|
Allan Gray Property Trust - Interim results and distribution announcement
ALLAN GRAY PROPERTY TRUST
(Registration number 1983/003324/06)
Share code: GRY
ISIN: ZAE000013165
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2005 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 unaudited
results of Grayprop for the six months ended 31 March 2005.
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.
INCOME STATEMENT
Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2005 30 Sept 2004 31 Mar 2004
R`000 R`000 R`000
Income 294 672 540 251 260 181
Rent income 284 754 509 844 243 358
Interest received 9 918 30 407 16 823
Expenditure 121 361 219 525 104 800
Property expenses 99 899 178 638 84 420
Audit fees 222 642 304
Interest paid 10 164 22 913 11 978
Administrative charges 627 1 559 619
Service charge 10 449 15 773 7 479
Distributable earnings 173 311 320 726 155 381
Capital items 540 432 354 2 098
Net realised surplus
on disposal
of investment properties 540 6 134 2 098
Net unrealised surplus on
revaluation of investment
properties - 425 335 -
Taxation - 885 -
Net profit 173 851 753 080 157 479
Net profit per unit (cents) 17.5 75.6 15.8
Headline earnings per
unit (cents) 17.4 32.2 15.6
Distribution per unit (cents) 17.4 32.2 15.6
Interim distribution
per unit (cents) 17.4 15.6 15.6
Final distribution
per unit (cents) - 16.6 -
Units in issue 996 043 081 996 043 081 996 043 081
Headline earnings
reconciliation
Net profit 173 851 753 080 157 479
Less: capital items (540) (432 354) (2 098)
Headline earnings 173 311 320 726 155 381
CASH FLOW STATEMENT
Unaudited Audited Unaudited
6 Months to 12 Months to 6 Months to
31 Mar 2005 30 Sept 2004 31 Mar 2004
R`000 R`000 R`000
Cash effects from
operating activities
Cash generated from
operations 173 557 313 232 150 536
Change in working capital 22 358 18 488 12 245
Cash available from
operating activities 195 915 331 720 162 781
Interest received 9 918 30 407 16 823
Interest paid (10 164) (22 913) (11 978)
Taxation paid - (3 789) (184)
Income distributions (165 343) (303 390) (148 007)
30 326 32 035 19 435
Cash effects of investing
activities
Additions to
investment properties (46 819) (192 844) (86 184)
Net proceeds from disposal
of investment properties 3 197 26 666 6 895
Decrease in capital debtors - 89 019 89 019
(43 622) (77 159) 9 730
Net (decrease)/increase in
cash and cash equivalents (13 296) (45 124) 29 165
Cash and cash equivalents at
beginning of the period 233 868 278 992 278 992
Cash and cash equivalents
at end of the period 220 572 233 868 308 157
BALANCE SHEET
Unaudited as at Audited as at Unaudited as at
31 Mar 2005 30 Sept 2004 31 Mar 2004
R`000 R`000 R`000
Assets
Non-current assets
Investment properties 3 177 662 3 133 499 2 617 239
Current assets 249 612 266 040 342 602
Accounts receivable 29 040 32 172 34 445
Cash and cash
equivalents 220 572 233 868 308 157
Total assets 3 427 274 3 399 539 2 959 841
Unitholders` funds and
liabilities
Unitholders` funds 2 967 340 2 966 800 2 536 544
Capital of the fund 1 933 354 1 933 354 1 933 354
Capital reserve 401 491 400 265 394 742
Revaluation reserve 632 477 633 163 208 430
Distributable reserve 18 18 18
Non-current
liabilities
Interest-bearing
liability 214 557 214 557 214 557
Current liabilities 245 377 218 182 208 740
Accounts payable 72 066 52 839 48 869
Taxation payable - - 4 490
Unitholders for
distribution 173 311 165 343 155 381
Total unitholders`
funds
and liabilities 3 427 274 3 399 539 2 959 841
STATEMENT OF CHANGES IN UNITHOLDERS` FUNDS
Unaudited Audited Unaudited
6 months to 12 months to 6 months to
31 Mar 2005 30 Sept 2004 31 Mar 2004
R`000 R`000 R`000
Capital of the fund
Balance at beginning
of the period 1 933 354 1 757 354 1 757 354
Units issued during
the period - 176 000 176 000
Balance at end of
the period 1 933 354 1 933 354 1 933 354
Capital reserve
Balance at beginning
of the period 400 265 393 019 393 019
Net realised surplus
on disposal
of investment properties 1 226 7 246 1 723
Balance at end of
the period 401 491 400 265 394 742
Revaluation reserve
Balance at beginning
of the period 633 163 208 055 208 055
Revaluation reserve
realised on sale
of investment properties (686) (227) 375
Revaluation of investment
properties - 425 335 -
Balance at end of the period 632 477 633 163 208 430
Distributable reserves
Balance at beginning
of the period 18 18 18
Net profit for the period 173 851 753 080 157 479
Net realised surplus
on disposal
of investment properties (540) (7 019) (2 098)
Transfer to revaluation
reserve - (425 335) -
Income distributions (173 311) (320 726) (155 381)
Balance at end of the period 18 18 18
Total unitholders` funds 2 967 340 2 966 800 2 536 544
COMMENTS
1. NET DISTRIBUTABLE INCOME
Grayprop`s net distributable income for the first six months of the financial
year amounts to 17.4 cents per unit, 11.5 percent greater than the comparable
period last year.
It is still anticipated that distributions for the full year will be
approximately 8 percent greater than last year.
2. CHANGES TO PORTFOLIO
In the period under review, the following sales have taken place:
Property Net Price 2004 valuation
Rm Rm
Eaststar Place 2.2 1.8
Delta Place 1.0 0.9
3.2 2.7
3. MAJOR CAPITAL PROJECTS
Significant capital projects are:
N1 City Mall (58% share)
Work has begun on a R110 million refurbishment of and extension to the
N1 City Mall. The project includes the refurbishment of the existing mall, the
construction of an additional 8 500 m2 and 250 additional parking bays. The
project is expected to generate an initial return of 10.2 percent.
The Boulders Shopping Centre
Plans to reconfigure the largely vacant lower level and introduce fashion and
homeware are well advanced. The project is expected to cost
R35 million, but timing is dependent on Council approval.
The Brightwater Commons
The third phase of the repositioning of the centre is currently being
finalised. Woolworths and other national retailers set to anchor the fashion
and homeware node on the south end of the centre are currently giving input
into design and work should commence shortly.
Benmore Gardens Shopping Centre
Extensive renovations planned for this centre require rezoning which is
currently being sought from Council.
Douglas Roberts Centre
The refurbishment of the building and construction of the parking garage is
currently being planned in conjunction with the tenant. It is anticipated that
construction will begin this calendar year.
4. SEGMENTAL ANALYSIS
Mar % of Mar % of
2005 Total 2004 Total
Rm Rm
Retail 127 73 102 65
Office blocks 26 15 29 19
Industrial 23 14 20 13
Specialised 9 5 9 6
Corporate (12) (7) (4) (3)
Total 173 100 156 100
5. VACANCY LEVELS
Vacancy levels in terms of rentable area at 31 March were as follows:
Sector Mar 2005 Sept 2004
% %
Retail 5 5
Office blocks 13 11
Industrial 6 5
Other - -
Total 7 6
By value, the vacancies equated to 6 percent of potential rental income, the
same percentage as at year-end.
In the retail sector 62 percent of the vacancies were in the following two
properties:
# The Brightwater Commons where redevelopment is under way 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. In addition, there are now
major vacancies at 25 Owl Street and 377 Rivonia Boulevard where refurbishment
options are being considered.
6. DISTRIBUTION ANNOUNCEMENT
Notice is hereby given of distribution no. 44 of 17.4 cents per unit for the
six months ended 31 March 2005.
The last date to trade cum the distribution will be Friday, 20 May 2005. The
units of Grayprop will commence trading ex-distribution on Monday,
23 May 2005 and the record date will be Friday, 27 May 2005. The distribution
will be paid on Monday, 30 May 2005.
Unit certificates may not be dematerialised or rematerialised between Monday,
23 May 2005 and Friday, 27 May 2005, both dates inclusive.
BY ORDER OF THE BOARD
Allan Gray Property Trust Management Limited
(Reg No. 1983/003324/06)
4 May 2005
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd,
70 Marshall Street, Johannesburg, 2001, (PO Box 61051,
Marshalltown, 2107)
Secretary and registered office: Broll Property Group (Pty) Ltd, Broll House,
27 Fricker Road, Illovo, Johannesburg, 2196, (PO Box 1455, Saxonwold, 2132)
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
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
