| Thu 26 Aug 2004, 18:48 | | Pangbourne announces great performance |
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Pangbourne announces great performance
PRESS RELEASE:
Pangbourne Properties Ltd
Incorporated in Republic of South Africa
Registration number: 1987/002352/06
Share code: PAP
ISIN Code: ZAE000005252
Pangbourne announces great performance
Listed loan stock company, Pangbourne Properties Ltd, today announced an
increase in distributable earnings per combined unit of 2,8%. The total
distribution for the year was 91,5 cents per unit, which was up 2,5c from 2003,
and will be paid in October.
CEO Athol Campbell said: `We are pleased with the results which are in line with
the company`s long-term strategy to continue delivering sustainable increases in
distribution.`
Pangbourne, which was the first property loan stock company to list on the JSE
in 1987, attributes the growth in revenue to the hardening of rentals,
investment income derived from its interests in iFour together with property
management fees received, distributions from Apexhi as well as revenue received
from PaForma.
`Occupancy rates have increased from 90,7% at 30 June 2003 to 93,8% at 30 June
2004, primarily due to the buoyancy in the market as well as greater demand on
the East Rand,` Campbell commented.
Campbell said he expected the addition of the Strupot portfolio to marginally
reduce occupancies, which was viewed as an opportunity to obtain full value from
the purchase and then increase occupancies again.
`The total value of the property portfolio is currently valued at R1 100
million, which will increase to R1 528 million with the bulk up of Strupot,` he
commented. The market value of the investment in iFour is currently R428
million.
Interest rates are expected to be relatively stable over the next twelve months
and this, coupled with the rand at consistent levels, is expected to boost
consumer confidence, Campbell said.
`The acquisition of the R430 million Strupot portfolio, will lead to improved
distributions this year, further boosted by the fact that we currently have very
little space available in the portfolio while rentals are beginning to improve,`
he concluded.
Ends
26 August 2004
Issued on behalf of Pangbourne Properties Limited
Contact: Athol Campbell
Chief Executive Officer
Tel (011) 889 8500 or 083 225 0327
For further information, please contact Corporate Communications Consultants
Contact: Debbie Brewitt
Tel: (011) 783 8926 or 084 616 7000
About Pangbourne
Pangbourne was the first property investment company to use the loan stock
structure of variable debenture equity financing. The first loan stock company
to be listed on the JSE in 1987 with income earning assets of R146 million, it
continued to set the pace by taking its property management in-house and also
became the first to take over another listed loan stock.
Pangbourne`s vision is to create a property company that can produce sustainable
growth in total returns to investors over the long term. This will be achieved
in part by capitalising on the management expertise and experience gained over
the years by expanding its property management activities.
Pangbourne`s market capitalisation has increased from R250 million in 1998 to
the current level of R1, 3 billion. Total return to unit holders of 34% per
annum over the past 5 years is well ahead of the JSE ALSI. Core to these
achievements was the decision to change to own management of the properties,
which effectively aligns management`s objectives with those of unit holders.
