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Grayprop results in line with forecasts

Posted On Monday, 29 April 2002 10:01 Published by
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Allan Gray Property Trust reports headline earnings per share of 15 cents for the six months ended March 31 from 14.88 cents the same period a year ago
Allan Gray Property Trust (Grayprop) reported headline earnings per share of 15 cents for the six months ended March 31 from 14.88 cents the same period a year ago.

The company declared a distribution for the first six months of the financial year of 15 cents per unit - unchanged from last year - and in line with the forecast in the annual report.

John Rainier, Allan Gray Property Trust's managing director said: 'We anticipate that earnings for the year will be at approximately the same level as last year, which showed a unit distribution of 30.7 cents.'

For the period under review, a 38 million rand alteration was started at the Blue Route Shopping Centre in the Cape. Further alterations are planned for the Centurion Shopping Centre near Pretoria, as well as the Randburg Waterfront and Northmead Mall in Johannesburg.

'For the period that Allan Gray has managed Grayprop, we have yet to buy a building. The reason is that we believe with property, unlike equities, you are in a situation where the seller always has better information than the buyer,' said Rainier.

'As a result we tend to spend more money on our existing properties which we know inside out and about which we are very confident. The
refurbishments of our buildings last year and the period under review bear testimony to this.'

Vacancy levels during the period under review remained at 7% of the total potential rental income.

Three properties were sold for a total consideration of R54 million - Middestad Centre in Bloemfontein, Caltex House in Johannesburg and BCG House in Midrand.

Outstanding capital commitments at 31 March 2002 amounted to R66.2 million to be funded by the proceeds of the pending sale of buildings or from existing loan facilities.

Grayprop's average monthly trade is R53 million, making it the most liquid of all the property trust and property loan stock companies on the JSE, the group said.

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