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Declaration of Cash Dividend Number 5
AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
("aReit Prop" or "the Company")
ISIN Code: ZAE000306585 / JSE Code: APO
DECLARATION OF CASH DIVIDEND NUMBER 5
The Board is pleased to declare its fifth dividend (Dividend Number 5) of 33.00 cents per share), which amounts
to 75% of distributable profit for the year ended 31 December 2023. The dividend is declared out of
distributable reserves of the Group.
As the Company has REIT status, 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), as amended,
("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.
aReit Prop's tax reference number is 9961778173. The number of ordinary shares which will be eligible for the
dividend at the declaration date is 100 000 000.
The salient dates for the dividend will be as follows:
Details 2024
Last date to trade "cum? dividend Tuesday, 23 April
Shares commence trading "ex" dividend Wednesday, 24 April
Record date (date shareholders recorded in share register) Friday, 26 April
Payment date Monday, 29 April
Shareholders may not dematerialise or rematerialise their share certificates between Wednesday, 24 April
2024 and Friday, 26 April 2024, both dates inclusive.
TAX IMPLICATIONS
South African tax residents
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
exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident Shareholders,
provided that the South African resident Shareholders provide the following forms to the CSDP or broker in
respect of uncertificated shares, or to the company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the company, should the circumstances affecting
the exemption change or the beneficial owner cease 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 to arrange for the abovementioned
documents to be submitted prior to payment of the dividend, if such documents have not already been
submitted.
Non-resident Shareholders
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. Since 1 January 2014, any dividend 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 concerned. Assuming dividend withholding tax will be withheld at a rate of 20%, the net
dividend amount due to non-resident Shareholders is 26.40 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 form to their CSDP or broker in respect of uncertificated shares, or the
Company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and
b) a written undertaking to inform their CSDP, broker or the company, should the circumstances affecting
the reduced rate change or the beneficial owner cease 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 to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have not
already been submitted.
BY ORDER OF THE BOARD
Cape Town
2 April 2024
Sponsor
AcaciaCap Advisors
Date: 02-04-2024 04:45:00
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