This is an increase of 23.1% over the distribution of 5,3 cents per unit for the comparative six months ended December 2003. The distribution will be paid on Monday, 10 January 2005.
Headline earnings of 6,57 cents per unit are 17% higher than those for the comparative period while non-current assets at 31 October 2004 increased by 39,3% to R711.4 million. Net asset value per unit is 89,78 cents, up from 83,16 cents in December 2003.
Vacancies represent 6.5% of current gross lettable area across Prima’s portfolio of 106 properties comprising 287 000m2 of GLA and valued at R711 million.
During the period Prima acquired 45 properties from Ellerine Bros. group of companies with effect from 1 October 2004 for a total purchase consideration of R198,1 million, payable R102 200 000 in cash and by the issue of 111 511 627 units at an issue price of 86 cents per unit, which rank for a pro rata portion of the distribution only in respect of October 2004. Transfer of 42 properties was effected on 24 November 2004 and transfer of the remaining 3 properties is expected shortly.
"It is Prima's strategy to invest in a large portfolio of quality properties with capital values of between R2 million and R15 million, thereby diversifying its property portfolio and reducing it risk profile, while continuing to grow the fund to a goal of R1 billion," says Wolf Cesman, Director of Prima Property Trust Managers Limited.
Following Prima’s interim financial period, Prima has disposed of 3 properties to ApexHi Properties Limited for a total purchase consideration of R115 million payable in cash effective from date of transfer, which was registered on 24 November 2004.
Prima has also acquired 34 properties from a wholly owned subsidiary of Ellerine Holdings Limited with effect from 1 November 2004 for an aggregate purchase price of R82 million payable R60 million in cash and the balance by the issue of 24 444 444 units at an issue price of 90 cents per unit.