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ALLAN GRAY - AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 30 SEPTEMBER 2004 AND
DISTRIBUTION ANNOUNCEMENT
ALLAN GRAY PROPERTY TRUST
Code: GRY
Shortname: Grayprop
ISIN Number: ZAE000013165
AUDITED RESULTS FOR THE TWELVE MONTHS ENDED 30 SEPTEMBER 2004 AND DISTRIBUTION
ANNOUNCEMENT
The Directors of Allan Gray Property Trust Management Limited, the manager of
Allan Gray Property Trust (`Grayprop`), submit their report on the audited
results of Grayprop for the year ended 30 September 2004.
BALANCE SHEET 2004 2003
(R000) (R000)
Assets
Non-current assets
Investment properties 3 133 499 2 359 852
Current assets 266 040 410 087
Accounts receivable 32 172 42 076
Capital debtors - 89 019
Cash and cash equivalents 233 868 278 992
Total assets 3 399 539 2 769 939
Unitholders` funds and liabilities
Unitholders` funds 2 966 800 2 358 446
Capital of the fund 1 933 354 1 757 354
Capital reserve 400 265 393 019
Revaluation reserve 633 163 208 055
Distributable reserve 18 18
Non-current liabilities
Interest-bearing liability 214 557 214 557
Current liabilities 218 182 196 936
Accounts payable 52 839 44 255
Taxation payable - 4 674
Unitholders for distribution 165 343 148 007
Total unitholders` funds and liabilities 3 399 539 2 769 939
INCOME STATEMENT 2004 2003
(R000) (R000)
Income 540 251 487 754
Rent income 509 844 441 931
Interest received 30 407 45 823
Expenditure 219 525 200 117
Property expenses 178 638 153 157
Audit fees 642 411
Interest paid 22 913 31 444
Administrative charges 1 559 802
Service charge 15 773 14 303
Distributable earnings 320 726 287 637
Accelerated maintenance expense - (9 597)
Capital items 432 354 199 482
Net realised surplus on disposal of 6 134 5 281
investment properties
Net unrealised surplus on revaluation of 425 335 194 890
investment properties
Taxation 885 (689)
Net profit 753 080 477 522
Net profit per unit (cents) 75.6 51.3
Headline earnings per unit (cents) 32.2 29.9
Net asset value per unit (cents) 297.9 253.4
Income distribution per unit (cents) 32.2 30.9
Interim distribution per unit (cents) 15.6 15.0
Final distribution per unit (cents) 16.6 15.9
Units in issue 996 043 081 930 857 895
Headline earnings reconciliation
Net profit 753 080 477 522
Less capital items (432 354) (199 482)
Headline earnings 320 726 278 040
STATEMENT OF CHANGES IN UNITHOLDERS` 2004 2003
FUNDS
(R000) (R000)
Capital of the fund
Balance at beginning of the year 1 757 354 1 757 354
Units issued during the year 176 000 -
Balance at end of the year 1 933 354 1 757 354
Capital reserve
Balance at beginning of the year 393 019 208 257
Net surplus on disposal of investment 7 246 184 762
properties
Balance at end of the year 400 265 393 019
Revaluation reserve
Balance at beginning of the year 208 055 193 335
Revaluation reserve realised on sale of (227) (180 170)
investment properties
Revaluation of investment properties 425 335 194 890
Balance at end of the year 633 163 208 055
Maintenance reserve
Balance at beginning of the year - 9 597
Transfer from distributable reserves - (9 597)
Balance at end of the year - -
-
Distributable reserves
Balance at beginning of the year 18 16
Net income for the year 753 080 477 522
Realised surplus on disposal of (7 019) (4 592)
investment properties
Transfer to revaluation reserve (425 335) (194 890)
Transfer from maintenance reserve - 9 597
Income distributions (320 726) (287 635)
Balance at end of the year 18 18
Total unitholders` funds 2 966 800 2 358 446
CASH FLOW STATEMENT 2004 2003
(R000) (R000)
Cash effects from operating activities
Cash generated from operations 313 232 263 661
Change in working capital 18 488 (14 607)
Cash available from operating activities 331 720 249 054
Interest received 30 407 45 823
Interest paid (22 913) (31 444)
Taxation paid (3 789) -
Income distributions (303 390) (285 773)
32 035 (22 340)
Cash effects of investing activities
Additions to investment properties (192 844) (123 110)
Net proceeds from disposal of investment 26 666 144 226
properties
Decrease / (increase) in capital debtors 89 019 (89 019)
(77 159) (67 903)
Net decrease in cash and cash (45 124) (90 243)
equivalents
Cash and cash equivalents at beginning 278 992 369 235
of the year
Cash and cash equivalents at end of the 233 868 278 992
year
Comments
Net distributable income
Allan Gray Property Trust`s net distributable income for the financial year
amounted to 32.2 cents per unit, 4.2 percent up on last year.
In the last six months of the year distributable income of 16.6 cents per unit
was 4.4 percent up on the corresponding period of 2003.
Changes to portfolio
During the year, the following changes have been made to the portfolio:
Sales
Property Net price 2003
(Rm) valuation
(Rm)
1 Stan Road 4.6 3.3
Judd Industrial Park 4.4 4.0
Aerospace Industrial Park 2.5 2.2
Cadbury 3.5 2.2
Col-B-House 3.0 1.8
Sunshine Place 2.3 1.5
Ace House 1.6 1.5
House of Fibre 1.6 1.5
Engine Plan 1.5 1.1
Wade Industrial Park 1.1 0.9
Ville Industrial Place 0.6 0.5
26.7 20.5
Purchases
Property Gross Effective date Initial
price yield
(Rm) (%)
The Boulders Shopping 140 1 October 2003 15.5
Centre
Mifa Industrial Park 36 1 October 2003 16.3
Munpen (75%) 18 30 September 2004 13.3
Remaining 8.62% of 3 30 September 2004 16.8
Douglas Roberts Centre
197
Capital Projects
Significant capital projects with updated expectations are:
Original Viability Latest Anticipated
Status
Property Cost Anticipated Cost Anticipated
(Rm) initial (Rm) initial
return return
Centurion Mall 206 15.0% 190 17.0%
The Brightwater 126 15.0% 130 14.0%
Commons
332 320
The sectoral spread of the portfolio, as independently valued at 30 September
2004, comprises the following:
Sector Value Cents/ Forward % of portfolio
(Rm) unit EY (%)
2004 2003
Retail 2 256 227 11.7 72 67
Office blocks 409 41 13.7 13 16
Industrial 305 31 14.4 10 10
Other 163 16 11.7 5 7
Total property 3 133 315 12.2 100 100
Long-term (215) (22)
borrowings
Net current assets 48 5
2 966 298
The gross value of the property portfolio is 32.8 percent higher than that of
last year, largely as a result of the acquisitions of The Boulders Shopping
Centre and Mifa Industrial Park, the redevelopment of Centurion Mall and
improved retail and industrial valuations. The market rating of the property
portfolio in terms of the anticipated forward earnings yield has improved
marginally from 12.7 percent last year to 12.2 percent.
The net asset value per unit is 17.6 percent higher than last year, reflecting
the improved valuations.
Capital commitments at year-end were R101.7 million which leaves capital and
existing loan facilities of R369.3 million available for investment.
Vacancy levels
Vacancy levels in terms of rentable area at 30 September were as follows
(percent):
Sector 2004 2003
Retail 5 5
Offices 11 10
Industrial 5 9
Other 0 0
Total 6 7
By area, vacancies were 7 percent at half-year. By value, the vacancies equated
to 6 percent of potential rental income, the same percentage as at half year.
In the retail sector 73 percent of the vacancies were contained in the following
two properties:
The Brightwater Commons (ex Randburg Waterfront), where the redevelopment is
underway to transform the centre into a family friendly venue with increased
traditional retail shopping and significantly reduced reliance on restaurants
and bars.
The Boulders Shopping Centre, where the vacancies are concentrated in the lower
level and plans are advanced to reconfigure this space.
In the office sector, significant vacancies by area and value remain at Grayston
Ridge, Summit Park and Rosebank Corner. During the past year 11 067 m2 of new
leases were signed up in the portfolio and 16 717 m2 of leases were renewed, a
total of 20 percent of the rentable area of the portfolio.
In the industrial sector, demand has improved significantly and some positive
lettings have occurred. During the past year 40 360 m2 of new leases were
signed by the portfolio and 53 923 m2 of leases were renewed, a total of 38
percent of the rentable area of the portfolio.
Trading Statement
Based on the current property portfolio and market conditions it is anticipated
that the distribution per unit for the 2005 financial year could grow by
approximately 8 percent. The forecast financial information on which this
Trading Statement is based has not been reviewed and / or reported on by
Grayprop`s auditors.
Audit Report
The results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice and on a basis consistent with last year.
The results for the year have been audited by KPMG Inc., and their unqualified
audit report is available for inspection at the registered office.
Distribution Announcement
Notice is hereby given of distribution no. 43 of 16.6 cents per unit for the six
months ended 30 September 2004.
The last date to trade cum the distribution will be Friday, 19 November 2004.
The units of Grayprop will commence trading ex-distribution on Monday, 22
November 2004 and the record date will be Friday, 26 November 2004. The
distribution will be paid on Monday, 29 November 2004.
Unit certificates may not be dematerialised or rematerialised between Monday, 22
November 2004 and Friday, 26 November 2004, both dates inclusive.
By order of the Board
Allan Gray Property Trust Management Limited
(Reg No 1983/003324/06)
27 October 2004
Transfer Secretaries Secretary and registered office
Computershare Investor Services 2004 Broll Property Group (Pty) Ltd
(Pty) Ltd Broll House
70 Marshall Street 27 Fricker Road, Illovo
Johannesburg Johannesburg, 2196
2001 (PO Box 1455 Saxonwold, 2132)
(PO Box 61051 Marshalltown, 2107)
Shortname: Grayprop Code: GRY ISIN: ZAE000013165
Directors: WJC Mitchell (Chairman), JD Rainier (Managing), WT Fairhead, GW Fury
(alternate), WM Kirchmann, SP McCoy, DM Nurek, E Osrin, S Shaw-Taylor
Sponsor: Standard Bank
e-mail: info@allangray.co.za
website: www.allangray.co.za
Date: 28/10/2004 03:48:29 PM
Produced by the JSE SENS Department
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