Exemplar REITail has reported a 16.2% increase in revenue to R744 million and a 16.5% increase in rental and recovery income for the six months ended 31st August 2025 with the increase in the latter largely driven by the addition of two new centres – Eerste Rivier Mall (November 2024) and Mbhashe LG Mall (March 2025) as well as the expansion of Theku Mall in October 2024.

On a like-for-like basis, the Company’s rental and recovery income grew by 7.25%, primarily due to a 5.4% increase in base rental escalations, higher turnover-linked rentals, and increased utility recoveries.

During its current financial year, leases covering 108 263m² of GLA (23.6% of its total GLA) have expired or will expire. Of these, it says 32 837m² (30.3%) have been renewed or re-let with the weighted average escalation on renewed leases 5.07% while new leases replacing non-renewals have achieved a weighted average escalation of 6.02%.

The REIT’s vacancies remained steady, recording 3% as at 31st August 2025, and improving to 2.6% by the date of the release of their results (10th November 2025).

For the period, Exemplar’s national tenants’ weighted average trading density increased by 5.68% from R3 646 per m² to R3 853 per m² with its like-for-like trading density haven risen by 4.07%.

Exemplar’s total GLA under management increased by 18 834m² to 457 830m² due to Mbhashe LG Mall’s opening in late March 2025. It currently has a total of 681 036m² under management with a further c.40 000m² under development.

The REIT’s LTV ratio increased slightly to 38.5% (31st August 2024: 37.9%) with an 11.86% increase in its NAV to R17.07 (31st August 2024: R15.26).

Its Board declared a dividend of R84.93 cents per share, an increase of 20.9% on 2024’s comparative period.