Wrap Text
Short Form: Reviewed Provisional Condensed Consolidated Financial Results Announcement for the Year End 31 Dec 2022
AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
(“aReit Prop” or “the Company” or “the Group”)
ISIN Code: ZAE000306585 | JSE Code: APO
SHORT FORM ANNOUNCEMENT
REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS ANNOUNCEMENT FOR
THE YEAR ENDED 31 DECEMBER 2022
aReit Prop holds a portfolio of three properties, of which the Group holds the leasehold rights, two in the
hospitality sector and one in the medical sector, with a total GLA of 22 261m2. The properties are situated
in prime locations in Cape Town, and have strong long-term tenants. The properties of which the Group
has the usufruct, is owned by the landlords, who are also the majority shareholders of the Group, namely
New Line Investments 101 Proprietary Limited (“Newline”), Leisure Investment Trust (“Leisure Investment)
and Tulip Trust. These leasehold rights were acquired with effect from 31 December 2021 in terms of an
agreement dated 22 November 2021 from the owners of the properties at a total value of R913 918 000,
which consideration was settled through the issue of 99 999 900 new shares in Company to the vendors.
Ahead of listing on the JSE on 1 March 2022, the vendor shareholders placed 20 000 000 shares through a
private placing, at a price of R8.00 per share, as part of the listing process to improve the shareholder
spread and to increase the liquidity of the shares.
The information below has been extracted from the reviewed financial statements, and the
announcement itself is not reviewed.
31 December 31 December
2022 2021 Percentage
Reviewed Audited Change
R R %
Revenue 65 453 085 - 100%
Operating profit/(loss) 39 597 993 (3 082 000) >100%
Distributable profit 39 597 993 - 100%
Headline earnings/(loss) per share 63.97 (351.31) 118%
Basic earnings/(loss) per share 39.60 (351.31) 111%
Dividend paid per share (cents) 29.99 - 100%
Net Asset Value Per Share (cents) 923.95 913.92 1%
Short-Form Announcement
The short-form announcement is the responsibility of the directors and is only a summary of information in
the full announcement which is available on the Company’s website at www.areitprop.co.za/sens/. This
announcement does not contain full or complete details and any investment decisions by investors
and/or shareholders should be based on consideration of the full announcement published SENS
available on:
https://senspdf.jse.co.za/documents/2023/jse/isse/apoe/apoar22.pdf
Mazars, the Group’s independent auditor, has reviewed the provisional condensed consolidated
financial results (full announcement) for the year ended 31 December 2022, and expressed an unqualified
and unmodified review conclusion thereon. This short form announcement has been extracted from the
reviewed provisional condensed consolidated financial results. The auditor’s report is available for
inspection at the company’s registered office.
The provisional condensed consolidated financial results, from which the financial information in this
announcement was extracted, were prepared externally by R van der Burgh CA(SA), VDB Chartered
Accountants Proprietary Limited.
Copies of the full announcement may also be requested at the Company’s registered office and at the
offices of the sponsor, at no charge, during office hours. Any investment decision should be based on the
full announcement, which stakeholders are encouraged to view, and released on SENS on 30 March 2023
and published on the Company's website at www.areitprop.co.za as a whole, copies of which may be
requested at the Company's registered office, and the offices of the Sponsors, AcaciaCap Advisors, at
no charge.
DIVIDENDS DECLARED AND PAID
During the year under review dividends of R29 994 754 were declared and paid. A final dividend will be
considered when the audited results are finalised and a separate announcement will be made.
PROSPECTS
aReit Prop’s business strategy is to invest in yield-enhancing assets and areas that offer consistent, long-
term rental growth. The asset and property management function are carried out internally by aReit
Prop’s experienced management team with a view to extracting maximum value from each property.
There is no intention to gear the existing leasehold properties.
With a secure minimum rental income, upside potential with variable income, a strong balance sheet
and no gearing, aReit Prop has a solid base that will provide the ability to invest in various real estate
sectors both locally and internationally through further property acquisitions. The Group expects that it
will be able to add significantly to its property portfolio on a yield-enhancing basis for its investors over
time.
BY ORDER OF THE BOARD
Cape Town
30 March 2023
Sponsor
AcaciaCap Advisors Proprietary Limited
Date: 30-03-2023 04:00:00
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