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Financial Effects and Withdrawal of Cautionary in respect of Atterbury House
ASCENSION PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/026141/06)
JSE share code for A-linked units: AIA ISIN: ZAE000161881
JSE share code for B-linked units: AIB ISIN: ZAE000161899
(Approved as a REIT by the JSE)
(“Ascension” or “the company”)
FINANCIAL EFFECTS AND WITHDRAWAL OF CAUTIONARY IN RESPECT OF ATTERBURY HOUSE
INTRODUCTION
Linked unitholders are referred to the announcement released on SENS on 11 June 2013 in which it was announced
that Ascension had concluded an agreement for the acquisition of a rental enterprise conducted in respect section 1 of
the Sectional Title Scheme known as Shell House and Ovenstone House commonly known as Atterbury House or
Shell House (“Atterbury House”) from Atterbury Investment Holdings Limited for a purchase price of R341 million
(“the Atterbury acquisition”).
The purpose of this announcement is to set out the financial effects of the Atterbury acquisition.
FORECAST FINANCIAL INFORMATION OF THE ACQUISITION
Set out below are the forecast rental revenue, operating profit, net profit after taxation and distributable earnings of
Atterbury House (“the Atterbury House forecasts”) for the 10 months ending 30 June 2014 and the year ending 30 June 2015.
The Atterbury House forecasts have been prepared on the assumption that the acquisition will be
implemented on 1 September 2013.
The Atterbury House forecasts, including the assumptions on which they are based and the financial information from
which they are prepared, are the responsibility of the directors of Ascension. The Atterbury House forecasts have not
been reviewed or reported on by independent reporting accountants.
The Atterbury House forecasts presented in the table below have been prepared in accordance with the company’s
accounting policies and in compliance with IFRS.
10 months ending Year ending
30 June 2014 30 June 2015
R’000 R’000
Contractual rental and tenant recoveries 36 386 47 288
Straight-line of lease income adjustment 1 249 570
Rental revenue 37 635 47 858
Operating profit* 24 877 31 032
Net profit after taxation*^ (10) (125)
Distributable earnings 14 750 19 808
*Includes the effects of straight-lining rental income and asset management fees.
^ Includes the effects of finance costs and debenture interest.
The Atterbury House forecasts incorporate, inter alia, the following material assumptions:
1. Contracted revenue is based on existing lease agreements.
2. Uncontracted revenue comprises 27.2% and 51.1% of gross rental revenue for the 10 months ending
30 June 2014 and the year ending 30 June 2015 respectively.
3. All existing lease agreements are valid.
4. R151.1 million of the purchase price (including acquisition costs) is assumed to be funded through third party
interest-bearing borrowings. These interest-bearing borrowings are assumed to incur interest at an effective
melded fixed and variable rate of 7.05 % p.a.
2
5. The balance of the purchase price and capital expenditure will be funded through the proceeds raised from the
placement of A-linked units which was announced on 13 August 2013.
6. No fair value adjustment has been provided for in respect of the 10 months ending 30 June 2014 or the year
ending 30 June 2015.
7. In terms of the asset management agreement with Ascension Property Management Company (Proprietary)
Limited (“the manager”), Ascension will pay the manager a monthly fee equivalent to 1/12th of 0.45% of the
aggregate of the market capitalisation and the borrowings of Ascension.
8. Ascension will pay the property manager, Broll Property Group (Proprietary) Limited, for all property
management services a monthly fee equivalent to 2.0% of gross monthly income collected (including VAT).
9. Debenture interest will be paid to A- and B-linked unitholders in accordance with the provisions of the
debenture trust deed.
UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE ATTERBURY ACQUISITION
The unaudited pro forma financial effects of the acquisition on Ascension’s net asset value and tangible net asset
value per A-linked unit and per B-linked unit, based on the condensed audited consolidated statement of financial
position as at 30 June 2013, are not significant and have not been presented.
WITHDRAWAL OF CAUTIONARY
Ascension linked unitholders are referred to the cautionary announcements dated 11 June 2013 and 25 July 2013 and
are advised that following the release of the financial effects of the Atterbury acquisition, caution is no longer required
to be exercised by linked unitholders when dealing in their linked units.
30 August 2013
Corporate advisor and sponsor
Java Capital
Date: 30/08/2013 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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