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EMI - Emira Property Fund - Reviewed financial results for the year ended
30 June 2009 and income distribution declaration
EMIRA PROPERTY FUND
(A property fund created under the Emira Property Scheme, registered in terms of
the Collective Investment Schemes Control Act)
ISIN: ZAE000050712
Share code: EMI
("Emira" or "the Fund")
www.emira.co.za
Reviewed financial results for the year ended 30 June 2009 and income
distribution declaration
- 101,25 CENTS DISTRIBUTIONS PER PI, REPRESENTING GROWTH OF 10,0%
- 1 135 CENTS NET ASSET VALUE PER PI
- 292,5 CENTS OR 35,7% 12-MONTH TOTAL RETURN
CONDENSED INCOME STATEMENT
Reviewed Audited
Year ended Year ended
R`000 30 June 2009 30 June 2008
Revenue 1 082 688 944 198
Operating lease rental income and 1 059 866 924 783
tenant recoveries
Allowance for future rental escalations 22 822 19 415
Property expenses (350 880) (271 632)
Management expenses (31 843) (33 431)
Administration expenses (39 023) (32 976)
Depreciation (11 198) (9 902)
Net income from property rental 649 744 596 257
operations
Net fair value deficit on investment (83 511) (10 580)
properties
Change in fair value as a result of (22 822) (19 415)
straight-lining lease rentals
Change in fair value as a result of (6 717) (13 565)
amortising upfront lease costs
Change in fair value as a result of (53 972) 22 400
property (depreciation)/appreciation in
value
Maintenance fund expenses - (3 977)
IFRS 2 adjustment in respect of PI- - (5 914)
based payments
Discount on the issue of PIs to BEE - (5 914)
partners
Net profit before finance costs 566 233 575 786
Finance costs (319 676) 27 606
Interest paid and amortised borrowing (121 844) (115 273)
costs
Interest capitalised to the cost of 1 728 7 635
developments
Preference share dividends paid (16 424) (8 213)
Unrealised (deficit)/gain on interest- (183 136) 143 457
rate swaps
Investment income 11 902 5 864
Net profit for the year before taxation 258 459 609 256
Deferred taxation 66 571 (53 189)
- Revaluation of investment properties 54 441 (34 049)
- Other 12 130 (19 140)
STC on preference share dividends paid (1 642) (821)
Net profit for the year 323 388 555 246
RECONCILIATION BETWEEN EARNINGS AND HEADLINE EARNINGS AND DISTRIBUTION
Reviewed Audited
Year ended Year ended
R`000 30 June 2009 30 June 2008
Net profit for the year 323 388 555 246
Adjusted for:
Net fair value deficit on investment 83 511 10 580
properties
Deferred taxation on revaluation of (54 441) 34 049
investment properties
Headline earnings 352 458 599 875
Adjusted for:
Allowance for future rental (22 822) (19 415)
escalations
Amortised upfront lease costs (6 717) (13 565)
Unrealised deficit/(gain) on interest 183 136 (143 457)
rate swaps
IFRS 2 adjustment in respect of PI - 5 914
based payments
Maintenance fund expenses - 3 977
Deferred taxation (12 130) 19 140
Distribution payable to participatory 493 925 452 469
interest holders
Distribution per participatory
interest
Interim (cents) 48,79 44,34
Final (cents) 52,46 47,70
Total (cents) 101,25 92,04
Number of PIs in issue at the end of 487 827 654 492 818 989
the year
Weighted average number of PIs in 491 194 770 491 221 327
issue
Earnings per participatory interest 65,84 113,03
(cents)
The calculation of earnings per participatory interest is based on net profit
for the year of R 323,4 million (2008: R 555,2 million), divided by the weighted
average number of participatory interests in issue during the year of 491 194
770 (2008: 491 221 327).
Headline earnings per participatory interest 71,76 122,12
(cents)
The calculation of headline earnings per participatory interest is based on net
profit for the year, adjusted for non-trading items, of R352,5 million (2008: R
599,9 million), divided by the weighted average number of participatory
interests in issue during the year of 491 194 770 (2008:
491 221 327).
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed consolidated preliminary financial statements have been prepared
in accordance with International Financial Reporting Standards ("IFRS")
including IAS 34, and are in compliance with the Listings Requirements of the
JSE Limited. The accounting policies used in the preparation of these financial
statements are consistent with those used in the annual financial statements for
the year ended 30 June 2008.
CONDENSED BALANCE SHEET
Reviewed Audited
R`000 30 June 2009 30 June 2008
Assets
Non-current assets
Investment properties 7 158 603 7 305 166
Allowance for future rental escalations 152 826 130 004
Unamortised upfront lease costs 44 348 37 631
7 355 777 7 472 801
Current assets
Accounts receivable and prepayments 51 892 41 673
Derivative financial instruments 6 817 189 953
Cash and cash equivalents 36 524 68 825
95 233 300 451
Non-current assets held for sale 362 300 18 635
Total assets 7 813 310 7 791 887
Equity and liabilities
Participatory interest holders` capital and 5 538 352 5 761 040
reserves
Non-current liabilities
Redeemable preference shares 200 000 90 000
Interest-bearing debt 1 373 316 1 137 204
Deferred taxation 246 101 312 672
1 819 417 1 539 876
Current liabilities
Short-term portion of long-term interest- - 100 000
bearing debt
Accounts payable 199 627 155 896
Distribution payable to participatory 255 914 235 075
interest holders
455 541 490 971
Total liabilities 2 274 958 2 030 847
Total equity and liabilities 7 813 310 7 791 887
CONDENSED CASH FLOW STATEMENT
Reviewed Audited
Year ended Year ended
R`000 30 June 2009 30 June 2008
Cash generated by rental operations 664 501 574 925
Net finance costs (126 366) (117 622)
STC on preference share dividends paid (1 228) (764)
Distribution to participatory interest (473 086) (321 353)
holders
Cash flows from operating activities 63 821 135 186
Acquisition of, and additions to, (311 111) (327 061)
investment properties and furniture and
equipment
Proceeds on sale of investment properties 21 029 170 500
and furniture and equipment
Cash flows from investing activities (290 082) (156 561)
(Repurchase)/issue of participatory (52 151) 45 398
interests
Increase in interest-bearing debt 246 111 30 916
Cash flows from financing activities 193 960 76 314
Net (decrease)/increase in cash and cash (32 301) 54 939
equivalents
Cash and cash equivalents at the 68 825 13 886
beginning of the year
Cash and cash equivalents at the end of 36 524 68 825
the year
CONDENSED STATEMENT OF CHANGES IN EQUITY
Revaluation
Participatory and other Retained
R`000 interest reserves earnings Total
Balance at 3 512 323 2 095 973 (1 345) 5 606 951
1 July 2007
Net profit for the - - 555 246 555 246
year before taxation
Distribution to - - (452 469) (452 469)
participatory
interest holders
Issue of 45 398 - - 45 398
participatory
interests
IFRS 2 adjustment in 5 914 (5 914) 5 914 5 914
respect of share-
based payments
Transfer to fair - 108 691 (108 691) -
value reserve (net of
deferred taxation)
Balance at 3 563 635 2 198 750 (1 345) 5 761 040
30 June 2008
Net profit for the - - 323 388 323 388
year before taxation
Distribution to - - (493 925) (493 925)
participatory
interest holders
Repurchase of (52 151) - - (52 151)
participatory
interests
Transfer to fair - (170 537) 170 537 -
value reserve (net of
deferred taxation)
Balance at 3 511 484 2 028 213 (1 345) 5 538 352
30 June 2009
RELATED PARTIES AND RELATED PARTY TRANSACTIONS
Momentum Group ("Momentum") is the major participatory interest holder. At 30
June 2009, Momentum owned 32,3% of the Fund`s participatory interests and the
Fund`s BEE partners - The Tiso Group, The Shalamuka Foundation, Avuka
Investments, The RMBP Broad Based Empowerment Trust and Mr B van der Ross - held
12,5%. The remaining 55,2% were widely held.
The following transactions were carried out with related parties:
Reviewed Audited
year ended year ended
R`000 30 June 30 June 2008
2009
Strategic Real Estate Managers (Proprietary)
Limited
Expenditure comprising asset management fees 31 843 33 431
Relationship: Associated company of the
FirstRand Group
Rand Merchant Bank a division of FirstRand
Bank Limited
Long-term interest-bearing debt 884 475 750 000
Net finance cost in respect of long-term 72 526 68 324
interest-bearing debt
Cash on call 6 000 39 589
Cash reserve 2 000 1 000
Finance income on cash on call 5 467 1 214
Relationship: Associated company of the
FirstRand Group
Eris Property Group (Proprietary) Limited/RMB 176 806 248 098
Properties (Proprietary) Limited
Expenditure comprising: Property management 58 620 48 097
fee and letting commissions
Purchase consideration of TIS Corporate Park 90 100 -
Purchase consideration of Faerie Glen Phase 4 - 29 897
Purchase consideration of RTT Acsa Park - 25 875
Development expenditure 28 086 144 229
Relationship: Associated company of the
FirstRand Group
Momentum Limited - 26 259
Purchase consideration of Builders Express - 26 259
Relationship: Associated company of the
FirstRand Group
The above transactions were carried out on commercial terms and conditions no
more favourable than those available in similar arm`s length dealings at market-
related rates.
SEGMENTAL INFORMATION
Admini-
strative
Office Retail Industrial and Total
Corporate
Sectoral R`000 R`000 R`000 R`000 R`000
Segments
Revenue 485 109 423 794 173 785 - 1 082 688
Revenue 477 152 415 700 167 014 - 1 059 866
Allowance for 7 957 8 094 6 771 - 22 822
future rental
escalations
Segmental
result
Net income 305 783 258 132 122 662 (36 833) 649 744
from property
rental
operations
Investment 3 679 586 2 732 279 1 306 212 - 7 718 077
properties
Geographical
segments
Revenue
- Gauteng 361 584 288 445 134 567 - 784 596
- Western and 60 952 36 596 13 054 - 110 602
Eastern Cape
- KwaZulu- 43 218 65 513 26 164 - 134 895
Natal
- Free State 19 355 33 240 - - 52 595
485 109 423 794 173 785 - 1 082 688
Investment
properties
- Gauteng 2 763 004 1 868 800 1 040 500 - 5 672 304
- Western and 524 382 237 066 118 500 - 879 948
Eastern Cape
- KwaZulu- 275 800 431 113 147 212 - 854 125
Natal
- Free State 116 400 195 300 - - 311 700
3 679 586 2 732 279 1 306 212 - 7 718 077
COMMENTARY
The Board of directors of Strategic Real Estate Managers (Pty) Ltd ("STREM") is
pleased to announce a distribution of 101,25 cents per Emira participatory
interest (PI) for the twelve months to 30 June 2009. This represents growth in
distributions of 10,0% on the previous comparable period and is in line with the
prospects statement in the interim results announcement released on 17 February
2009.
Emira PI holders enjoyed a healthy total return of 35,7% during the twelve
months to 30 June 2009, comprising capital appreciation of 23,9% and an income
return of 11,8%, which represents the distributions actually paid out during the
period under review. This strong capital rise in Emira`s PI price was ahead of
the SA Listed Property Index, which appreciated by 19,1% over the period,
benefitting from a recovery off the lows reached in June 2008. The percentage of
weighted average PIs in issue that traded in the twelve-month period equated to
35,0%.
The highlights of the financial year for Emira were: firstly, the ongoing
efforts to improve the quality of the portfolio through the acquisition of new
properties, refurbishments of existing assets and the disposal of those
properties deemed to be non-core, and, secondly, a continued refinement of the
balance sheet of the fund via the buyback of PIs and funding of the new
acquisitions and refurbishments through the use of attractively priced debt
facilities.
The securing of new debt facilities totalling R664 million at attractive rates
enabled Emira to selectively acquire several high quality and strategically
located properties at a cost of R199,7 million during the period, which are
detailed below. Emira will continue to fund the acquisition of high quality,
well located properties with sustainable income streams by drawing down on these
facilities and engaging in long-term swap agreements to fix the cost of
this debt.
After an active 2008 in which numerous capital projects were completed, the
pipeline of activity within the portfolio slowed during the period under review
as a result of higher required returns, continually rising building costs and
slowing demand from potential tenants. Nonetheless, the following projects
totalling R74,6 million were completed during the period:
- Five extensions and refurbishments of R73,1 million were completed during the
period, the largest of which were: the refurbishment and extension of Granada
Square in Umhlanga Rocks (R46,3 million), the construction of a new Pick `n Pay
Daily Store at WorldWear (R12,0 million) and general upgrades at Woodmead Office
Park (R7,0 million);
- Extension of a land lease at WorldWear at a cost of R1,5 million.
A further six projects worth approximately R164,7 million are still underway,
which include the recently approved refurbishment and extension of Randridge
Mall (R126,2 million), extensions to Southern Centre, Bloemfontein (R14,9
million), and a general upgrade of Wesbank House in the Cape Town CBD (R11
million).
Two non-core properties were disposed of by Emira in the financial year, while
the sectionalisation of Georgian Place continues, with one unit being
transferred out of the fund during the period and a further two units being
transferred out subsequent to year-end. The STREM Board has approved the
disposal of a further thirteen non-core properties worth R318 million, for which
Emira is currently entertaining offers to purchase from various entities.
In an effort to enhance earnings for Emira PI holders and increase the level of
gearing on the balance sheet to a more suitable level, Emira repurchased 4 991
335 of its own PIs at an average cost of 1044 cents per PI during March 2009.
The repurchase of these PIs, which was achieved prior to the PIs going ex-
distribution on 6 March 2009, were funded by long-term debt and proved to be
earnings enhancing during the financial year. It is anticipated that these
buybacks will also enhance earnings on a long-term basis. Emira will continue to
repurchase PIs at the appropriate time should it prove beneficial for PI
holders.
RESULTS
Despite the tougher economic environment and resultant rise in vacancies from
6,8% in June 2008 to 7,5% by June 2009, Emira`s portfolio performed well during
the period, with continued growth in rentals in the portfolio.
Excluding the straight-line adjustments from future rental escalations, revenue
rose by 14,6% over the comparable period. This was the result of organic growth
in income from the existing portfolio, the inclusion of the acquired properties
from the effective dates, as well as the conclusion of several capital projects
in the previous financial year which contributed for the full period under
review.
Operating conditions in the commercial property market as a whole began
deteriorating towards the end of 2008, as the impact of rising municipal rates
and electricity costs, as well as slower economic growth filtered through to
tenants. Arrears increased sharply during the period, which has resulted in a
similar increase in the provision for bad debts. This increase in provisions, as
well as higher maintenance expenditure and leasing commissions resulted in
property expenses, when adjusted for amortised upfront lease costs, rising by
25,4% year-on-year.
The lower average PI price versus the comparable period resulted in management
and administration fees showing only a 6,7% rise over the twelve months. Net
interest costs excluding unrealised gains or losses on interest rate swaps rose
by 14,0%. This was the result of increased levels of gearing in the fund, which
was partially offset by lower average debt costs on funds raised on the debt
capital markets in March 2008, favourable funding through the issue of
preference shares, as well as the benefit of higher interest rates earned on
cash on deposit.
Net asset value declined marginally (2,9%) in the twelve months from 1169 cents
(1232 cents excluding the deferred tax provision) to 1135 cents (1186 cents),
largely as a result of a reduction in the fair value of derivative financial
instruments. After two years of achieving unrealised gains in respect of the
revaluation of derivative financial instruments of R185,9 million, the recent
sharp reduction in long term interest rates has resulted in an unrealised loss
on interest rate swaps of R183,1 million. This volatile line item is due to the
fund`s weighted average interest rate of 9,61% per annum, being either above or
below the prevailing long term interest rate and has no impact on the
distribution payable by the Fund.
DISTRIBUTION STATEMENT for the year ended 30 June 2009
R`000 2009 2008 % change
Operating lease rental income and 1 059 866 924 783 14,6
tenant recoveries excluding straight-
lining of leases
Property expenses excluding (357 597) (285 197) 25,4
amortised upfront lease costs
Net property income 702 269 639 586 9,8
Asset management expenses (31 843) (33 431) (4,8)
Administration expenses (39 023) (32 976) 18,3
Depreciation (11 198) (9 902) 13,1
Net interest cost (126 280) (110 808) 14,0
Interest paid and amortised (121 844) (115 273) 5,7
borrowing costs
Interest capitalised to the cost of 1 728 7 635 (77,4)
developments
Preference share dividends paid (16 424) (8 213) 100,0
STC on preference share dividends (1 642) (821) 100,0
paid
Investment income 11 902 5 864 103,0
Distribution payable to 493 925 452 469
participatory interest holders
Number of units in issue 487 827 654 492 818 989
Distribution per participatory 101,25 92,04 10,0
interest (cents)
DIRECTORATE
In order to pursue other business commitments Ms Liliane Barnard resigned from
the STREM Board on 5 August 2009. The Board would like to express its sincere
gratitude to Liliane for her valuable contribution to the Board and wishes her
every success in her future endeavours.
PROSPECTS
Tenant retention and minimising bad debts will be the key drivers of income
growth from the portfolio in the coming year, supplemented by PI repurchases
where appropriate. The fund`s strategy of improving the quality of the portfolio
through acquisitions and refurbishments - funded by prudent, long term gearing -
as well as the disposal of non-core assets, will continue.
With the South African economy in recession, conditions within the portfolio are
expected to remain challenging and therefore the level of growth in
distributions in the coming year, although still expected to be good, will not
be at the same level as that achieved in the twelve months to June 2009. The
forecast financial information on which this statement has been based has not
been reviewed or reported on by the Fund`s auditors.
INDEPENDENT REVIEW
The financial information has been reviewed by PricewaterhouseCoopers Inc.,
whose unqualified review conclusion is available for inspection at Emira`s
registered address. The distribution statement was not reviewed.
INCOME DISTRIBUTION DECLARATION
Notice is hereby given that a final cash distribution of 52,46 cents (2008:
47,70 cents) per participatory interest has been declared payable to
participatory interest holders, payable on 28 September 2009.
Last day to trade cum distribution Thursday, 17 September 2009
Participatory interests trade ex distribution Friday, 18 September 2009
Record date Friday, 25 September 2009
Payment date Monday, 28 September 2009
PI certificates may not be dematerialised or rematerialised between Friday, 18
September 2009 and Friday, 25 September 2009, both days inclusive.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the sixth annual general meeting of PI holders of
Emira Property Fund will be held at 14:00 on 17 November 2009, at 3 Gwen Lane,
Sandton, to transact the business as stated in the annual general meeting notice
forming part of the annual financial statements.
By order of the STREM board
Desiree Isserow - Company secretary
Ben van der Ross - Chairman James Templeton - Chief executive officer
Sandton
25 August 2009
ACQUISITIONS
Properties purchased and transferred to Emira during the twelve months to 30
June 2009
Property Sector Location GLA (m2)
TIS Corporate Park Industrial Midrand 15 184
Kosmos Flats Residential Bloemfontein 1 841
Discovery Office Highveld Technopark, 4 055
Centurion
Spoor & Fisher (1) Office Highveld Technopark, 3 910
Centurion
Spoor & Fisher (2) Office Highveld Technopark, 2 216
Centurion
Purchase Forward
price yield
Property (Rm) (%) Effective date Tenants
TIS Corporate Park 90,1 8,0 19 November 2008 TIS
Kosmos Flats 10,1 6,1 24 October 2008 Multi-tenanted
Discovery 40,3 10,5 13 May 2009 Discovery
Spoor & Fisher (1) 38,5 10,3 13 May 2009 Spoor & Fisher
Spoor & Fisher (2) 20,7 10,5 29 June 2009 Spoor & Fisher
TIS Corporate Park is a newly developed, prime industrial warehouse located in
Corporate Park North, Midrand. Technology Integrated Solutions (Pty) Ltd (TIS),
which is a subsidiary of Aberdare Cables (Pty) Ltd, has signed a 5-year lease
over approximately 6 500 m2. The balance of the vacant space is covered in terms
of a gross rental warranty from Eris Property Group (Pty) Limited for a period
of eighteen months from completion.
The Kosmos flats are located immediately west of Brandwag Shopping Centre, also
owned by Emira, which together have excellent exposure to Nelson Mandela Drive
in Bloemfontein and are earmarked for future redevelopment by the Fund.
The Discovery and Spoor & Fisher buildings are modern and well located, and have
long-term leases - four and six years respectively - with blue chip tenants.
Property purchased not yet transferred to Emira
Sector Location GLA (m2)
Taylor Blinds Industrial Montague Gardens, Cape Town 7 614
Purchase Forward Anticipated
price yield
(Rm) (%) effective date Key tenants
Taylor Blinds 36,0 10,78 On transfer Taylor blinds
DISPOSALS
In accordance with the strategy of the fund, certain properties that are
underperforming or pose excessive risk to the fund are earmarked and disposed
of.
Properties transferred out of Emira during the twelve months to 30 June 2009
Property Sector Location GLA (m2)
Kuehne & Nagel House Office Durban 2 140
Georgian Place (portion of Office Kelvin 521
sectionalised offices/warehouse)
Barvic House Office Randburg 3 322
Properties sold, not yet transferred out of Emira at 30 June 2009
Property Sector Location GLA (m2)
Georgian Place (portions of Office Kelvin 1090
sectionalised offices/warehouse)
Property Valuation Sale Exit Effective Date
June `08 Price Yield
(Rm) (Rm) (%)
Kuehne & Nagel House 8,8 8,8 10,5 15 July 2008
Georgian Place (portion of 2,4 2,4 7,8 29 September
sectionalised 2008
offices/warehouse)
Barvic House 10,1 10,1 6,4 30 September
2008
Properties sold, not yet transferred out of Emira at 30 June 2009
Property Valuation Sale Exit Effective Date
June `08 Price Yield
(Rm) (Rm) (%)
Georgian Place (portions of 4,2 4,2 9,9 15 and 28 July
sectionalised 2009
offices/warehouse)
VACANCIES
The portfolio vacancy at the end of June 2009 was 7,5%, a rise from 6,8% in June
2008. Although vacancies in the industrial portfolio declined from 4,5% to 3,0%,
this was more than offset by a slight rise in retail vacancies and a higher
increase within the office portfolio.
This rise in vacancy is attributable to office space becoming available at
Oracle House (increase in vacancy of 5 922 m2), FNB Heerengracht (increase of 2
921 m2), Boundary Terraces (increase of 2 640 m2), Podium House (increase of 2
580 m2) and Woodmead Office Park (increase of 2 319 m2).
Excluding the properties that are pending refurbishment (FNB Heerengracht and
Podium House), the portfolio vacancy would be 6,7%.
June`08 Vacancy % June `09 Vacancy %
GLA (m2) June `08 GLA (m2) June `09
Office 444 676 47 211 10,6 449 129 61 011 13,6
Retail 378 293 16 626 4,4 380 269 18 866 5,0
Industrial 365 397 16 628 4,6 380 839 11 360 3,0
Total 1 188 366 80 465 6,8 1 210 237 91 237 7,5
VALUATIONS
One-third of Emira`s portfolio is valued by independent valuers at the end of
every financial year, with the balance being valued by the directors.
Total portfolio movement
Sector June 2008 R/m2 June 2009 R/m2 Difference Difference
(R`000) (R`000) (%) (R`000)
Office 3 467 316 7 843 3 679 586 8 193 6,1 212 270
Retail 2 695 890 7 126 2 732 279 7 185 1,3 36 389
Industrial 1 328 230 3 613 1 306 212 3 430 (1,7) (22 018)
7 491 436 7 718 077 226 641
After capital expenditure of R312,8 million, disposals of R21,0 million and
depreciation of R11,2 million, investment properties increased in value by
R226,6 million, implying a slight downward revision in property values of R54,0
million. This marginal decrease reflects the deteriorating market conditions and
associated rising property yields.
DEBT
Emira`s balance sheet is relatively lowly geared, with available debt facilities
at attractive margins which will enable the Fund to acquire good quality
properties with sustainable income streams.
During the year, Emira was granted an additional loan facility from FirstRand
Bank Limited of R664 million. As at 30 June 2009 Emira had a total debt facility
(including preference shares) available of R2 264 million, of which R1 584
million had been accessed.
During the year Emira engaged in a further swap agreement for R40 million. Two
short-term swaps were also forward fixed for a further ten years. As a result,
99,3% of the Fund`s debt has been fixed for periods of between four and twelve
years. As at 30 June 2009, the weighted average cost of debt equated to 9,61%.
Rate (%) Term Amount (Rm) % of Debt
1. Debt - Swap 10,05 January 2010 90,0 5,7
- Extended 9,87 March 2020
2. Debt - Swap 9,46 September 2011 110,0 6,9
- Extended 9,79 September 2021
3. Debt - Swap 9,78 April 2013 650,0 41,0
4. Debt - Swap 9,20 June 2013 500,0 31,6
5. Debt - Swap 10,25 October 2013 84,6 5,3
6. Debt - Swap 9,66 December 2014 100,0 6,3
7. Debt - Swap 10,11 April 2019 40,0 2,5
1 574,6 99,3
8. Debt - Floating 9,16 January 2019 9,9 0,7
Total 9,61 1 584,5 100,0
Less: Costs capitalised not yet amortised (11,2)
Per balance sheet 1 573,3
Fund Manager: Strategic Real Estate Managers (Pty) Limited
Directors of the fund manager: BJ van der Ross (Chairman)*, JWA Templeton (Chief
executive officer), MS Aitken*, BH Kent*, NE Makiwane*,
W McCurrie*, MSB Neser*, WK Schultze, NL Sowazi*, PJ Thurling *Non-
executive director
Registered address: 3 Gwen Lane, Sandton, 2146
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Transfer secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall
Street, Johannesburg, 2001
26 August 2009
Date: 26/08/2009 16:52:02 Supplied by www.sharenet.co.za
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