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Summarised audited consolidated financial statements for year ended 28 February 2025, declaration of distribution
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: SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025 AND DECLARATION OF FINAL DISTRIBUTION
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 six provinces of South
Africa. There are currently 27 retail assets in the portfolio with a combined GLA of 438,996m2.
KEY FINANCIAL INFORMATION
Audited Audited
for the for the
12 months 12 months
ended ended
28 February 29 February
2025 2024 Change
Rental and recovery income (R'000) 1 331 213 1 219 692 9.1%
Net property income (R'000) 864 517 784 148 10.2%
Net property income before operating lease equalisation (R'000) 856 854 774 502 10.6%
Basic earnings per share (cents) 334,34 213,27 56.8%
Headline earnings per share (cents) 142,32 113,50 25.4%
Diluted basic earnings per share (cents) 325,45 207,16 57.1%
Diluted headline earnings per share (cents) 138,53 110,25 25.7%
Net asset value per share (Rand) 16,69 14,75 13.2%
Total distribution per share (cents) 153,40373 138,93645 10.4%
Interim dividend per share (cents) 70,24654 64,27220 9.3%
Final distribution per share (cents) 83,15719 74,66425 11.4%
Final dividend per share (cents) 66,05324 57,03275
Return of contributed tax capital per share (cents) 17,10395 17,63150
DECLARATION OF DISTRIBUTION FOR THE SIX MONTHS ENDED 28 FEBRUARY 2025
Exemplar has declared a distribution of 83,15719 cents per share for the six months ended
28 February 2025 ("the final distribution"), which comprises a dividend of 66,05324 cents per share
and a return of contributed tax capital ("CTC") of 17,10395 cents per share, in total an increase of
11.4% on the corresponding period, which together with the interim distribution of 70,24654 cents
per share for the six months ended 30 August 2024 equates to a total distribution for FY2025 of
153,40373 cents per share, an increase of 10.4% on the prior year.
The final distribution will be paid to shareholders in accordance with the timetable set out below:
Last date to trade cum dividend Tuesday, 10 June 2025
Shares trade ex dividend Wednesday, 11 June 2025
Record date Friday, 13 June 2025
Payment date Tuesday, 17 June 2025
Share certificates may not be dematerialised or rematerialised between Wednesday,
11 June 2025 and Friday, 13 June 2025, both days inclusive. The distribution will be transferred
to dematerialised shareholders' Central Securities Depository Participant ("CSDP") or broker
accounts on Tuesday, 17 June 2025. Certificated shareholders' distribution payments will be paid to
certificated shareholders' bank accounts on or about Tuesday, 17 June 2025.
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 CSDP/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 52,84259 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 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.
TAX TREATMENT OF THE RETURN OF CTC
The return of CTC of 17,10395 cents per share constitutes a "return of capital" as defined in
section 1 of the Income Tax Act. The return of CTC is not a "dividend" as defined in the Income Tax
Act and will therefore not attract dividends tax.
South African resident shareholders who hold their shares as capital assets will be required in terms
of paragraph 76B of the Eighth Schedule to the Income Tax Act to reduce the base cost of their
Exemplar shares with the amount of CTC returned. If the amount of CTC returned exceeds the base
cost of the Exemplar shares in the hands of a particular shareholder, the excess will constitute a
capital gain in the hands of the shareholder and the shareholder must account for capital gains tax
on such capital gain, unless the shareholder can rely on a capital gains tax exemption. Exemplar
shareholders who hold their shares as trading stock should obtain advice on the correct tax
treatment of the return of CTC. The South African tax consequences for non-South African resident
Exemplar shareholders in respect of the return of CTC is fact dependent and depends on the extent
of their shareholding and activities in South Africa - such shareholders should obtain advice on the
correct tax treatment of the return of CTC.
The information provided above is generic in nature and does not constitute tax advice. Shareholders
are advised to obtain appropriate advice from their professional advisers in this regard.
Shares in issue at the date of declaration date of the distribution: 332 290 686
Exemplar income tax reference number: 9727063175
SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the Board of Directors. It is a summary of the
audited financial statements for the year ended 28 February 2025 (the "FY2025 AFS") released on
SENS on 26 May 2025 and does not contain the full or complete details.
The FY2025 AFS can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2025/jse/isse/expe/FY2025AFS.pdf
as well as via Exemplar's website https://exemplarreit.co.za/AFS/EXPAFS2025
Any investment decisions made by investors and/or shareholders should be based on
consideration of the full announcement.
The FY2025 AFS are 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 Tuesday, 27 May 2025 to Monday, 2 June 2025.
This short form announcement has not been audited or reviewed by Exemplar's external auditors.
The FY2025 AFS have been audited by BDO South Africa Inc, who expressed an unmodified audit
opinion thereon. The auditor's opinion also includes communication of the key audit matter, being
the valuation of investment property. The opinion is available, along with the FY2025 AFS, on
Exemplar's website.
For and on behalf of the Board
26 May 2025
Executive directors Jason McCormick (CEO), DA Church (CFO), John McCormick
Non-executive directors FM Berkeley (Chair), PJ Katzenellenbogen (Lead independent director), GVC Azzopardi, N Mandindi, EP Maponya
Company Secretary A Booysen
Registered Office 204 Von Willich Ave, 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 Inc
Sponsor Java Capital
Date: 26-05-2025 05:00:00
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