane Square (10 387sqm) in Mabopane, Gauteng, expected to be effective from 1 November 2019.  

“We believe these results shine a light on the potential that is still possible within South Africa and look forward to continually setting the standard for the industry,” ends Jason.

Last modified on Wednesday, 06 November 2019 07:24

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