Township and rural retail experts, Exemplar, declared a full-year distribution of 176.9cps for the year ended 28 February 2026, representing growth of 15.3% on the prior year and an 11.8% compound annual growth rate in distributions since the company listed in 2018.
Net property income grew 13.1% to R978 million, driven by sustained demand across the Group's township and rural retail centres.
Earnings per share also saw strong growth with basic earnings per share increasing by 26.8% to 424,1 cents; headline earnings per share increasing by 7.8% to 153,4 cents and net asset value per share rising 15.3% to R19.25.
Exemplar's total property portfolio was independently valued at R11.24 billion as at 28 February 2026.
The loan-to-value ratio stood at a conservative 36.6%, providing meaningful balance sheet headroom to support the Group's active acquisition and development pipeline. Vacancy across the portfolio was 2.64%.
“Through disciplined development and investment in township and rural retail assets, we have consistently delivered on our core mission to create long-term, sustainable value for all stakeholders,” says CEO of Exemplar, Jason McCormick.
In addition to driving sustainable value, Exemplar has placed a strategic focus on key acquisitions and portfolio expansions in recent months. After acquiring a 50% stake in Tonk Meter Crossing in Springs, Gauteng in late 2025, the asset is now being expanded to over 21 268sqm. The redeveloped mall will be launched in September 2026 as iTonka Square.
Exemplar completed two further acquisitions after year-end bringing its total owned and managed portfolio across six provinces to over 700 000sqm, and its Gauteng retail centre count to eleven.
In April 2026, it acquired Vosloorus Crossing, a 10 323sqm retail centre in Vosloorus, Gauteng, at an initial yield of 9.3%. Situated adjacent to its flagship Chris Hani Crossing Mall, the acquisition strengthens a high-performing retail node through a coordinated leasing and asset management strategy across both centres. Anchor tenants include Spar, Builders Warehouse and a full banking complement.
Also in April, the Group acquired a 50.38% interest in the Steelpoort retail precinct in Limpopo also at a yield of 9.3%. The existing 27 787sqm precinct is earmarked for expansion to approximately 43000sqm.
“Beyond simple acquisitions, these are deliberate, accretive investments focused on deepening our presence in key high-growth nodes, improving asset quality through considered redevelopment of the sites,” says McCormick. “It is through the strength of our portfolio that we aim to consistently grow returns and ensure continued value for our stakeholders.”
