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APA APB AXC
APA
APA - ApexHi Properties - Reviewed Interim Results For The Six Months Ended 31
December 2007 And Quarterly Interest Distribution Declaration For The Three
Months Ended 31 December 2007
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/000238/06)
Share code: APA & ISIN: ZAE000083598
Share code: APB & ISIN: ZAE000083606
Share code: AXC & ISIN: ZAE000083580
("ApexHi" or "the company")
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2007 AND QUARTERLY
INTEREST DISTRIBUTION DECLARATION FOR THE THREE MONTHS ENDED 31 DECEMBER 2007
HIGHLIGHTS
- 20% growth in combined distributions (excluding non-core income)
- C unit holders participate in distributions
- Average renewal rental growth of 18%
- Property expenses contained
These interim results have been reviewed by the independent auditors, Grant
Thornton. Their unqualified review report is available for inspection at the
company`s registered office.
FINANCIAL REVIEW
Summarised operating results
(excluding the effects of straight- 31 December 31 December
lining of leases)
2007 % 2006
R`000 change R`000
Investment properties - net
operating income
Core portfolio 498 141
Revenue 632 011
Turnover rental 7 739
Property expenses (130 828)
Tenant installations and letting (10 781)
commissions
Additions during the period 3 337
Disposals during the period 6 168
Disposals post balance sheet 1 390
Operating income from investment 509 036 21 419 071
properties
Corporate costs and administrative (39 875) 34 (29 757)
expenses
Asset management fee (30 846) 33 (23 119)
Employment costs (3 891) (2 513)
Administrative expenses (2 423) (1 380)
Investor relations, marketing (1 899) (2 164)
and publications
Corporate costs (816) (581)
Profit from operations 469 161 20 389 314
Non-core income 6 485 19 014
Matemeku profit sharing - 17 338
arrangement
Clearwater guarantee fee 6 485 287 1 676
Finance costs (71 222) (73 458)
Interest income 21 571 14 744
Distributable profits 425 995 22 349 614
Weighted average number of units 264 592 114 249 724 416
in issue
Distribution per unit (cents) 161,00 15 140,00
A unit 67,50 7 63,00
B unit 82,50 7 77,00
C unit 11,00 -
Distribution per unit (cents) - 158,55 20 132,39
excluding non-core income
A unit 67,50 13 59,58
B unit 82,50 13 72,81
C unit 8,55 -
Operating income from investment properties has increased as a result of
acquisitions and growth in the core portfolio. Asset management fees have
increased in line with the increase in the enterprise value (market
capitalisation plus borrowings). The Clearwater guarantee fee has been based on
an assumed C unit market price of R8,00 in June 2010. There has been no change
in this assumption since 30 June 2007.
Participation in quarterly interest distributions
In terms of the debenture trust deed, quarterly interest distributions are
calculated as follows:
If the total interest distribution per quarter is:
From 75,00 cents
Less than Above 93,75
75,00 cents to 93,75 cents cents
% of the total % of the total
distribution Cents distribution
A unit 45 33,75 36
B unit 55 41,25 44
C unit Nil the balance of 20
the
interest
distribution
Distributions (cents per unit) for the six months ended 31 December 2007
Quarter 1 Quarter 2 Total Total
Jul - Sept Oct - Dec Jul - Dec Jul - Dec
2007 2007 2007 2006 % increase
A unit 33,75 33,75 67,50 63,00 7,1
B unit 41,25 41,25 82,50 77,00 7,1
C unit 3,00 8,00 11,00 -
78,00 83,00 161,00 140,00 15,0
OPERATIONAL REVIEW
Letting activity: 1 July 2007
to 31 December 2007
Total Unlettable Lettable
area area area
(m2) (m2) (m2)
Portfolio at 1 July 2007 2 682 361 11 000 2 671 361
Properties acquired 17 849 17 849
Properties disposed (73 249) (73 249)
2 626 961 11 000 2 615 961
Increase in vacancy
Leases expired during period
Total lettings during the
period
- Renewals
- New lettings
Portfolio as at 31 December 2 626 961 11 000 2 615 961
2007
Letting activity: 1 July 2007 to 31 December 2007
Vacant Let
area area
(m2) % (m2) %
Portfolio at 1 July 2007 171 158 6 2 500 203 94
Properties acquired 65 17 784 100
Properties disposed (13 100) 18 (60 149) 82
158 123 6 2 457 838 94
Increase in vacancy 1 128 (1 128)
Leases expired during period 405 773 (405 773)
Total lettings during the (404 645) 404 645
period
- Renewals (346 980) 86 346 980
- New lettings (57 665) 57 665
Portfolio as at 31 December 159 251 6 2 456 710 94
2007
Renewals: Sectoral breakdown
Average Average Average
Number Area expiry achieved portfolio
of renewed rental rental Increase rent
leases (m2) (R/m2) (R/m2) % (R/m2)
Retail 333 142 308 44,91 51,64 15 52,38
Office 130 132 555 41,71 47,94 15 46,28
Industrial 38 72 117 13,27 20,66 56 24,67
501 346 980 37,11 43,79 18 43,99
Sectoral composition and vacancies
Lettable area Vacancy
m2 % m2 %
Retail 1 098 001 42 55 602 5
Office 953 326 36 93 291 10
Industrial 564 634 22 10 358 2
2 615 961 100 159 251 6
BALANCE SHEET REVIEW
Investment properties R`000
Investment properties at valuation - 30 June 2007 9 362 222
Change in fair value -
Acquisitions 173 491
Refurbishments 87 337
Disposals (303 765)
Transfer to properties held for trading (Berea (17 112)
residential conversion)
Transaction costs 1 429
Tenant installations 13 025
Lease commissions 24 729
Investment properties at valuation - 31 December 2007 9 341 356
Property portfolio: revaluation of properties
The directors have considered the values of the properties in the portfolio at
31 December 2007 and are satisfied that there has been no material change to the
carrying value of the portfolio since it was valued at 30 June 2007. The
portfolio will be valued by external valuers at the financial year end.
The R9,3 billion portfolio represents a current yield of approximately 11,3%
(June 2007: 11,3%) and a valuation of R3 552 (June 2007: R3 500) per m2 of
lettable area.
Acquisitions
Initial
yield
before
Price gearing
Property Location Sector R`000 %
Game Gardens George Retail 87 500 10,3
Repurchase of interest Pretoria Office 53 600 15,0
in properties in
Pretoria CBD
Jewel City - vacant Johannesburg Vacant land 10 500 -
stands
Transwire Midrand Industrial 9 500 11,4
Esselen Towers - 50% Hillbrow Residential 7 695 12,0
share
Malvin Court - 50% Berea, Residential 2 280 12,0
share Johannesburg
De Bruyn Park - price Pretoria Office 1 866 -
adjustment
Erf 34462 Kimberley Vacant land 550 -
173 491 11,1
Major refurbishments approved Spent
to To be Expected
Approved date spent yield
Property R`000 R`000 R`000 %
Horizon View 240 000 318 239 682 10,0
Golden Walk 92 500 10 195 82 305 11,3
Kempton Square 52 000 - 52 000 12,0
Ermelo Mall 37 000 271 36 729 11,3
Moreletta Plaza 20 000 47 19 953 11,0
Maynard Mall 12 800 917 11 883 11,0
Pine Parkade 8 000 - 8 000 13,7
Middestad 6 200 - 6 200 14,0
468 500 11 748 456 752 10,8
Disposals
Eighteen properties were sold for R306,6 million at an average yield of 8,1%. A
surplus of R2,8 million was recorded on the carrying value and the proceeds were
used to reduce floating debt.
Net
selling Selling
price yield
Property Location Sector R`000 %
Rivonia Square Rivonia Retail 196 000 8,2
Vineyard Stellenbosch Office 31 850 5,2
West Street Parkade Johannesburg Retail 19 663 5,6
Princess of Wales Parktown Office 19 393 6,0
Nedbank Newcastle Retail 9 400 19,5
Mokopane Centre Mokopane Retail 4 799 10,2
Perm Krugersdorp Office 3 049 18,1
Corpgro Bloemfontein Industrial 2 999 12,3
Nedbank Mobeni Office 2 988 3,2
Ellerines Terminus East London Retail 2 695 11,2
Street
Ellerines Hluhluwe Retail 2 397 8,2
508 West Street Durban Retail 2 224 9,5
506 West Street Durban Retail 2 074 10,3
Ellerines Bloemfontein Retail 2 008 10,9
1st Ave Town Talk Springs Retail 1 559 10,8
Acme Store Port Elizabeth Retail 1 299 8,3
Bradlows Krugersdorp Retail 1 199 13,9
Price & Pride White River Retail 999 5,6
306 595 8,1
Residential portfolio
The Softstone residential portfolio was acquired for R131 million in a joint
venture with Aengus Property Holdings in terms of which net income and
development profits are shared equally between the parties. Transfer of Park
Mews for R7,9 million is outstanding. Two buildings in the portfolio (Malvin
Court and Esselen Towers) will be held for investment purposes (acquired for
R19,9 million and 50% share disclosed under investment properties) while the
remaining properties (acquired for R103,2 million and 50% share disclosed under
properties held for trading) have been earmarked for development and sale as
sectional title units.
Properties held for trading R`000
Softstone residential trading portfolio (50% share)* 51 585
Transfer from investment properties (Berea residential 17 112
conversion - 100% owned)
Costs capitalised 1 399
70 096
* Four properties bordering Parktown (known as the Argyle precinct) are
currently being upgraded and refurbished at a cost of R60 million and will
consist of 402 residential units to be sold at average selling prices of R500
000 per unit. Development and marketing have commenced and a development profit
of approximately R55 million (ApexHi`s share R27,5 million) is expected to be
realised over a two year period.
Borrowings R`000
Interest bearing borrowings at 30 June 2007 1 476 119
Acquisitions: Investment properties 124 891
Residential properties held for trading 51 585
Funding residential acquisition i.r.o J/V partner 61 560
Net proceeds on disposals (306 595)
Refurbishments 87 337
Transaction costs 1 429
Other 5 713
Interest bearing borrowings at 31 December 2007 1 502 039
Property portfolio at valuation 9 341 356
Ratio of borrowings to property portfolio 16%
Breakdown of borrowings
Weighted Average
average all length of
inclusive interest
monthly rate
rate fix
R`000 % Years
Fixed interest rate 1 365 200 9,69 9
borrowings
Standard Bank - conventional 170 200 10,99 9
Standard Bank: Blueprint 1 195 000 9,51 9
Originator (Pty) Limited -
conduit funding
Floating interest rate 136 839
borrowings
Standard Bank - conventional 131 839 Prime less 1%
Standard Bank: Blueprint 5 000 JIBAR plus
Originator (Pty) Limited - 1,15%
conduit funding
Total interest bearing 1 502 039
borrowings
Loan facilities
The loans are interest only with no capital repayments and unless the loan
facilities are rolled over, extended or alternate funding is obtained (in which
case the interest rate fixes remain in place), the loans are repayable as
follows:
Standard Bank: the loan is repayable on 30 April 2009
Blueprint Originator (Pty) Limited: R500 million is repayable on 31 March 2010
and R700 million on 30 April 2011.
UNIT PERFORMANCE
Jul - Dec Annualised Annualised
2007 2008 2007
Liquidity % % %
A unit 19 38 54
B unit 29 58 53
C unit 19 38 85
Unit Unit
price price Total
31 Dec 31 Dec Interest 31 Dec Total
2006 2007 distribution 2007 return
Total R R R R %
returns vs
PLS index
A unit 14,75 15,25 1,33 16,58 12,41
B unit 17,94 18,60 1,63 20,23 12,74
C unit 4,40 7,15 0,11 7,26 65,00
37,09 41,00 3,07 44,07 18,81
PLS index 1 073,00 1 300,00 - 1 300,00 21,16
(J256)
POST BALANCE SHEET EVENTS
After an assessment of the portfolio certain properties were identified for sale
as they no longer met the investment criteria. The decision to dispose of the
properties was based on a number of factors including: size, value, geographic
location and growth potential.
(Deficit)/
Net surplus
on
selling original Selling
price cost yield
Property Location Sector R`000 R`000 % Note
Royal Edenvale Industrial 21 600 (19 176) 13,2 1
Beech
Nut
2 Lone Lonehill Office 12 480 8 908 5,7
Close
Castle Johannesburg Retail 10 529 8 358 14,2 2
Mansions
Perm Witbank Retail 2 786 698 10,1
Dzanani Thohoyandou Retail 1 500 311 15,1 3
Centre
48 895 (901) 11,4
Note
1. The tenant exercised its option to purchase in terms of the lease entered
into in 2005.
2. Negotiations for the sale of this property commenced in 2006 when the selling
yield was 11%. Negotiations have only now been concluded.
3. Poor location and access with no prospects for growth.
The R48,9 million proceeds will be utilised to repay floating debt.
ApexHi continues to review the portfolio to ensure that all properties meet the
investment criteria.
At
31 December
Portfolio after post balance 2007 % After %
sheet events
Property portfolio (R`000) 9 341 356 9 292 461
Borrowings (R`000) 1 502 039 1 453 144
Borrowings to property value 16 16
(%)
Number of units in issue 264 592 114 264 592 114
Number of properties 407 402
Lettable area (m2) 2 615 961 2 596 590
- Retail 1 098 001 42 1 095 140 42
- Office 953 326 36 952 088 37
- Industrial 564 634 22 549 362 21
Vacancies (m2) 159 251 158 728
- Retail 55 602 5 55 079 5
- Office 93 291 10 93 291 10
- Industrial 10 358 2 10 358 2
Vacancy (%) 6,1 6,1
PROSPECTS
Growth in distributions continues to be driven by rental increases. Core
earnings for the second half of the financial year are expected to exceed those
of the first, with limited downside risk as many of the significant leases
expiring within the next six months have been renewed or are currently under
negotiation:
m2 %
Major lease expiries: 1 January - 30 June 2008 129 898
Tenants vacating 43 813 34
Renewed 52 028 40
Under negotiation 34 057 26
Of the 43 813m2 vacating, 16 020m2 has already been re-let (36%).
Fluctuations in the interest rate environment will not affect earnings as
interest rates have been fixed on a significant part of the long-term debt (91%)
and surplus cash is invested in the access facility, earning interest at the
same rate as the variable borrowings rate (prime minus 1%). Cash which cannot be
utilised as part of the access facility is invested in call accounts (10,5%) and
short-term fixed deposits currently yielding in excess of 11%.
As a consequence of the higher interest rate environment, it has become
increasingly difficult to acquire properties which are revenue enhancing. As
long as these conditions persist, ApexHi will not meet its target acquisitions
of R500 million p.a.
Significant development profits are expected to be realised from the Berea
residential conversion. To date 118 of the 133 sectional title units have been
sold, of which finance has been approved for 47 units. Transfer can proceed once
the sectional title register has been opened, which is expected by the end of
February 2008. The successful conversion and sale of all the units is expected
to generate approximately R20 million (or 7,5 cents) in distributable non-core
earnings.
Refurbishment and marketing of five of the eight recently acquired Softstone
residential properties has commenced but it is unlikely that development profits
will be realised before 30 June 2008. Earnings in 2009 will benefit from
expected sales of the units.
Based on the above, management is confident the combined distributions for the
2008 financial year will fall within the following distribution range:
Actuals Estimate Estimated
1 July 1 Jan 2008 total
2007 - - distributions
31 Dec 30 June for
2007 2008 2008
Minimum Maximum Minimum Maximum
(cents) (cents) (cents) (cents) (cents)
Profit from 158,55 167,55 168,55 326,10 327,10
operations
Clearwater 2,45 2,45 2,45 4,90 4,90
guarantee
fee
- 3,00 5,00 3,00 5,00
Development
profit:
Berea
Distribution 161,00 173,00 176,00 334,00 337,00
per combined
unit
A unit 67,50 67,50 67,50 135,00 135,00
B unit 82,50 82,50 82,50 165,00 165,00
C unit 11,00 23,00 26,00 34,00 37,00
The above forecast has not been reviewed or reported on by the ApexHi auditors.
INTERIM FINANCIAL STATEMENTS
Basis of preparation and accounting policies
The interim financial statements have been prepared in accordance with
International Financial Reporting Standard IAS34 (Interim Financial Reporting)
and the Companies Act of South Africa 1973.
All accounting policies are consistent with those used in the annual financial
statements for the year ended 30 June 2007.
Reviewed Reviewed Audited
31 December 31 December 30 June
2007 2006 2007
CONDENSED BALANCE SHEET R`000 R`000 R`000
ASSETS
Non-current assets 9 250 510 7 318 078 9 045 743
Investment properties 9 013 365 7 137 883 8 850 806
Straight-line rental 158 658 134 976 153 878
income accrual
Tenant installations 78 487 45 219 41 059
Current assets 572 459 423 227 422 372
Properties held for 70 096 - -
trading
Loan to joint venture 63 206 - -
partner
Straight-line rental 41 951 35 076 36 465
income accrual
Receivables 95 324 116 657 80 052
Cash and cash equivalents 301 882 271 494 305 855
Non-current assets held 48 895 286 785 280 014
for sale
TOTAL ASSETS 9 871 864 8 028 090 9 748 129
EQUITY AND LIABILITIES
Share capital and 2 732 768 1 751 290 2 695 218
reserves
Non-current liabilities 6 657 189 5 926 763 6 665 989
Debenture capital and 4 153 101 3 621 883 4 190 798
premium
Deferred taxation 1 002 049 636 741 999 072
Interest bearing 1 502 039 1 668 139 1 476 119
borrowings
Current liabilities 481 907 350 037 386 922
TOTAL EQUITY AND 9 871 864 8 028 090 9 748 129
LIABILITIES
NAV per unit
excluding
Number of NAV per deferred
units unit tax
Net asset value per unit in issue R R
(NAV)
A unit 264 592 114 10,62 11,89
B unit 264 592 114 8,73 9,98
C unit 264 592 114 6,67 7,94
Total - 31 December 2007 26,02 29,81
A unit 264 592 114 10,62 11,89
B unit 264 592 114 8,73 9,98
C unit 264 592 114 6,68 7,93
Total - 30 June 2007 26,03 29,80
A unit 249 936 400 9,12 9,97
B unit 249 936 400 7,22 8,07
C unit 249 936 400 5,16 6,01
Total - 31 December 2006 21,50 24,05
Reviewed Audited
Six months Year ended
ended
31 31 30 June
December December
2007 2006 2007
INCOME STATEMENT R`000 R`000 R`000
Conventional rental income 655 354 562 546 1 173 623
Straight-line rental income 10 267 16 158 36 449
accrual
Revenue 665 621 578 704 1 210 072
Property expenses (134 941) (127 469) (262 396)
Administrative expenses and (39 875) (29 757) (70 674)
corporate costs
Tenant installation and letting (11 377) (16 006) (30 760)
commissions
Profit from operations 479 428 405 472 846 242
Finance costs (71 222) (73 458) (162 759)
Interest income 21 571 14 744 42 518
Other income 6 485 19 014 34 711
Profit before debenture 436 262 365 772 760 712
interest
Debenture interest (425 995) (349 614) (724 263)
Profit after debenture interest 10 267 16 158 36 449
Capital and other items not 30 260 795 535 2 081 500
distributed
Change in fair value of - 779 597 2 054 783
investment properties
Straight-line rental income (10 267) (16 158) (36 449)
accrual
Amortisation of debenture 37 697 27 964 57 588
premium
Net surplus on disposal of 2 830 4 132 5 578
investment properties
Profit before taxation 40 527 811 693 2 117 949
Taxation (2 977) (212 435) (574 766)
Net profit after taxation 37 550 599 258 1 543 183
Reconciliation between
earnings, headline earnings
and distributable earnings:
Net profit after taxation 37 550 599 258 1 543 183
Adjusted for
Debenture interest 425 995 349 614 724 263
Earnings - units 463 545 948 872 2 267 446
Adjusted for
Change in fair value of 10 267 (555 690) (1 454 138)
investment properties
Net surplus on disposal of (2 830) (4 132) (5 578)
investment properties
Headline earnings - units 470 982 389 050 807 730
Straight-line rental income (7 290) (11 472) (25 879)
accrual - net of taxation
Amortisation of debenture (37 697) (27 964) (57 588)
premium
Distributable earnings 425 995 349 614 724 263
Weighted Headline
average Distribution Earnings earnings
number of per per per
units unit unit unit
(cents) (cents) (cents)
A unit 264 592 114 67,50 72,31 73,24
B unit 264 592 114 82,50 87,52 88,46
C unit 264 592 114 11,00 15,36 16,30
Total - six 161,00 175,19 178,00
months to 31
December 2007
A unit 253 682 462 128,47 331,51 139.71
B unit 253 682 462 157,03 360,89 169,08
C unit 253 682 462 - 201,41 9,61
Total - year to 285,50 893,81* 318,40*
30 June 2007
A unit 249 724 416 63,00 182,75 70,67
B unit 249 724 416 77,00 197,22 85,12
C unit 249 724 416 - - -
Total - six 140,00 379,97 155,79
months to 31
December 2006
* The split between the A, B and C units has been modified. Previously the
allocation of distributable earnings was based on the percentage attributable to
each unit after the threshold distribution of 93,75 cents has been reached. The
split has been restated to reflect the actual distributions attributable to each
unit.
Non-
Distri-
Share Share butable Capital
STATEMENT OF capital premium reserve reserve
CHANGES IN EQUITY R`000 R`000 R`000 R`000
Balance at 1 July 2006 50 63 528 77 320 85 831
Net profit for the period
Realised accumulated net (2 715)
write down of investment
properties sold
Net surplus on disposal of 4 132
investment properties
Amortisation of debenture 27 964
premium transferred to non-
distributable reserve
Transfer to fair-value
reserve (net of deferred
tax)
Balance at 31 December 2006 50 63 528 105 284 87 248
Balance at 1 July 2007 53 63 528 134 908 161 949
Net profit for the period
Realised accumulated net 59 994
write down of investment
properties sold
Net surplus on disposal of 2 830
investment properties
Amortisation of debenture 37 697
premium transferred to non-
distributable reserve
Transfer to fair-value
reserve (net of deferred
tax)
Balance at 31 December 2007 53 63 528 172 605 224 773
Fair
value Accumulated
STATEMENT OF reserve loss Total
CHANGES IN EQUITY R`000 R`000 R`000
Balance at 1 July 2006 937 524 (12 221) 1 152 032
Net profit for the period 599 258 599 258
Realised accumulated net 2 715 -
write down of investment
properties sold
Net surplus on disposal of (4 132) -
investment properties
Amortisation of debenture (27 964) -
premium transferred to non-
distributable reserve
Transfer to fair-value 567 162 (567 162) -
reserve (net of deferred
tax)
Balance at 31 December 2006 1 507 401 (12 221) 1 751 290
Balance at 1 July 2007 2 347 001 (12 221) 2 695 218
Net profit for the period 37 550 37 550
Realised accumulated net (59 994) -
write down of investment
properties sold
Net surplus on disposal of (2 830) -
investment properties
Amortisation of debenture (37 697) -
premium transferred to non-
distributable reserve
Transfer to fair-value (2 977) 2 977 -
reserve (net of deferred
tax)
Balance at 31 December 2007 2 284 030 (12 221) 2 732 768
Reviewed Reviewed Audited
31 December 31 December 30
June
2007 2006 2007
CASH FLOW STATEMENT R`000 R`000 R`000
OPERATING ACTIVITIES
Cash generated from operations 358 899 465 160 948 461
Finance costs (71 222) (73 458) (162 759)
Interest income 21 571 14 744 42 518
Other income 6 485 19 014 34 711
Debenture interest paid (404 828) (331 580) (690 239)
Net cash (utilised (89 095) 93 880 172 692
in)/generated from operating
activities
INVESTING ACTIVITIES
Purchase of investment (124 891) (147 871) (775 339)
properties
Capitalised improvements to (87 337) (137 997) (259 186)
investment properties
Capitalised letting costs (33 736) (12 806) (14 275)
Capitalised transaction costs (1 429) (7 433) (9 837)
Proceeds on disposal of 306 595 113 441 414 998
investment properties
Net cash generated 59 202 (192 666) (643 639)
from/(utilised in) investing
activities
FINANCING ACTIVITIES
Issue of A, B and C units - 19 263 617 805
Interest bearing borrowings 25 920 112 233 (79 787)
raised/(repaid)
Net cash generated from 25 920 131 496 538 018
financing activities
Net (decrease)/increase in cash (3 973) 32 710 67 071
and cash equivalents
Cash and cash equivalents at 305 855 238 784 238 784
beginning of period
Cash and cash equivalents at 301 882 271 494 305 855
end of period
SEGMENTAL Office Retail Industrial
INFORMATION R`000 % R`000 % R`000 %
Conventional rental 262 559 40 323 204 49 69 216 11
income
Straight-line rental 6 784 66 631 6 2 852 28
income accrual
Revenue 269 343 40 323 835 49 72 068 11
Property expenses (57 962) 43 (69 327) 51 (7 519) 6
Administrative
expenses and corporate
costs
Tenant installation (7 017) 62 (3 272) 29 (1 088) 9
and letting
commissions
Segment profit from 204 364 39 251 236 49 63 461 12
operations
Finance costs -
Interest income -
Other income
Segment profit before 204 364 39 251 236 49 63 461 12
debenture interest
Debenture interest -
Segment profit after 204 364 251 236 63 461
debenture interest
Change in fair value
of investment
properties
Straight-line rental (6 784) (631) (2 852)
income accrual
Amortisation of
debenture premium
Net surplus on 3 910 (1 079) (1)
disposal of investment
properties
Segment profit before 201 490 39 249 526 49 60 608 12
taxation
Other information
Non-current assets 3 384 4 854 411 1 001 183
899
Current assets 77 755 67 762 8 151
Non-current assets 12 480 14 815 21 600
held for sale
Total assets 3 475 36 4 936 988 52 1 030 934 11
134
Total liabilities 112 770 73 039 14 093
Total Cor-
pro- porate
SEGMENTAL Residen- perties costs Total
tial
INFORMATION R`000 % R`000 R`000 R`000
Conventional rental 375 655 354 655 354
income
Straight-line rental 10 267 10 267
income accrual
Revenue 375 665 621 665 621
Property expenses (133) (134 941) (134 941)
Administrative (39 875) (39 875)
expenses and
corporate costs
Tenant installation (11 377) (11 377)
and letting
commissions
Segment profit from 242 519 303 (39 875) 479 428
operations
Finance costs (71 222) (71 222)
Interest income 21 571 21 571
Other income 6 485 6 485
Segment profit 242 519 303 (83 041) 436 262
before debenture
interest
Debenture interest (425 995) (425 995)
Segment profit after 242 519 303 (509 036) 10 267
debenture interest
Change in fair value
of investment
properties
Straight-line rental (10 267) (10 267)
income accrual
Amortisation of 37 697 37 697
debenture premium
Net surplus on 2 830 2 830
disposal of
investment
properties
Segment profit 242 511 866 (471 339) 40 527
before taxation
Other information
Non-current assets 10 017 9 250 510 9 250 510
Current assets 134 537 288 205 284 254 572 459
Non-current assets 48 895 48 895
held for sale
Total assets 144 554 1 9 587 610 284 254 9 871 864
Total liabilities 337 200 239 6 938 857 7 139 096
INTEREST DISTRIBUTION
Unit holders are advised that interest distribution number 27 in respect of the
quarter 1 October 2007 to 31 December 2007 has been declared as follows:
- A unit - 33,75 cents (2006: 32,85 cents)
- B unit - 41,25 cents (2006: 40,15 cents)
- C unit - 8,00 cents (2006: nil)
Salient dates
Last date to trade cum interest Friday, 22 February 2008
Units will trade ex interest Monday, 25 February 2008
Record date Friday, 29 February 2008
Payment of interest distribution number 27 Monday, 3 March 2008
There may be no dematerialisation or re-materialisation of the A, B and C units
between Monday, 25 February 2008 and Friday, 29 February 2008, both days
inclusive.
By order of the Board
M Wainer G G L Leissner
Chairman Chief Executive Officer
Johannesburg
6 February 2008
DIRECTORS:
M Wainer (Chairman), G G L Leissner *
(Chief Executive Officer),
D H Rice * (Managing),
J F Bihl +, W E Cesman, J Dritz +,
A Rehman +, C van Wyk *
* Executive + Independent
www.apexhi.co.za
Sponsor
Java Capital (Proprietary) Limited
Date: 06/02/2008 15:20:37 Produced by the JSE SENS Department.
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