GROWTHPOINT PROPERTIES LIMITED - RESULTS

GROWTHPOINT PROPERTIES LIMITED
Registration number 1987/004988/06
Final report for the year ended 31 March 2001
SUMMARISED INCOME STATEMENT FOR THE YEAR ENDED

                                     March         March

                                      2001          2000         %

                                      R000          R000    Change

Turnover                            19 780        23 159    -14.59

Net income from properties          15 621        18 006    -13.25
Other operating income

less expenses                          299         9 154

                                    15 920        27 160

Net financing costs                (15 681)      (19 843)

Profit before taxation                 239         7 317

Taxation                                (1)         (136)

Profit for the year                    238         7 181
Headline earnings
Profit after tax before

debenture interest                   5 544        12 352
Less net of surplus on sale

of properties and write downs         (928)       (9 678)

Headline earnings                    4 616         2 674

Earnings per linked unit (cents)     16.36         36.44
Headline earnings per

linked unit (cents)                  13.62          7.89
Combined distribution
per unit (cents)

Interim                               6.07          7.86

Final                                 9.60          7.41

                                     15.67         15.27      2.62
SUMMARISED BALANCE SHEET AS AT 31 MARCH

                                     March         March

                                      2001          2000

                                      R000          R000
Assets
Non current assets -
Property & long

term receivables                   126 197       125 301

Current assets                       6 705         9 804

                                   132 902       135 105
Equity &liabilities

Capital and reserves                47 541        47 308

Non-current liabilities             79 445        78 305

Current liabilities                  5 916         9 402

                                   132 902       135 105

Number of units in issue        33 896 383    33 896 383
SUMMARISED CASH FLOW STATEMENT FOR THE YEAR ENDED

                                     March         March

                                      2001          2000

                                      R000          R000
Net increase in cash and

cash equivalents                     1 073         1 337
Cash and cash equivalents at

the beginning of the year            3 674         2 337
Cash and cash equivalents at

the end of the year                  4 747         3 674

SUMMARISED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED

                                     March         March

                                      2001          2000

                                      R000          R000
Share capital at beginning

and end of year                        339           339
Debenture capital at beginning

and end of year                     54 260        54 260
Non-distributable reserves

(see retained earnings)                  -         8 006
Accumulated loss at

beginning of year                  (15 297)      (15 165)
Transfer from/(to)

non-distributable reserves           8 008        (7 308)

Profit for the year                    238         7 181

Dividends                               (5)           (5)

Accumulated loss at end of year     (7 058)      (15 297)
Financial results of the group

The turnover of the group is 14.6% below the previous year as a result of the
sale of two properties last year. Accordingly the net income from properties is
down. The larger drop in interest paid is as a result of lower rates of
interest for the current year together with a lower level of borrowings for the
full financial year.

Despite difficult trading conditions and a large increase in the provision for
doubtful debts the combined income per unit is 2.62% above that of 2000.
Cautionary announcement

Shareholders are referred to cautionary announcements dated 5 March 2001 and 18
April 2001.
Property portfolio

Vacancies are at 6.41% compared to 11% at March 2000.

                                      2001          2000

                                      R000          R000
Abnormal item included in other
operating income less expenses

Surplus on sale of properties          983        15 771

Write down in value of properties      (55)       (3 632)

Write off of preliminary expenses        -        (2 461)

                                       928         9 678
STRATE

Growthpoint is scheduled to move to the STRATE system during June. Shareholders
have already received a letter from the company informing them as to the
procedures to be followed in this regard.
Declaration of dividend and interest payment

Notice is hereby given of dividend declaration number 27 of 0.0096 cents per
share and debenture interest payment number 27 of 9.5904 cents per unit of 10
debenture for the income distribution period 1 October 2000 to 31 March 2001.
The distribution amounts to 9.600 cents per unit payable to unitholders
registered in the books of the company at the close of business on Friday 11
May 2001. Dividend cheques will be mailed on or about 25 May 2001.
By order of the board
CMLiebenberg

Secretary                                 24 April 2001
Growth Properties Limited

Registered office: Growthpoint Manager (Proprietary)Limited, Registration
number 1987/004982/07.

100 Grayston Drive Sandown, Sandton 2196. PO Box 78949 Sandton 2146

Transfer secretary: Mercantile Registrars Limited, Registration number
1987/003382/06. 11 Diagonal street, Johannesburg 2001. PO Box 1053 Johannesburg
2000.