Trading Statement
SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear” or “the Company”)
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, a listed property entity may adopt
distribution per share as the applicable criteria for trading statement purposes and is then
required to publish a trading statement as soon as it becomes reasonably certain that the
distribution per share for the next period to be reported on will differ by 15% or more from the
distribution per share for the previous corresponding period.
The Company hereby advises that a reasonable degree of certainty exists that for the financial
year ended 28 February 2022, the distribution per share will be between 67.51 cents and
69.25 cents, representing an increase of between 15% and 17.97% (based on a pay-out ratio
range of between 85% and 90% of distributable income per share (“DIPS”)) compared to the
distribution per share of 58.70 cents reported for the financial year ended 28 February 2021
(based on a pay-out ratio of 80% of DIPS).
The Company also advises that a reasonable degree of certainty exists that the DIPS
generated for the financial year ended 28 February 2022 will be between 77.78 cents and
78.52 cents, representing an increase of between 6% and 7% compared to the DIPS of 73.38
cents reported for the financial year ended 28 February 2021.
The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The audited results for the year ended
28 February 2022 are expected to be published on or about 26 May 2022.
Cape Town
05 April 2022
Sponsor
PSG Capital
Date: 05-04-2022 10:30:00
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