NEWS RELEASE
APEXHI ON TARGET AHEAD OF YEAR END RESULTS
ApexHi Properties Limited has declared a distribution of 25,5 cents per A
linked unit, and 25,85 cents per B linked unit for the third quarter 1
January 2002 to 31 March 2002.
The distribution is in line with the company's forecasts, and brings the
total return for the year to date to 76,5 cents per A unit, and 77,55 cents
per B unit, which is on track to meet the year-end target of R2,05 per
combined unit.
ApexHi chief executive Gerald Leissner says the results are particularly
positive in light of the recent interest rate hikes and weakened property
fundamentals.
"Despite a negative market, ApexHi has shown immense growth and activity
in the past nine months. The property portfolio was substantially enhanced
this quarter with the acquisition of 74 additional high-yielding properties
which boosted the value of the property portfolio to more than R1,6-
billion," he says.
As important, in the past nine months, ApexHi has entered into new
leases on vacant space and has concluded renewals with existing tenants for
more than 145,000m} of space, equating to a gross value of R220-million.
The last date to trade cum interest will be on 17 May 2002, and payments
will be made on or about Monday 27 May 2002. ApexHi is the only property
loan stock company, other than Redefine, to declare distributions on a
quarterly basis.
Ends
For further information:
Gerald Leissner / Brian Azizollahoff
ApexHi Properties Limited
(011) 442-3111
Issued by:
Sandra Mason
DiagonalStreet Communications
(011) 880-2271
Date: 2 May 2002
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