Growthpoint Properties Limited
Approved as a REIT by the JSE
Incorporated in the Republic of South Africa
Registration number 1987/004988/06
Bond Issuer code: GRTI
("Growthpoint” or "the Company")

GROUP SUMMARISED AUDITED ANNUAL RESULTS AND CASH DIVIDEND DECLARATION FOR
THE YEAR ENDED 30 JUNE 2022

Operational review and results:

The group summarised audited annual results for the year ended 30 June 2022, as compared to
the group summarised audited annual results for the year ended 30 June 2021, ("comparative
period"), are set out below:

      Dividend per share increased by 8.4% to 128.4 cents compared to 118.5 cents for the
       comparative period based on an annual pay-out ratio of 82.5% compared to 80.0% for
       the comparative period;
      SA REIT Net asset value per share increased by 6.7% to 2 158 cents compared to 2 023
       cents at 30 June 2021;
      Group SA REIT LTV decreased to 37.9% compared to 40.0% for the comparative period;
      SA REIT FFO per share increased by 13.7% to 155.5 cents compared to 136.8 cents for
       the comparative period;
      Group vacancies decreased to 8.5% compared to 10.3% for the comparative period;
      Total revenue decreased by 0.6% to R13.05bn compared to R13.13bn for the
       comparative period as a result of property sales, partly offset by decreased vacancies
       and decreased rental discounts provided to tenants;
      Operating profit decreased by 4.2% to R8.70bn compared to R9.08bn for the
       comparative period;
      Interest cover ratio increased to 3.1 times compared to 2.9 times at 30 June 2021;
      Basic headline earnings per share increased by 24.2% to 211.14 cents compared to
       169.98 cents for the comparative period;
      Basic earnings per share increased to 233.04 cents compared to 15.31 cents loss for the
       comparative period.

Growthpoint’s diversified portfolio, strong balance sheet and stable hard currency dividend
income streams position the company defensively for FY23. However, given the high level of
uncertainty in the local and global macro-economic environment, coupled with rising interest
rates and inflation, DIPS growth for FY23 is expected to be muted.

The summary of audited results for the year ended 30 June 2022 are extracted from the
audited information but are not themselves audited. The group annual financial statements
were audited by Ernst & Young Inc., who expressed an unmodified opinion thereon. The
auditor’s report does not report on all the information contained in these summarised
consolidated financial statements.

This short form announcement is the responsibility of the Board of Directors and does not
contain full or complete details. Any investment decisions by investors and/or shareholders
should be based as a whole on consideration of the group consolidated annual financial
statements which may be downloaded from the Company’s website.
https://growthpoint.co.za/investor-relations/financial-reports/ and
https://senspdf.jse.co.za/documents/2022/jse/isse/GRTE/Final22.pdf
It may also be viewed, at no cost, at the registered office of the Company and the
Johannesburg office of its Sponsor, during ordinary business hours, for a period of 30 calendar
days following the date of this announcement. Copies of the full announcement may also be
requested from the Company on request, by contacting the Head of Investor Relations, Lauren
Turner on 011 944 6346.

FINAL DIVIDEND

Notice is hereby given of the declaration of the final dividend number 73 of 66.90 cents per
share for the year ended 30 June 2022.The dividend has been declared from income reserves.

Other information:
    Issued shares as at declaration date: 3 430 787 066 ordinary shares of no par value.
    Income Tax Reference Number of Growthpoint: 9375/077/71/7.

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 (Income
Tax Act). The dividends on the shares will be taxable dividends for South African tax purposes
in terms of section 25BB of the Income Tax Act.

Tax implications for South African resident shareholders

Dividends 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 exemption contained in section 10(1)(k)(i) (aa) of the Income Tax Act
because they are dividends distributed by a REIT. These dividends are, however, exempt from
dividend withholding tax (dividend tax) in the hands of South African resident shareholders
provided that the South African resident shareholders have provided to the Central Securities
Depository Participant (CSDP) or broker, as the case may be, in respect of uncertificated
shares, or the company, in respect of certificated shares, a DTD(EX) (dividend tax: declaration
and undertaking to be made by the beneficial owner of a share) form to prove their status as
South African residents. If resident shareholders have not submitted the above mentioned
documentation to confirm their status as South African residents, they are advised to contact
their CSDP or broker, as the case may be, to arrange for the documents to be submitted before
the dividend payment.

Tax implications for non-resident shareholders

Dividends received by non-resident shareholders from a REIT will not be taxable as income and
instead will be treated as ordinary dividends which are exempt from income tax in terms of
the general dividend exemption section 10(1)(k) of the Income Tax Act. Any dividend received
by a non-resident from a REIT is subject to dividend tax at 20%, unless the rate is reduced in
terms of any applicable agreement for the avoidance of double taxation (DTA) between RSA
and the country of residence of the non-resident shareholder. Assuming dividend tax will be
withheld at a rate of 20%, the net amount due to non-resident shareholders is 53.52 cents per
share. A reduced dividend withholding tax rate in terms of the applicable DTA may only be
relied on if the non-resident shareholder has provided the following forms to their CSDP or
broker, as the case may be, in respect of uncertificated shares, or the company, in respect of
certificated shares:
      A declaration that the dividend is subject to a reduced rate as a result of the
        application of the DTA; and
      A written undertaking to inform the CSDP, broker or the company, as the case may be,
        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 of
        the South African Revenue Service. If applicable, non-resident shareholders are advised
        to contact the CSDP, broker or the company to arrange for the above mentioned
       documents to be submitted before dividend payment, if such documents have not
       already been submitted.

Salient dates and times
                                                                     2022
 Last day to trade (LDT) cum dividend                                Tuesday,25 October
 Shares to trade ex dividend                                         Wednesday,26 October
 Record date                                                         Friday,28 October
 Payment date                                                        Monday,31 October
Notes:
   1. Shares may not be dematerialised or rematerialised between the commencement of trade on
       Wednesday, 26 October 2022 and the close of trade on Friday, 28 October 2022, both days
       inclusive



Sandton
14 September 2022

Debt Sponsor

Absa Bank Limited (acting through its Corporate and Investment Bank division)