Property Flash


June 4 2024 13:35

Exemplar, the township and rural retail property owner, is set to make acquisitions when interest rates ease.

The JSE-listed group recently reported financial results for the year to end-February 2024 wherein its net asset value (NAV) and its net property income (NOI) grew 7.35% and 14.9% respectively. Exemplar’s NAV is R14.75 and its investment properties are worth about R8.5bn.

The group said that its new assets had made a positive contribution to its rental income in the past two years.

“At this stand, we intend to continue with our debt-funded, largely organic growth strategy. Included in our organic growth is the MPD pipeline of developments, which Exemplar has a right of first refusal on, subject always to the asset being of suitable quality and the price being market related,” the group said.

MBD, a family business, listed Exemplar in 2018. MBD has two new developments in the ground: Madombidzha Mall and Mehlareng Mall. They will open on September 26 and November respectively.

Mbhashe LG Mall, an Exemplar development, is in the construction phase and is scheduled to open on March 27 2025. Exemplar is expanding Theku Plaza and renaming it Theku Mall. It is scheduled to open on October 31 2024.

Rental and recovery income increased 17.6% to R1.21bn, partly as a result of the acquisition of Mamelodi Square in February 2023, the opening of KwaBhaca Mall and Bizana Walk in October 2022 and December 2022 respectively, and the completion of the Edendale Mall rebuild in April 2023. On a like-for-like basis, excluding the aforementioned assets, the increase was 8.9%. Exemplar’s vacancies sat at 3.51%.

The Exemplar distribution for the year of 138,93645 cents per share, was 1.55% down on the prior year. he distribution to be paid to shareholders for the six months ended February 29 2024of 74,66425 cents per share would consist of a dividend of 57,03275 cents per share and return of contributed tax capital of 17,63150 cents per share.

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