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GRY
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Grayprop - Allan Gray Property Trust announces 2006 Results
Allan Gray Property Trust
A Collective Investment Scheme in property registered in terms of the
Collective Investment Schemes Control Act, No 45 of 2002 and managed by
Allan Gray Property Trust Management Limited
(Registration number 1983/003324/06)
Share code: GRY
ISIN: ZAE000013165
("Grayprop")
Allan Gray Property Trust Announces 2006 Results
Allan Gray Property Trust (Grayprop) has declared distributions for the
year ended 30 September 2006 of 39 cents per unit, up 11.4% on last year.
The increase is made up of a 13% increase in earnings in the retail
portfolio, a 22% increase in the office commercial portfolio, an increase
of 5% in the industrial portfolio and a 7% increase in the specialised
portfolio.
Corporate expenses for the year increased by 33% due to higher borrowings
and a higher unit price, both of which contributed to higher management
fees.
John Rainier, Managing Director of Grayprop says, "We are delighted with
the results this year which show ongoing strength especially in the
commercial and retail sectors."
Grayprop participates in the IPD South Africa annual benchmark survey,
which measures the performance of its underlying direct property portfolio
against other listed funds. For 2005, Grayprop"s total return came in
second out of 17 participants at 53.9% compared with the benchmark of
33.8%.
"In addition, it won the annual award for the best 3-year performance of
its office and industrial portfolio, having won the retail category 2 years
ago - this makes Grayprop the only fund to have won all three categories so
far," says Rainier.
The value of the portfolio is once again higher than the previous year,
with net asset value up 25% from 2005 at R5.22 per unit. This means the
property portfolio is on an 8.7 forward earnings yield at this value.
One of the highlights of the past year was the completion of N1City. This
has shown a 30% growth in sales and 47% increase in footcount over the
previous year, during the first month"s trading.
Alterations have commenced at Benmore Gardens to improve the retail mix,
parking and circulation at a net total cost to Grayprop of R66 million.
Work is also underway to provide a new store for Pick `n Pay, a relocated
Dischem and the introduction of a Woolworths food store, a Toyzone and Baby
City. Rainier says that due to the nature of the project, it will take two
years to complete which will negatively impact earnings generated by the
centre during that period. "But given the central location of this property
and the pace of residential developments in its vicinity, we believe the
alterations will position it well for superior future growth in earnings.
It is anticipated to have an initial yield of 8.5%."
At Centurion Mall, work has commenced on the R268 million extensions and
refurbishment of the Mall, and the construction of additional parking
facilities. The project is expected to be completed by September 2007 and
is anticipated to generate an initial return of 9%.
02 November 2006
Enquiries:
John Rainier or Tracy Hirst on 0860 000 654
Allan Gray Property Trust
Debbie Sharwood on 021 443 4200
Dynamo Africa Marketing Services
Sponsor:
Standard Bank
Date: 02/11/2006 04:00:06 PM Produced by the JSE SENS Department
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