Prima’s profit after tax totalled R80,17 million. Headline earnings of 12,99 cents per unit were achieved. Turnover and net property rental income both increased as a result of Prima’s portfolio expansion. Net asset value increased to 95,12 cents per unit with its property assets totalling R843,5 million.

“With the growing consolidation in the listed property sector, critical mass has become increasingly significant. Growing Prima towards its R1 billion goal was a priority during the year. Noteworthy acquisitions assisted in achieving an enhanced portfolio of quality properties with capital values of between R2 million and R15 million,” said director Wolf Cesman.

During the year under review Prima purchased 109 properties for a total consideration of R390,87 million, thereby diversifying its property portfolio and reducing its risk profile. In contrast Prima disposed of three properties no longer deemed suitable for inclusion in Prima’s portfolio for a total of R115 million.

Resulting from these transactions, Prima’s property portfolio grew from 61 properties to 166 regionally and sectorally diverse properties, independently valued at R843,5 million on 30 April 2005.

Measured by net income, Prima’s property portfolio is located in Gauteng (67%), Mpumalanga (11%), KwaZulu-Natal (9%), North West (4%), Limpopo (3%), Western Cape (2%), Eastern Cape (2%), Free State (1%), Northern Cape (1%). Measured by gross income, Prima’s property portfolio is diversified across retail (57%), commercial (31%) and industrial (12%) sectors.

“Managing and extracting optimal value from the portfolio was also of precedence to Prima, which included reducing vacancies,” said Cesman.

During the year under review Prima’s 348,500m2 portfolio had a vacancy of 6% of GLA compared to 7% at the close of the previous financial year. New leases were concluded for 16,600m2 and renewals were obtained for 30,000m2.

Unlocking further value in the current lower interest rate environment, Prima’s borrowings at 30 April 2005 amounted to R205 million, equating to 24,3% of the value of the Trust’s underlying assets. Prima has fixed the rate of interest on R100 million at 8,94% per annum for two years with effect from 21 April 2005. The balance of the borrowings attract interest at a rate of prime less 1,5%.

Prima’s market capitalisation increased to R 671,92 million at year-end. On 29 April 2005, the final trading date of the financial year Prima’s price per unit was 120 cents.

The 207,461,465 million units traded during the year equating to 42% of the weighted average of units in issue. The number of Prima units traded has risen from a normalised monthly average of 12 million units each month as reported for the final months of the previous financial year, to 17,3 million units per month for the year under review.

The final distribution of 6,50 cents per unit, for the six-month period to 30 April 2005, will be paid to unit holders on Monday 11 July 2005.