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GRY
GRY
GRY - Grayprop - Interim Results for the Six Months ended 31 March 2007
ALLAN GRAY PROPERTY TRUST
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No 45 of 2002 and managed by Allan Gray Property
Trust Management Limited (Registration number 1983/003324/06)
("Grayprop")
Share code: GRY
ISIN: ZAE000013165
INTERIM RESULTS
for the SIX MONTHS ended 31 MARCH 2007
The directors of Allan Gray Property Trust Management Limited, the manager of
Allan Gray Property Trust ("Grayprop"), submit their report on the unaudited
results of Grayprop for the six months ended 31 March 2007.
INCOME STATEMENT Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2007 30 Sep 2006 31 Mar 2006
R`000 R`000 R`000
Income 297 701 539 512 280 478
Contractual rental income 292 650 545 248 267 531
Straight- line lease adjustment 5 051 (5 736) 12 947
Expenses (74 958) (154 665) (74 608)
Administrative expenses (17 071) (31 394) (15 274)
Property operating expenses (57 887) (123 271) (59 334)
Operating profit 222 743 384 847 205 870
Net finance costs (4 539) (2 126) (686)
Interest received 13 206 21 476 9 693
Interest paid (17 745) (23 602) (10 379)
Profit on disposal of
investment properties 13 305 15 714 1 434
Fair value adjustments to
investment properties (5 051) 1 026 133 (12 947)
Profit for the period 226 458 1 424 568 193 671
Basic earnings per unit (cents) 22.7 143.0 19.4
Headline earnings and
distribution income reconciliation
Profit for the period 226 458 1 424 568 193 671
Adjusted for:
Profit on disposal of investment
properties (13 305) (15 714) (1 434)
Fair value adjustments to
investment properties 5 051 (1 026 133) 12 947
Headline earnings 218 204 382 721 205 184
(Less)/Add: straight-line
lease adjustment (5 051) 5 736 (12 947)
Distribution income 213 153 388 457 192 237
Headline earnings per unit
(cents) 21.9 38.4 20.6
Distribution per unit (cents) 21.4 39.0 19.3
Interim distribution per unit
(cents) 21.4 19.3 19.3
Final distribution per unit
(cents) - 19.7 -
Units in issue 996 043 081 996 043 081 996 043 081
BALANCE SHEET Unaudited Audited Unaudited
as at as at as at
31 Mar 2007 30 Sep 2006 31 Mar 2006
R`000 R`000 R`000
ASSETS
Property assets 5 577 096 5 491 821 4 418 839
Investment properties 5 361 962 5 281 738 4 187 242
Straight- line lease accrual 215 134 210 083 231 597
Current assets 286 670 279 015 269 277
Trade and other receivables 19 707 24 561 23 515
Cash and cash equivalents 266 963 254 454 245 762
Total assets 5 863 766 5 770 836 4 688 116
UNITHOLDERS` FUNDS AND
LIABILITIES
Unitholders` funds 5 211 381 5 198 076 4 163 399
Capital of the fund 1 933 354 1 933 354 1 933 354
Capital reserve 495 476 470 243 428 881
Revaluation reserve 2 567 357 2 584 336 1 569 507
Retained earnings 215 194 210 143 231 657
Non-current liabilities
Interest- bearing liability 369 000 299 000 258 000
Current liabilities 283 385 273 760 266 717
Trade and other payables 70 232 77 540 74 481
Unitholders for distribution 213 153 196 220 192 236
Total unitholders` funds and
liabilities 5 863 766 5 770 836 4 688 116
CASH FLOW STATEMENT Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2007 30 Sep 2006 31 Mar 2006
R`000 R`000 R`000
Cash effects from operating
activities
Profit for the period 226 458 1 424 568 193 671
Adjustments for:
Straight- line lease adjustment (5 051) 5 736 (12 947)
Interest received (13 206) (21 476) (9 693)
Interest paid 17 745 23 602 10 379
Profit on disposal of
investment properties (13 305) (15 714) (1 434)
Fair value adjustments to
investment properties 5 051 (1 026 133) 12 947
217 692 390 583 192 923
Trade and other receivables
reduced 4 854 2 411 3 457
Trade and other payables
(reduced)/raised (7 308) 7 596 4 537
Cash generated from operations 215 238 400 590 200 917
Interest received 13 206 21 476 9 693
Interest paid (17 745) (23 602) (10 379)
Income distributions (196 220) (367 541) (175 304)
Cash flows from operating
activities 14 479 30 923 24 927
Cash effects from investing
activities
Additions to investment
properties (117 470) (160 502) (56 975)
Proceeds from disposal of
investment properties 45 500 76 523 11 300
(71 970) (83 979) (45 675)
Cash effects from financing
activities
Long-term loan raised 84 000 123 000 29 000
Long-term loan repaid (14 000) (53 000) -
70 000 70 000 29 000
Net increase in cash and cash
equivalents 12 509 16 944 8 252
Cash and cash equivalents at
beginning of period 254 454 237 510 237 510
Cash and cash equivalents at
end of the period 266 963 254 454 245 762
STATEMENT OF CHANGES IN UNITHOLDERS` FUNDS
Capital of Capital Revaluation
(R`000) the fund reserve reserve
Balance as at 1 October 2005 1 933 354 421 754 1 588 147
Profit/Total income and
expenses for the period
Profit and revaluation reserve
realised on sale of properties
transferred to capital reserve 7 127 (5 693)
Fair value adjustment on
investment properties
transferred to revaluation
reserve (12 947)
Income distributions
Balance as at 31 March 2006 1 933 354 428 8 81 1 569 507
Balance at 1 October 2006 1 933 354 470 243 2 584 336
Profit/Total income and
expenses for the period
Profit and revaluation reserve
realised on sale of properties
transferred to capita l reserve 25 233 (11 928)
Fair value adjustment on
investment properties
transferred to revaluation
reserve (5 051)
Income distributions
Balance as at 31 March 2007 1 933 354 495 476 2 567 357
Total
Retained unitholders`
(R`000) earnings funds
Balance as at 1 October 2005 218 710 4 161 965
Profit/Total income and
expenses for the period 193 671 193 671
Profit and revaluation reserve
realised on sale of properties
transferred to capital reserve (1 434) -
Fair value adjustment on
investment properties
transferred to revaluation
reserve 12 947 -
Income distributions (192 237) (192 237)
Balance as at 31 March 2006 231 657 4 163 399
Balance at 1 October 2006 210 143 5 198 076
Profit/Total income and
expenses for the period 226 458 226 458
Profit and revaluation reserve
realised on sale of properties
transferred to capita l reserve (13 305) -
Fair value adjustment on
investment properties
transferred to revaluation
reserve 5 051 -
Income distributions (213 153) (213 153)
Balance as at 31 March 2007 215 194 5 211 381
COMMENTARY
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited interim results have been prepared in accordance with
International Financial Reporting Standards (IFRS), IAS 34 - Interim Financial
Reporting and the requirements of the Collective Investment Schemes Control Act.
The accounting policies are consistent in all respects with those applied in the
prior year.
2. DISTRIBUTION PER UNIT
Grayprop`s net distributable income for the first six months of the financial
year amounts to 21.4 cents per unit, 10.9 percent greater than the comparable
period last year.
3. CHANGES TO PORTFOLIO
During the period, the following sales were concluded:
Surplus on
Property 2006 valuation Proceeds disposal
(Rm) (Rm) %
271 Oak Avenue 10.5 14.0 33
Fourways Haulage 8.1 10.0 23
377 Rivonia Boulevard 13.6 21.5 58
32.2 45.5 41
4. MAJOR CAPITAL PROJECTS
Significant capital projects and planned projects are:
N1 City Mall (58% share)
The redevelopment of N1 City is complete. The centre continues to perform well
above expectations. Monthly foot count and turnover figures reflect an annual
increase in excess of 30 percent. Other opportunities are being investigated to
accommodate the demand for retail space.
The Brightwater Commons
Negotiations are currently under way with two major tenants. If successful,
approximately 6 000 square metres will be let in phase three of the development.
Benmore Gardens Shopping Centre
The redevelopment is progressing well. Offers received for retail space thus far
are well in excess of budget. The general response to the refurbishment from the
market is positive.
Douglas Roberts Centre
The lease with Murray & Roberts has been signed and is effective from 1 October
2007 for 10 years. Construction of the parking garage was completed in the
middle of March. Refurbishment of the office building has commenced and will
continue until March 2008.
Centurion Mall (75% share)
The land adjoining the centre on the west side has now been acquired which
creates opportunities for additional parking. The refurbishment of the Munpen
building is nearing completion and the double - storey parking deck on the west
side of the centre is complete. The east side parking deck is currently being
constructed for completion in December 2007. Letting of the Munpen building has
progressed well with only 1 380 square metres remaining unlet, out of the
available 12 200 square metres.
5. SEGMENTAL INFORMATION
31 Mar 2007 31 Mar 2006
6 months 6 months
Distribution Distribution
Revenue income % of Revenue income % of
Rm Rm Total Rm Rm Total
Retail 212 172 80 186 143 74
Office blocks 42 32 15 40 31 16
Industrial 28 21 10 32 24 13
Specialised 11 10 5 10 10 5
Corporate - (22) (10) - (16) (8)
Total 293 213 100 268 192 100
6. VACANCY LEVELS
Vacancy levels in terms of rentable area were as follows:
Sector 31 Mar 2007 30 Sep 2006 31 Mar 2006
% % %
Retail 8 8 5
Office blocks 3 5 7
Industrial 9 11 8
Specialised - - -
Total 7 8 6
By value, the vacancies equated to 6 percent of potential rental in come, an
improvement on the 7 percent as at year-end.
In the retail sector 87 percent of the vacancies were contained in The Boulders,
The Brightwater Commons and the offices at Centurion Mall. The bulk of these
offices have been let for future occupation.
There were no significant vacancies in the office sector.
In the industrial sector, the Nashua building in Midrand remains a challenge to
let and has been vacant since June 2006. The Metcash building in Epping, Cape
Town, which constitutes 33 percent of the sector`s vacancy, has been let from 1
June 2007.
7. CHANGE OF CONTROL OF THE MANAGER
Unitholders are referred to the information announcement of 10 January 2007 in
which it was stated that Allan Gray Limited had been approached regarding the
sale of its interests in Allan Gray Property Trust Management Limited.
Following these discussions The Standard Bank of South Africa Limited has,
subject to regulatory approval, purchased these interests and resultantly will
become the sole shareholder in Allan Gray Property Trust Limited. A further
announcement will be made in due course.
8. DISTRIBUTION ANNOUNCEMENT
Notice is hereby given of distribution no. 48 of 21.4 cents per unit for the six
months ended 31 March 2007.
The last date to trade cum distribution will be Friday, 18 May 2007. The units
of Grayprop will commence trading ex-distribution on Monday, 21 May 2007 and the
record date will be Friday, 25 May 2007. The distribution will be paid on
Monday, 28 May 2007.
Unit certificates may not be dematerialised or rematerialised between Monday, 21
May 2007 and Friday, 25 May 2007, both dates inclusive.
BY ORDER OF THE BOARD
Allan Gray Property Trust Management Limited.
(Reg No 1983/003324/06)
2 May 2007
Directors: WJC Mitchell (Chairman),
JD Rainier (Managing) *, VA Christian,
GW Fury (alternate), DD Govender,
WM Kirchmann, DM Nurek, S Shaw- Taylor
* Executive
Secretary and registered office
Broll Property Group (Pty) Ltd
Broll House, 27 Fricker Road, Illovo
Johannesburg, 2196
(PO Box 1455, Saxonwold, 2132)
Transfer secretaries
Computershare Investor Services 2004 (Pty) Ltd
70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Short name: GRAYPROP
Share code: GRY ISIN: ZAE000013165
Sponsor: Standard Bank
E - mail: info@allangray.co.za
Web site: www.allangray.co.za
Date: 03/05/2007 10:00:01 Produced by the JSE SENS Department.
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