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Allan Gray Property Trust - Interim Results And Distribution Announcement For
The Six Months Ended 31 March 2004
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 2004
The Directors of Allan Gray Property Trust Management Limited, the manager of
Grayprop, submit their report on the unaudited results of Grayprop for the six
months ended 31 March 2004.
UNAUDITED AUDITED UNAUDITED
AS AT AS AT AS AT
31 MARCH 2004 30 SEPTEMBER 31 MARCH
2003 2003 2003
(R000) (R000) (R000)
BALANCE SHEET
Assets
Non-current assets
Fixed properties 2 617 239 2 359 852 2 223 816
Current assets 342 602 410 087 342 749
Accounts receivable 34 445 42 076 31 942
Capital debtor - 89 019 -
Cash and cash 308 157 278 992 310 807
equivalents
Total assets 2 959 841 2 769 939 2 566 565
Unitholders" funds and
liabilities
Unitholders" funds 2 536 544 2 358 446 2 172 136
Capital of the fund 1 933 354 1 757 354 1 757 354
Capital reserve 394 742 393 019 209 093
Revaluation reserve 208 430 208 055 196 076
Maintenance reserve - - 9 597
Distributable reserve 18 18 16
Non-current liabilities 214 557 214 557 218 542
Interest-bearing 214 557 214 557 214 557
liability
Deferred capital gains - - 3 985
tax
Current liabilities 208 740 196 936 175 887
Accounts payable 48 869 44 255 36 258
Taxation 4 490 4 674 -
Unitholders for 155 381 148 007 139 629
distribution
Total unitholders" 2 959 841 2 769 939 2 566 565
funds and liabilities
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
31 MARCH 2004 30 SEPTEMBER 31 MARCH
2003 2003
(R000) (R000) (R000)
INCOME STATEMENT
Income 260 181 487 754 238 754
Rent income 243 358 441 931 215 513
Interest received 16 823 45 823 23 241
Expenditure 104 800 200 117 99 125
Property expenses 84 420 153 157 75 891
Audit fees 304 411 223
Interest paid 11 978 31 444 15 979
Administrative charges 619 802 -
Service charge 7 479 14 303 7 032
Distributable earnings 155 381 287 637 139 629
Accelerated maintenance - (9 597) -
expense
Capital items 2 098 199 482 3 577
Net realised surplus on 2 098 5 281 3 577
disposal of fixed
properties
Net unrealised surplus - 194 890 -
on revaluation of fixed
properties
Taxation - (689) -
Net profit 157 479 477 522 143 206
Net profit per unit 15.8 51.3 15.4
(cents)
Headline earnings per 15.6 29.9 15.0
unit (cents)
Distribution per unit 15.6 30.9 15.0
(cents)
Interim distribution 15.6 15.0 15.0
per unit (cents)
Final distribution per - 15.9 -
unit (cents)
Units in issue 996 043 081 930 857 895 930 857 895
Headline earnings
reconciliation
Net profit 157 479 477 522 143 206
Less: capital items (2 098) (199 482) (3 577)
Headline earnings 155 381 278 040 139 629
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
31 MARCH 30 SEPTEMBER 31 MARCH
2004 2003 2003
(R000) (R000) (R000)
STATEMENT OF CHANGES IN
UNITHOLDERS" FUNDS
Capital of the fund
Balance at beginning of 1 757 354 1 757 354 1 757 354
the period
Units issued during the 176 000 - -
period
Balance at end of the 1 933 354 1 757 354 1 757 354
period
Capital reserve
Balance at beginning of 393 019 208 257 208 257
the period
Net surplus on disposal 1 723 184 762 836
of fixed properties
Balance at end of the 394 742 393 019 209 093
period
Revaluation reserve
Balance at beginning of 208 055 193 335 193 335
the period
Revaluation reserve on 375 (180 170) 2 741
fixed properties sold
Revaluation of fixed - 194 890 -
properties
Balance at end of the 208 430 208 055 196 076
period
Maintenance reserve
Balance at beginning of - 9 597 9 597
the period
Transfer to distributable - (9 597) -
reserves
Balance at end of the - - 9 597
period
Distributable reserves
Balance at beginning of 18 16 16
the period
Net profit for the period 157 479 477 522 143 206
Realised surplus on (2 098) (4 592) (3 577)
disposal of fixed
properties
Transfer to revaluation - (194 890) -
reserve
Transfer from maintenance - 9 597 -
reserve
Income distributions (155 381) (287 635) (139 629)
Balance at end of the 18 18 16
period
Total unitholders" funds 2 536 544 2 358 446 2 172 136
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
31 MARCH 30 SEPTEMBER 31 MARCH
2004 2003 2003
(R000) (R000) (R000)
CASH FLOW STATEMENT
Cash effects from
operating activities
Cash generated from 150 536 263 661 132 469
operations
Change in working capital 12 245 (14 607) (4 824)
Cash available from 162 781 249 054 127 645
operating activities
Interest received 16 823 45 823 23 241
Interest paid (11 978) (31 444) (15 979)
Taxation paid (184) - -
Income distributions (148 007) (285 773) (146 145)
19 435 (22 340) (11 238)
Cash effects of investing
activities
Additions to fixed (86 184) (123 110) (56 637)
properties
Net proceeds from 6 895 144 226 17 093
disposal of fixed
properties
Decrease /(increase) in 89 019 (89 019) -
capital debtor
9 730 (67 903) (39 544)
Net increase/(decrease) 29 165 (90 243) (50 782)
in cash and cash
equivalents
Cash and cash equivalents 278 992 369 235 369 235
at beginning of the
period
Cash and cash equivalents 308 157 278 992 318 453
at end of the period
Comments
Net distributable income
Grayprop"s net distributable income for the first six months of the financial
year amounts to 15,6 cents per unit, 4 percent greater than the comparable
period last year. It is anticipated that distributions for the full year could
grow by a similar amount.
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.
Restructure
All the outstanding properties have now been registered in the name of the
Trustee.
Changes to portfolio
The Boulders Shopping Centre and MIFA Industrial Park, the purchases of which
were announced in the previous results publication and which were effective from
1 October 2003, have been registered in the name of the Trustee, and the
additional units issued. Both properties have met initial expectations.
During the period the following properties were sold:
Property Net Price Valuation
(R000) (R000)
Sunshine Place 2 299 1 489
1 Stan Road 4 596 3 308
6 895 4 797
4. Major Capital Projects
Centurion Shopping Centre (75% undivided share)
Anticipated Final Cost R 206 million
Anticipated Final Yield 15.0%
The second phase is on schedule to open at the end of April and will be anchored
by Woolworths in their new 5 800m2 store. This releases the space for the final
stage scheduled to open in September 2004. Construction of the final stages of
the structured parking decks is substantially complete. The final project is
now 96 percent let, with the balance under firm negotiation.
The Brightwater Commons
Anticipated Final Cost R 126 million
Anticipated Final Yield 15.0%
Agreement has been reached with Woolworths for a 1 800m2 food and textile store
scheduled to open in September 2005. This serves as the catalyst to redevelop
the space currently occupied by the Flea Market as a fashion and homeware node
in which both national and specialist retailers can be accommodated. The Market
will move to newly constructed premises on the northern side of the Commons area
and will trade by October this year. To date great interest has been shown in
the family orientated events which have been held at the Centre and which
compliment the retail offer.
Capital commitments at the end of March were R161 million, which will require
additional resources of R 24 million to be funded by the sale of properties or
the use of the approved borrowing facility.
Vacancy levels
Vacancy levels in terms of rentable area at 31 March were as follows (percent):
Sector March Sept
2004 2003
Retail 6 5
Office blocks 12 10
Industrial 8 9
Other 0 0
Total 7 7
By value, the vacancies remained 6 percent of potential rental income over the
past half year.
In the retail sector 80 percent of the vacancies are contained in the following
properties:
The Brightwater Commons, which is being redeveloped as discussed above.
The Boulders, where 8 149m2 is vacant as anticipated in the purchase. Various
options are being considered for the redevelopment of the lower level where the
vacancies are concentrated. Good demand is being shown by national retailers
for this space.
In the office sector significant vacancies by area and value remain at Grayston
Ridge, Summit Park and Rosebank Corner. Dunkeld Park, which experienced
significant vacancies at the end of last year, has now substantially improved.
In the industrial sector the improvement in vacancy levels is notwithstanding
the additional vacancies arising from the purchase of MIFA Industrial Park.
Distribution Announcement
Notice is hereby given of distribution no. 42 of 15,6 cents per unit for the six
months ended 31 March 2004.
The last date to trade cum the distribution will be Friday, 21 May 2004. The
units of Grayprop will commence trading ex-distribution on Monday, 24 May 2004
and the record date will be Friday, 28 May 2004. The distribution will be paid
on Monday, 31 May 2004.
Unit certificates may not be dematerialised or rematerialised between Monday, 24
May 2004 and Friday, 28 May 2004, both dates inclusive.
By order of the Board
Allan Gray Property Trust Management Limited
(Reg No 1983/003324/06)
29 April 2004
Transfer Secretaries Secretary and registered
Computershare Limited, office
Investor Services Division Broll Property Group
70 Marshall Street (Proprietary) Limited
Johannesburg Broll House
2001 27 Fricker Road, Illovo
Johannesburg, 2196
(PO Box 1455 Saxonwold, 2132)
Shortname: Grayprop Code: GRY ISIN: ZAE000013165
Directors: WJC Mitchell (Chairman), JD Rainier (Managing), WT Fairhead, WM
Kirchmann, SM SP McCoy, DM Nurek, E Osrin, S Shaw-Taylor
Sponsor: Standard Bank
e-mail: info@allangray.co.za website: www.allangray.co.za
Date: 29/04/2004 02:01:57 PM Produced by the JSE SENS Department
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