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Atlas Properties Delivers 59% Total Return
Atlas Properties Limited
(Registration No: 1988/000742/06)
JSE Share Code: ATS ISIN Code: ZAE000008975
PRESS RELEASE: ATLAS PROPERTIES LIMITED
ATLAS PROPERTIES DELIVERS 59% TOTAL RETURN
Atlas Properties reported their final results for the year yesterday with total
returns to unitholders of 59% for the year ended 30 September 2005. The Business
Times Top 100 Companies Report showed that Atlas was ranked number 15 in terms
of returns to unitholders over the past 10 years with 27,5% compound growth over
the period. The distribution to unitholders was up by 6,3% compared to 2004.
This is the eleventh successive year of earnings growth by the company.
Atlas" primary goals are to maintain consistent and sustainable earnings growth
and to grow the value of the company"s assets in order to create value for
unitholders.
According to the CEO Ian Raubenheimer "the local economy is performing strongly
with particular emphasis on the emerging black middle class. GDP is growing at
4,1% which is the highest level in over five years and fixed investment is
growing at 9%. Fixed investment is vital for the creation of jobs and to
increase manufacturing efficiency. After some years of slow growth it has picked
up and is already manifesting itself in the booming industrial property market
and the office sector is poised to follow."
"Atlas owns quality shopping centres which comprise 57% of its portfolio by
value, and the company should continue to perform satisfactorily in the long
term. All the suburban areas in which Atlas owns shopping centres are showing
increased prosperity and growth."
Raubenheimer added that, "with building costs having risen well in excess of
inflation and, by our estimate, by 25% last year, there is considerable
potential for office rental growth. New high-rise developments require rentals
in excess of R100 per m2 to be viable whilst existing A-grade space is only
achieving R60 - R75 per m2 which means a shortage of stock will lead to
increased rentals based on the required rentals for new developments."
Atlas is internally managed and administered and as a result has no management
conflicts of interest. Coupled with the fact that senior management, staff and
directors hold substantial interests in Atlas, there is a strong focus on
sustainable earnings growth. Atlas" goal has been to provide real returns (after
inflation) in excess of 7% per annum compound and critically, to provide
sustainable earnings growth over the long term. These goals have been
consistently achieved over the past eleven years and faced with the strong
economic fundamentals and superior quality of Atlas" property portfolio, the
company is in a strong position going forward.
Contact details:
Ian Raubenheimer CEO ATLAS PROPERTIES
ianr@propertyatlas.com
Tel: 27 21 447-2010 Fax: 27 21 447-1559
Date: 01/12/2005 01:18:06 PM Produced by the JSE SENS Department
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