The group recorded a 103% rise in its revenue for the year, to 920.5 million rand, as well as a headline loss per share of 45.59 cents, compared to the loss of 15.90 cents a year earlier.

The distribution exceeds Growthpoint's own forecast of a 67 cent- distribution. It noted that the increase in distribution had been achieved notwithstanding the near trebling of its property portfolio and the enhancement of the quality of the portfolio to include 10 dominant regional retail shopping centres with a very high percentage of national and blue chip tenants.
The overall improvement in quality should ensure the long-term sustainability of income as well as capital appreciation, the group noted.

Announcing its final results on Wednesday, Growthpoint said its rise in revenue was attributable to several factors, including its acquisition of the 2.5 billion rand property portfolio of Primegro Properties as part of its
merger with that group, which was effective from May 1, 2003.
This meant that only two months of income from Primegrow had been included in its 2003 results, compared to a full year in 2004.

Also adding to the jump in revenue was the group's acquisition of two Investec buildings for 975 million rand in March, and the 284.6 million rand Waterfall Mall in Rustenburg in April.

Growthpoint reported net property income after property and other expenses of 571.4 million rand, up from 280.7 million rand a year earlier, while operating profit jumped to 700.6 million rand from 363.2 million rand
previously.
The group's investment property increased in value by 383.5 million rand to 6.13 billion rand over the period.

Its listed investment portfolio was revalued according to the closing prices of its listed units on the JSE on June 30, resulting in an increase in value of 59.3 million rand.
Vacancies at year-end stood at 4.7% of gross lettable area, compared to 7.2% at end-June 2003.

As at year-end, the fair value of its interest-bearing debt amounted to 2.6 billion rand, while the loan-to-value ratio was 44.1%, up from 39.7% a year earlier.

Cash balances stood at 86.3 million rand, of which 60 million rand had been set aside to pay for the acquisition of Menlyn Plaza, which had been transferred to the company's name on July 11.
The group's net asset value per linked unit at June 30 was 577 cents, up from 524 cents a year earlier.

Looking ahead, the group said it expected its revenues to surpass the 1.0 billion rand mark in 2005. Its board of directors anticipated that, subject to market conditions remaining stable, the total 2005 distribution should exceed that made in 2004.