|
APA APB AXC
APA
APA/APB/AXC - ApexHi - Reviewed Interim Results For The Six Months Ended 31
December 2008 And Quarterly Interest Distribution Declaration For The Three
Months Ended 31 December 2008
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 2008 AND QUARTERLY
INTEREST DISTRIBUTION DECLARATION FOR THE THREE MONTHS ENDED 31 DECEMBER 2008
HIGHLIGHTS
- Total return of: A unit 37%; B unit 29%; C unit 35%
- 11% growth in combined distributions
- Average renewal rental growth of 15%
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 effects of straight-lining of leases)
31 December 31 December
2008 % 2007
R`000 change R`000
Investment properties - net operating
income
Core portfolio - properties held for 6 485 712 8 450 688
comparative months
Revenue 634 029 11 573 678
Turnover rental 9 190 7 468
Property expenses (139 429) 15 (121 061)
Tenant installations and letting (18 078) 92 (9 397)
commissions
Additions - properties held for less 5 114 3 095
than 6 comparative months
Disposals - properties held for less 5 604 46 530
than 6 comparative months
Disposals - post balance sheet 10 296 8 532
Operating income from investment 506 726 - 508 845
properties
Rental income on residential portfolio 1 573 191
Corporate costs and administrative (31 197) (22) (39 875)
expenses
Profit from operations 477 102 2 469 161
Non-core income 10 054 55 6 485
Clearwater guarantee fee 8 845 6 485
Profit on sale of residential units 1 209 -
Finance costs (75 717) 6 (71 222)
Interest income 54 536 153 21 571
Investment income 6 322 -
Distributable profits 472 297 11 425 995
Distribution per unit (cents) 178,50 11 161,00
A unit 67,50 0 67,50
B unit 82,50 0 82,50
C unit 28,50 159 11,00
Distribution per unit (cents) - 174,70 10 158,55
excluding non-core income
A unit 67,50 0 67,50
B unit 82,50 0 82,50
C unit 24,70 189 8,55
Quarterly distributions: 1 Quarter Quarter December December %
July to 31 December 2008 1 2 2008 2007 change
A unit 33,75 33,75 67,50 67,50 -
B unit 41,25 41,25 82,50 82,50 -
C unit 11,00 17,50 28,50 11,00 159
Combined 86,00 92,50 178,50 161,00 11
Quarterly distributions are calculated on the following basis:
From 75,00 cents to 93,75 cents per quarter:
A units receive 33,75 cents
B units receive 41,25 cents
C units receive the balance of the income distribution to a maximum of 18,75
cents per quarter
Above 93,75 cents per quarter:
- A units receive 36% of the income distribution
- B units receive 44% of the income distribution
- C units receive 20% of the income distribution
Profit from operations
- Core portfolio
The core portfolio, representing properties held for 6 comparative months,
reflects growth of 8%.
Revenue increased as forecast by 11% despite loss of income as a result of the
refurbishments being undertaken on a number of the company`s retail centres. The
contractual decrease in the monthly rental on the Premier Milling Waltloo lease
had a 1 cent effect on distributions.
Property expenses increased by 15%. As indicated in the 2008 annual report on
the prospects for 2009, the company anticipated a cost growth at a rate higher
than revenue growth. This is primarily as a result of increases in assessment
rates and electricity costs. To maintain the quality of the portfolio,
additional amounts were spent on repairs and maintenance. The ratio of property
expenses to property income on the portfolio has consequently increased from
20,5% in 2007 to 22,1% in 2008.
Tenant installation and letting costs increased to achieve new lettings and the
satisfactory level of tenant retention.
- Rental from the residential portfolio
R219 million has been invested to date on the residential portfolio. The income
generated has been adversely affected by delays in renovations undertaken during
the period under review but should increase in the following six months as a
result of lettings.
- Corporate costs and administrative expenses
The reduction in corporate costs is due to a decrease in the asset management
fee as a result of a lower ApexHi unit price. The fee is based on the market
capitalisation plus debt of the company.
Non-core income
The R10 million of non-core income represents 3,8 cents (2%) of total
distributions. The Clearwater guarantee fee generated R8,8 million and
development profits of R1,2 million resulting from the sale of 9 sectional title
units in the Berea Centre, Durban. Twenty three units remain unsold.
The ApexHi C unit price has increased since June 2008 and the guarantee fee
accrual is now based on an estimated C unit price in June 2010 of R8,00 (June
2008: R7,50).
Interest income
Interest income increased significantly as a result of the sale of 121
properties during the second half of the 2008 financial year for R955 million.
The proceeds were used partly to repay floating debt, the balance placed in
interest bearing accounts until required for refurbishments and capital
projects.
Investment income
This relates to the accrued interest distribution for the period
1 October to 31 December 2008 on the 13% investment in Ambit Properties Limited
("Ambit") (see below).
BALANCE SHEET REVIEW
Revaluation of properties
The directors have considered the values of the properties in the portfolio at
31 December 2008 and are satisfied that there has been no material change to the
carrying value of the portfolio since it was valued at 30 June 2008. The
portfolio will be valued by external valuers at the financial year end.
The valuation of the R9,3 billion property portfolio (including land) represents
an average yield of 11,2% (2007: 11,3%) and a valuation of R3 850 per m2 of
lettable area
(2007: R3 550). The number of properties in the portfolio has reduced from 410
at 31 December 2007 to 289 properties at 31 December 2008.
Acquisitions
There were no acquisitions during the period.
Disposals
Sixteen properties were sold for R214,9 million (at an average yield of 9,1%).
The net proceeds were invested in the money market. The disposals have resulted
in a R76,9 million surplus on original cost and R20,0 million surplus on
carrying value.
Refurbishments and capital expenditure
During the period, R260,7 million was spent on refurbishments expected to
provide an initial yield of 12% and R24,7 million was incurred on capital
expenditure, generating no return but necessary to sustain the portfolio.
Horizon View is expected to be completed during May 2009 and is currently 69%
let. A further R102 million has to be spent to complete the R172 million
project.
Work on the R102 million Golden Walk refurbishment and extension is
substantially complete and the centre is 100% let.
The extension to Cleary Park is expected to be completed by May 2009 and is
currently 70% let. A further R39 million has to be spent to complete the R90
million development.
The Ermelo Mall refurbishment is complete and 96% let.
Capital commitments and contingencies
Authorised expenditure on refurbishments and capital projects amounts to R223,8
million.
Investment in Ambit
On 13 November 2008 ApexHi acquired 65 856 358 Ambit units - representing a 13%
interest in Ambit - at a price of R3,40 per Ambit unit (R223,9 million in
aggregate).
In addition, ApexHi acquired an indirect interest in 110 million Ambit units at
R3.40 through the acquisition of all of the shares in Business Venture
Investments No. 1232 (Proprietary) Limited ("BVI"), a wholly owned subsidiary of
Cape Empowerment Trust Limited ("CET"). The acquisition of the shares in BVI is
conditional upon Competition Commission approval expected towards the end of
February 2009. The shares in BVI were acquired for a purchase consideration of
R100, and ApexHi agreed to:
- advance a loan to BVI of R347,7 million to enable BVI to repay the third party
loan advanced to it to fund the acquisition of the Ambit units owned by BVI.
The interest on the loan made to BVI accrues at the same rate as ApexHi`s actual
borrowing rate; and
- upon the acquisition of the shares in BVI becoming unconditional, to advance a
further loan to BVI to enable the repayment of a portion of the shareholder`s
loan owing by BVI to CET (with the balance of the shareholder`s loan being
acquired by ApexHi for R100).
When the BVI transaction becomes unconditional, ApexHi will have a 34,85% equity
interest in Ambit.
Interest bearing borrowings
Borrowings were increased by R553,8 million to R1,9 billion as a result of the
Ambit acquisition. The additional borrowings were hedged by means of two 10 year
interest rate swaps - R413,8 million at 10,65% NACM and R140,0 million at 10,62%
NACM. 100% of the R1,9 billion interest bearing debt is fixed for approximately
nine years at a fixed weighted average all inclusive rate of 9,97%. Borrowings
represent 20,5% of the value of the property portfolio.
ApexHi Charitable Trust
As part of its commitment to sustainable and long-term economic and social
development of the underprivileged, ApexHi unit holders approved the issue of 20
million A, B and C units to The ApexHi Charitable Trust on 15 August 2008. The
units were issued at R32,13 per combined unit and were financed by means of a
loan from ApexHi ("Trust loan"). During the period under review, the trust
disposed of 18 910 937 million A units, 18 952 805 million B units and 8 338 489
million C units and the net proceeds of R614,8 million were used to repay the
Trust loan. As at 31 December 2008 the balance outstanding on the Trust loan
was R41,4 million. Part of the proceeds were used to fund refurbishment projects
and the remainder has been invested in the money market. Until such time as the
loan is repaid, ApexHi will continue to consolidate the Trust.
OPERATIONAL REVIEW
Leasing
ApexHi has concluded 672 leases from 1 July 2008 to 31 December 2008, over 298
597m2, valued at approximately R1,068 billion. 458 leases were renewed, valued
at R803 million and 214 new leases, valued at R264,9 million were concluded. The
vacancy % in the portfolio has reduced from 7% at June 2008 to 6%.
Lettable Vacant area Let area
area
Letting activity for the m2 m2 % m2 %
period under review
Portfolio as at 1 July 2008 2 439 280 171 784 7 2 267 496 93
Properties disposed and area (60 582) (13 590) (46 992)
adjustments
Adjusted portfolio as at 1 2 378 698 158 194 7 2 220 504 93
July 2008
Decrease in vacancy (10 368) 10 368
Leases expired during the 288 229 (288 229)
period
Total lettings during the (298 597) 298 597
period
- Renewals (248 242) 86 248 242
- New lettings (50 355) 50 355
Portfolio as at 31 December 2 378 698 147 826 6 2 230 872 94
2008
Sectoral breakdown of renewal rentals
Renewals
Average Average
Area expiry achieved
renewed rental rental Increase
Sector m2 R/m2 R/m2 %
Retail 80 838 58,33 70,20 20
Office 134 217 51,44 57,34 11
Industrial 33 187 20,80 25,32 22
248 242 49,59 57,25 15
Total portfolio
New leases December 2008
Average
Area achieved Let
let rental area
Sector m2 R/m2 m2 R/m2
Retail 32 951 81,31 882 114 59,83
Office 9 008 64,45 830 223 53,10
Industrial 8 396 34,69 518 535 22,51
50 355 70,52 2 230 872 48,65
Lettable area Vacancy
Sectoral spread and m2 % m2 %
vacancies
Retail 932 831 39 50 717 5
Office 920 346 39 90 123 10
Industrial 525 521 22 6 986 1
2 378 698 100 147 826 6
Vacancies have reduced by 24 000m2 from 30 June 2008 mainly from the letting at
Golden Walk (16 000m2) and from property disposals (8 000m2).
UNIT PERFORMANCE
Liquidity
During the period under review, 38% of the A units, 29% of the B units and 24%
of the C units were traded.
Total capital
Unit Unit Interest and Total
price price
30 31 distributions distributions return
June December
2008 2008
Total R R R R %
return per
unit
A unit 10,55 13,75 0,675 14,425 37
B unit 13,49 16,51 0,825 17,335 29
C unit 5,29 6,85 0,285 7,135 35
29,33 37,11 1,785 38,895 33
The Property Loan Stock Index (J256) returned 29% over the same period.
POST BALANCE SHEET EVENTS
Disposals Expected
transfer
Property Location Sector date (2009)
Fedsure House Bloemfontein Retail/Office 28 February
Annuity House Johannesburg Retail/Office 28 February
SA Eagle Krugersdorp Office 28 February
Aroma Fine Wines Stellenbosch Retail 7 January
Laboria House Kimberley Office 28 February
Standard Bank House Bloemfontein Retail/Office 28 February
Standard Bank House King William`s Town Retail 31 March
Allied Bloemfontein Office 28 February
Builder`s Market Kimberley Retail 28 February
Absa Jones Street Kimberley Retail 28 February
43 Goldman Street Florida Office 31 March
Telkom Kimberley Retail 28 February
Disposals Net selling Surplus Selling
price on original yield
cost
Property R`000 R`000 %
Fedsure House 32 400 16 784 11,0
Annuity House 30 000 15 150 15,9
SA Eagle 24 100 13 421 10,2
Aroma Fine Wines 20 600 2 833 11,5
Laboria House 15 000 7 213 10,2
Standard Bank House 13 960 8 564 12,3
Standard Bank House 9 000 3 641 11,1
Allied 8 640 8 105 11,9
Builder`s Market 5 396 1 504 11,2
Absa Jones Street 5 100 3 515 11,6
43 Goldman Street 5 000 1 500 9,2
Telkom 3 150 1 440 6,4
172 346 83 670 11,8
PROSPECTS
At June 2008, distribution growth of between 8% and 13% was projected for the 12
months ending 30 June 2009. Taking account of a slowdown in net rental growth in
the core portfolio and reduced return on the residential portfolio, growth in
distributions for the full year should be 10%.
The distribution structure will change when the 93,75 cents quarterly threshold
is reached. Based on the above, the threshold is anticipated to be reached in
the fourth quarter of the 2009 financial year, when the A, B and C units will
share in the growth in distributions. The A units will receive 36%, the B units
44% and the C units 20% of the total quarterly distribution.
This forecast has not been reviewed or reported on by the ApexHi auditors.
CAUTIONARY
As more fully detailed in the joint Redefine Income Fund Limited, ApexHi and
Madison Property Fund Managers Holdings Limited announcement released on SENS on
15 January 2009, Redefine has advised the ApexHi Board of its firm intention to
make an offer to acquire all of the issued units in ApexHi pursuant to a Scheme
of Arrangement ("the scheme") in terms of section 311 of the Companies Act or,
if the scheme is not implemented for any reason, to acquire at least 50% of each
of the ApexHi A, B and C units in return for Redefine units ("the Redefine
transaction").
ApexHi has appointed Deloitte & Touche to provide the Board with independent
advice on the Redefine transaction, which will be included in the circulars to
be posted to ApexHi unit holders in due course.
CONSOLIDATED 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 2008.
Reviewed Reviewed Audited
31 December 31 30 June
December
2008 2007 2008
CONDENSED CONSOLIDATED BALANCE SHEET R`000 R`000 R`000
ASSETS
Non-current assets 9 720 677 9 250 510 9 443 667
Investment properties 8 898 748 9 013 365 8 906 771
Straight-line rental income accrual 152 561 158 658 154 859
Letting costs 104 626 78 487 88 169
Listed investment 263 425 - -
Interest bearing loans 274 060 - 275 456
Guarantee fee receivable 27 257 - 18 412
Current assets 1 533 831 572 459 683 715
Residential properties held for 169 007 133 302 150 084
trading
Straight-line rental income accrual 57 752 41 951 48 353
Interest bearing loan 352 778 - -
Fair value adjustment on interest 5 340 - -
rate swaps
Trade and other receivables 86 110 95 324 70 123
Cash and cash equivalents 862 844 301 882 415 155
Non-current assets held for sale 172 346 48 895 70 283
TOTAL ASSETS 11 426 854 9 871 864 10 197 665
EQUITY AND LIABILITIES
Share capital and reserves 3 453 148 2 732 768 3 365 560
Non-current liabilities 7 487 619 6 657 189 6 340 355
Debenture capital and premium 4 672 046 4 153 101 4 115 657
Deferred taxation 846 016 1 002 049 854 498
Interest bearing borrowings 1 923 995 1 502 039 1 370 200
Fair value adjustment on interest 45 562 - -
rate swaps
Current liabilities 486 087 481 907 491 750
TOTAL EQUITY AND LIABILITIES 11 426 854 9 871 864 10 197
665
NAV per
unit
Number NAV excluding
of units per unit deferred
tax
Net asset value per unit (NAV) in issue R R
A unit 283 503 051 11,60 12,61
B unit 283 544 919 9,70 10,71
C unit 272 930 603 7,65 8,66
Total - 31 December 2008 28,95 31,98
A unit 264 592 10,62 11,89
114
B unit 264 592 8,73 9,98
114
C unit 264 592 114 6,67 7,94
Total - 31 December 2007 26,02 29,81
A unit 264 592 114 11,38 12,45
B unit 264 592 114 9,47 10,55
C unit 264 592 114 7,42 8,50
Total - 30 June 2008 28,27 31,50
Reviewed Audited
Six months ended Year ended
31 December 31 December 30 June
2008 2007 2008
CONSOLIDATED INCOME STATEMENT R`000 R`000 R`000
Conventional rental income 676 691 655 354 1 308 273
Straight-line rental income accrual 7 101 10 267 12 869
Revenue 683 792 665 621 1 321 142
Property expenses (149 954) (134 941) (273 424)
Administrative expenses and (31 197) (39 875) (77 609)
corporate costs
Tenant installation and letting (18 438) (11 377) (25 871)
commissions
Profit from operations 484 203 479 428 944 238
Finance costs (75 717) (71 222) (134 572)
Interest income 54 536 21 571 70 208
Investment income 6 322 - -
Other income 10 054 6 485 24 675
Profit before debenture interest 479 398 436 262 904 549
Debenture interest (472 297) (425 995) (891 680)
Profit after debenture interest 7 101 10 267 12 869
Capital and other items not 26 856 30 260 531 771
distributed
Change in fair value of investment 9 710 - 360 991
properties
Straight-line rental income accrual (7 101) (10 267) (12 869)
Amortisation of debenture premium 44 451 37 697 75 400
Fair value adjustment on interest (40 222) - -
rate swaps
Net surplus on disposal of 20 018 2 830 108 249
investment properties
Profit before taxation 33 957 40 527 544 640
Taxation 15 011 (2 977) 125 702
Net profit after taxation 48 968 37 550 670 342
Reconciliation between earnings
headline earnings and distributable
earnings:
Net profit after taxation 48 968 37 550 670 342
Adjusted for:
Debenture interest 472 297 425 995 891 680
Earnings 521 265 463 545 1 562 022
Adjusted for:
Change in fair value of investment (13 079) 10 267 (496 299)
properties (net of deferred tax)
Fair value adjustment on interest 40 222 - -
rate swaps
Net surplus on disposal of (26 547) (2 830) (89 377)
investment properties (net of
capital gains tax)
Headline earnings 521 861 470 982 976 346
Straight-line rental income accrual (5 113) (7 290) (9 266)
(net of taxation)
Amortisation of debenture premium (44 451) (37 697) (75 400)
Distributable earnings 472 297 425 995 891 680
Headline
Weighted Distribution Earnings earnings
average per unit per unit per unit
number of (cents) (cents) (cents)
units
A unit 271 136 627 67,50 71,94 72,02
B unit 271 355 259 82,50 86,66 86,73
C unit 268 221 646 28,50 33,95 34,02
Total - six months to 31 178,50 192,55 192,77
December 2008
A unit 264 592 114 135,00 219,54 145,76
B unit 264 592 114 165,00 249,82 176,04
C unit 264 592 114 37,00 120,98 47,20
Total - year to 30 June 337,00 590,34 369,00
2008
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 months to 31 161,00 175,19 178,00
December 2007
Non-
CONSOLIDATED Share Share distributable Capital
STATEMENT OF capital premium reserve reserve
CHANGES IN EQUITY R`000 R`000 R`000 R`000
Balance at 30 June 2007 53 63 528 134 908 161 949
Net profit for the period
Realised accumulated net write- 59 994
up of investment properties
sold
Net surplus on disposal of 2 830
investment properties (net of
capital gains tax)
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
Balance at 30 June 2008 53 63 528 210 308 458 629
Issue of ordinary shares 3
Net profit for the period
Realised accumulated net write- 56 920
up of investment properties
sold
Net surplus on disposal of 26 547
investment properties (net of
capital gains tax)
Revaluation of listed
investment
Amortisation of debenture 44 451
premium transferred to non-
distributable reserve
Fair value adjustment on
interest rate swaps
Transfer to fair value reserve
(net of deferred tax)
Balance at 31 December 2008 56 63 528 254 759 542 096
Fair
CONSOLIDATED value Accumulated
STATEMENT OF reserve loss Total
CHANGES IN EQUITY R`000 R`000 R`000
Balance at 30 June 2007 2 347 001 (12 221) 2 695 218
Net profit for the period 37 550 37 550
Realised accumulated net write- (59 994) -
up of investment properties
sold
Net surplus on disposal of (2 830) -
investment properties (net of
capital gains tax)
Amortisation of debenture (37 697) -
premium transferred to non-
distributable reserve
Transfer to fair value reserve (2 977) 2 977 -
(net of deferred tax)
Balance at 31 December 2007 2 284 030 (12 221) 2 732 768
Balance at 30 June 2008 2 645 263 (12 221) 3 365 560
Issue of ordinary shares 3
Net profit for the period 48 968 48 968
Realised accumulated net write- (56 920) -
up of investment properties
sold
Net surplus on disposal of (26 547) -
investment properties (net of
capital gains tax)
Revaluation of listed 38 617 38 617
investment
Amortisation of debenture (44 451) -
premium transferred to non-
distributable reserve
Fair value adjustment on (40 222) 40 222 -
interest rate swaps
Transfer to fair value reserve 18 192 (18 192) -
(net of deferred tax)
Balance at 31 December 2008 2 604 930 (12 221) 3 453 148
Reviewed Reviewed Audited
31 December 31 December 30 June
2008 2007 2008
CONSOLIDATED CASH FLOW STATEMENT R`000 R`000 R`000
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from tenants 660 704 624 687 1 294 827
Cash paid to suppliers (189 283) (149 598) (307 413)
Cash paid for residential (18 923) (116 190) (132 972)
properties held for trading
Cash generated from operations 452 498 358 899 854 442
Finance costs (75 717) (71 222) (134 572)
Interest income 54 536 21 571 70 208
Investment income 6 322 - -
Other income 10 054 6 485 24 675
Taxation paid (11 844) - -
Debenture interest paid (451 455) (404 828) (849 344)
Net cash utilised in operating (15 606) (89 095) (34 591)
activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of investment properties - (124 891) (217 096)
Capitalised improvements to (285 439) (87 337) (188 666)
investment properties
Tenant installation costs (35 923) (33 736) (60 524)
Capitalised transaction costs 186 (1 429) (2 090)
refunded/(paid)
Proceeds on disposal of investment 214 868 306 595 1 003 815
properties
Purchase of listed investment (224 808) - -
Increase in interest bearing loans (351 382) - (275 456)
Increase in guarantee fee (8 845) - (10 432)
Net cash (utilised in)/generated (691 343) 59 202 249 551
from investing activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Issue of A, B and C units 601 178 - -
Debenture issue expenses (335) - 259
(paid)/refunded
Interest bearing borrowings 553 795 25 920 (105 919)
raised/(repaid)
Net cash generated from/(utilised 1 154 638 25 920 (105 660)
in) financing activities
Net increase/(decrease) in cash and 447 689 (3 973) 109 300
cash equivalents
Cash and cash equivalents at the 415 155 305 855 305 855
beginning of the period
Cash and cash equivalents at the 862 844 301 882 415 155
end of the period
CONSOLIDATED SEGMENTAL INFORMATION*
(excluding the effects of straight-lining of leases)
Conventional
rental
income
R`000 %
Office 320 677 47
Retail 282 769 42
Industrial 67 672 10
Residential 5 573 1
676 691 100
Administrative expenses and corporate costs
Finance costs
Interest income
Investment income
Other income
676 691
Segment profit
before debenture
interest
R`000 %
Office 232 256 46
Retail 216 943 43
Industrial 57 527 11
Residential 1 573 -
508 299 100
Administrative expenses and corporate (31 197)
costs
Finance costs (75 717)
Interest income 54 536
Investment income 6 322
Other income 10 054
472 297
Investment
properties at
valuation and
residential
properties held
for trading
R`000 %
Office 3 946 217 41
Retail 4 377 866 46
Industrial 1 012 061 11
Residential 218 896 2
9 555 040 100
Administrative expenses and corporate
costs
Finance costs
Interest income
Investment income
Other income
9 555 040
* Where a property has more than one component, it is classified to the
component which generates the most income
INTEREST DISTRIBUTION
Unit holders are advised that interest distribution number 31 in respect of the
quarter 1 October 2008 to 31 December 2008 has been declared as follows:
- In respect of the A unit - 33,75 cents (2007: 33.75 cents)
- In respect of the B unit - 41,25 cents (2007: 41,25 cents)
- In respect of the C unit - 17,50 cents (2007: 8,00 cents)
Salient dates 2009
Last date to trade cum interest Friday, 20 February
Last date to trade ex interest Monday, 23 February
Record date Friday, 27 February
Payment of interest distribution number Monday, 2 March
31
By order of the Board
G G L Leissner
Chief Executive Officer
Johannesburg
4 February 2009
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
ApexHi Properties Limited will present the company`s interim results to 31
December 2008 at the following functions:
Cape Town:
Date: Thursday, 5 February 2009
Time: 08h00 for 08h30
Venue: Southern Sun The Cullinan Hotel, 1 Cullinan Street
Waterfront, Cape Town
Johannesburg:
Date: Thursday, 5 February 2009
Time: 17h00 for 17h30
Venue: Hyatt Regency Johannesburg, 191 Oxford Road, Rosebank
www.apexhi.co.za
Sponsor
Java Capital (Proprietary) Limited
Date: 04/02/2009 11:03:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
