| Thu 24 Apr 2003, 18:08 | | Allan Gray Property Trust - Interim Results And Di |
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Allan Gray Property Trust - Interim Results And Distribution Announcement For
The Six Months Ended 31 March 2003
Allan Gray Property Trust
(Registration number 1983/003324/06)
Share code: GRY ISIN: ZAE000013165
("Grayprop")
INTERIM RESULTS AND DISTRIBUTION ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 MARCH
2003
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 2003.
UNAUDITED UNAUDITED
6 MONTHS TO 6 MONTHS TO
31 MARCH 2003 31 MARCH 2002
R"000 R"000
Income Statement
Rental income 215 513 230 723
Interest received 23 241 9 405
Property expenditure (75 891) (78 864)
Interest paid (15 979) (14 542)
General administration expenditure (7 255) (7 093)
Profit on disposal of fixed property 3 577 1 679
Net profit 143 206 143 308
Capital profit transferred to NDR (3 577) (1 679)
Income available for distribution 139 629 139 629
Number of units in issue 930 857 895 930 857 895
Earnings per unit (cents) 15.4 15.2
Less capital profit per unit (cents) (0.4) (0.2)
Headline earnings per unit (cents) 15.0 15.0
Interim distribution (cents) 15.0 15.0
Balance sheet
Assets
Fixed properties 2 223 815 2 348 317
Current assets 342 749 249 491
2 566 564 2 597 808
Unitholders" funds and liabilties
Unitholders" funds 2 172 136 2 203 972
Interest bearing borrowings 214 557 214 557
Deferred tax 3 985 -
Current liabilities 175 887 179 279
2 566 565 2 597 808
Statement of Changes in
Unitholders" Funds
Unitholders" funds at
beginning of period 2 168 559 2 052 487
Units issued - 149 806
Net profit 143 206 141 308
Distribution declared (139 629) (139 629)
Unitholders" funds at
end of period 2 172 136 2 203 972
Cash Flow Statement
Cash generated by operations 132 469 144 866
Working capital changes (4 824) (347)
127 645 144 519
Interest received 23 241 9 405
Interest paid (15 979) (14 542)
Distributions paid (146 145) (116 598)
(11 238) 22 784
Additions to fixed property (56 637) (195 595)
Units issued - 149 806
Disposal of fixed property 17 093 54 100
Cash at beginning of period 369 235 193 902
Cash at end of period 318 453 224 997
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 distributions of approximately the same level as last year will
be achieved for the full year.
The interim results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with those used in the
prior year.
2 Restructure
With the introduction of the Collective Investments Schemes Control Act of 2002,
Grayprop, as required by the Act, has adopted, with effect from 1 April 2003, a
new Trust Deed, which will be standard for the industry. The Trust Deed is
available on our website and should be read in conjunction with the Act. A hard
copy may be obtained at the registered office.
As envisaged in the 2002 Annual Report, the Trust is in the process of taking
transfer of all the properties from the Fixed Property Companies. It is
envisaged that this will be complete before year-end. While it will trigger
minimal capital gains tax in the Trust, Grayprop will be able in future to sell
properties without the burden of this tax. The net asset value of the Trust will
be protected in future accordingly.
3 Vacancy levels
Vacancy levels by area were as follows:
Sector Mar 2003 Sept 2002
% %
Retail 5 5
Offices 13 13
Industrial 7 8
Other 0 0
Total 7 8
By value the vacancies equate to 6 percent of the total potential rental income,
the same as at the end of September 2002.
The vacancies remain concentrated in the same buildings as at year-end.
4 Changes to the portfolio
Outstanding capital commitments at 31 March 2003 are R235,9 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.
With the opening of Boardmans, the extensions at Blue Route Mall have been
completed. The project has met all expectations. The re-tenanting of Northmead
Mall is well underway and should be complete before year-end.
Building works have commenced at Centurion Shopping Centre and the Randburg
Waterfront. Interest in both developments has been good. Randburg, as expected,
is being adversly affected during construction. The redevelopment of Centurion
is being undertaken as a joint venture with Attfund Limited; transfer of 25% of
the property to Attfund will occur before year-end.
During the period under review the following properties were sold:
Property Net Price Valuation
R"000 R"000
Bruma Broadwalk 7 841 5 273
Robertson Spices 2 800 1 508
Stone Stamcor 2 400 2 005
La Lucia Ridge vacant land 2 374 3 655
Express House 898 517
Pittsburg Industrial Park 780 558
17 093 13 516
Distribution announcement
Notice is hereby given of distribution no. 40 of 15,0 cents per unit for the six
months ended 31 March 2003.
The last day to trade cum the distribution will be Friday, 16 May 2003. The
units of Grayprop will commence trading ex distribution on Monday, 19 May 2003
and the record date will be Friday, 23 May 2003. The distribution will be paid
on Monday, 26 May 2003.
Unit certificates may not be dematerialised or rematerialized between Monday, 19
May 2003 and Friday, 23 May 2003, both dates inclusive.
By order of the Board
Allan Gray Property Trust Management Limited
(Reg No 1983/003324/06)
24 April 2003
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)
SHORTNAME: GRAYPROP
CODE: GRY
ISIN: ZAE000013165
Directors: W J C Mitchell (Chairman), J D Rainier (Managing), W T Fairhead, M
Herdman, W M Kirchmann, S P McCoy, D M Nurek, E Osrin, S Shaw-Taylor
e-mail: info@allangray.co.za Website: www.allangray.co.za
