| Thu 25 Apr 2002, 0:00 | | Grayprop - Company Announcement |
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Allan Gray Property Trust
Share Code : GRY
ISIN Code : ZAE000013165
Interim results and distribution declaration for the six months ended 31
March 2002
The Directors of Allan Gray Property Trust Management Limited, the
management company for Allan Gray Property Trust ("Grayprop"), submit their
report on the unaudited results of Grayprop for the six months ended 31
March 2002.
Unaudited Unaudited
6 months to 6 months to
31 March 2002 31 March 2001
R'000 R'000
Income Statement
Rental income 230 723 124 642
Interest received 9 405 7 025
Property expenditure (78 864) (40 014)
Interest paid (14 542)
General administration expenditure (7 093) (4 076)
Profit on disposal of fixed property 1 679
Net profit 141 308 87 577
Net change in maintenance reserve 701
Capital profit transferred to capital
reserve (1 679)
Income available for distribution 139 629 88 278
Number of units in issue 930 857 895 588 442 336
Earnings per unit (cents) 15.18 14.88
Headline earnings per unit (cents) 15.00 14.88
Interim distribution per unit (cents) 15.00 15.00
Balance Sheet
Assets
Fixed properties 2 348 317 1 227 281
Current Assets 249 491 140 598
2 597 808 1 367 879
Unitholders' funds and liabilities
Unitholders' funds 2 203 972 1 261 750
Interest bearing borrowings 214 557
Current liabilities 179 279 106 129
2 597 808 1 367 879
Statement of Changes in Unitholders' Funds
Unitholders' funds at beginning of
period 2 052 487 1 262 451
Units issued 149 806
Net profit 141 308 87 577
Distribution declared (139 629) (88 278)
Unitholders' funds at end of period 2 203 972 1 261 750
Cash Flow Statement
Cash generated by operations 144 866 80 552
Working capital changes (347) 1 734
144 519 82 286
Interest received 9 405 7 025
Interest paid (14 542)
Distributions paid to unitholders (116 598) (87 678)
22 784 1 633
Additions to fixed property (195 595) (26 005)
Units issued 149 806
Disposal of fixed property 54 100
Cash at beginning of period 193 902 145 960
Cash at end of period 224 997 121 588
Comments
1. Net distributable income and prospects
Grayprop's net distributable income for the first six months of the
financial year amounts to 15,0 cents per unit, in line with the forecast
made in the Annual Report, and the same as for the comparable period last
year. It is still anticipated that earnings of approximately the same level
as last year will be achieved for the full year.
2. Accounting policies
The interim results are prepared in accordance South African Statements
of Generally Accepted Accounting Practice and are consistent with those used
in the prior year.
3. Vacancy levels
Vacancy levels by area were as follows:
Sector March Sept
2002 2001
% %
Retail 5 6
Offices 12 10
Industrial 7 10
Other 0 0
Total 7 7
By value the vacancies equate to 7 percent of the total potential
rental income, the same as at the end of September 2001.
The vacancies remain very much concentrated in the same buildings as at
year end.
4. Changes to the portfolio
Outstanding capital commitments at 31 March 2002 were
R66,2 million, leaving no free capital balance. The commitments will be
funded either by the proceeds of the pending sale of buildings or from
existing loan facilities.
Due to excellent tenant demand a R38 million alteration project,
including the provision of extra parking, has commenced at
Blue Route.
It is anticipated that alterations at Centurion Shopping Centre,
Randburg Waterfront and Northmead Mall will commence in the next six months.
During the period under review the following properties were sold:
Property Net Price (R000) Valuation (R000)
Middestad Centre 27 000 27 000
Caltex House 8 100 6 421
BCG House 19 000 19 000
Additional interests in Westgate Shopping Centre, Southgate Mall and
Southgate Value Mart, as detailed in the Annual Report, were acquired during
the period under review.
Distribution Announcement
Notice is hereby given of distribution no. 38 of 15,0 cents per unit
for the six months ended 31 March 2002.
The last day to trade cum the distribution will be Friday, 17 May 2002.
The units of Grayprop will commence trading ex-distribution on Monday, 20
May 2002 and the record date will be Friday, 24 May 2002. The distribution
will be paid on Monday, 27 May 2002.
Share certificates may not be dematerialised between Monday, 13 May
2002 and Friday, 24 May 2002, both days inclusive.
By Order of the Board
Allan Gray Property Trust Management Limited
(Reg No 1983/003324/06)
24 April 2002
Transfer Secretaries
Computershare Services Limited
11 Diagonal Street
Johannesburg
2001
Secretary and registered office
Broll Property Group (Proprietary) Limited
4th Floor, 15 Baker Street,
Rosebank
Johannesburg, 2196
(PO Box 1455, Saxonwold, 2132)
Directors: WJC Mitchell (Chairman), JD Rainier (Managing), WT Fairhead, M
Herdman, WM Kirchmann, DM Nurek, E Osrin, S Shaw-Taylor
e-mail: info@allangray.co.za Website: www.allangray.co.za
