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OASIS CRESCENT PROPERTY FUND - Reviewed interim results for the six months ended 30 September 2012

Release Date: 19/10/2012 15:05
Code(s): OAS     PDF:  
Wrap Text
Reviewed interim results for the six months ended 30 September 2012

Oasis Crescent Property Fund
A property fund created under the Oasis Crescent Property Trust Scheme 
registered in terms of the Collective Investment Schemes Control Act
(Act 45 of 2002) JSE code: OAS
Share code: OAS
ISIN: ZAE000074332
("Oasis" or "the Fund")

Reviewed interim results for the six months ended 30 September 2012

Condensed statement of comprehensive income for the 6 months ended 30 September 2012

                                               Reviewed       Reviewed      Audited
                                               6 months       6 months      12 months
                                               to 30          to 30         to 31
                                               September      September     March
                                               2012           2011          2012
                                               R'000          R'000         R'000


Revenue                                        28 096         29 461        59 471


Rental and related income                      25 394         26 004        52 117

Income from investments excl non-permissible   
income                                         5 871          4 346         8 276


Straight-lining of lease income                (3 169)        (889)         (922)


Expenses                                       12 291         11 589        23 714

Property expenses                              10 254         9 925         20 343

Service charges                                1 338          1 269         2 577

Other operating expenses                       699            395           794




Net income from rentals and investments        15 805         17 872        35 757



Fair value adjustment to investment properties 
excluding straight-lining of lease income      3 169          889           10 679

Fair value adjustment to investment properties  -             -             9 757

Straight-lining of lease income                3 169          889           922




Operating profit for the period                18 974         18 761        46 436



Net non-permissible investment income          46             334           514

Non-permissible investment income received     69             334           519

Interest paid                                  (23)           -             (5)



Net profit for the period                      19 020         19 095        46 950

Other comprehensive income

Fair value gain/(loss) on available-for-sale   
financial assets                               23 290         3 212         14 454

Total comprehensive income for the period      42 310         22 307        61 404



Basic earnings per unit including non-         
permissible income (cents)                     46.75          48.72         118.00



Reconciliation of distributable income for the 6 months ended 30 September 2012

Rental and related income                      25 394         26 004        52 117

Less: Property expenses                        (10 254)       (9 925)       (20 343)

Property operating income                      15 140         16 079        31 774




Investment income                              5 940          4 680         8 949

Less: Investment expenses                      (23)           -             (5)

Investment operating income                    5 917          4 680         8 944

Add: Fair value adjustment on financial assets                      
at fair value through profit or loss           (367)          28            -

Service charges and other operating expenses   (2 037)        (1 664)      (3 371)

Distributable income including non-permissible 
income                                         18 653         19 123       37 347


Non-permissible rental income                  (267)          (358)        (641)

Non-permissible interest income                (95)           (306)        (474)

Distributable income excluding non-permissible 
income                                         18 291         18 459       36 232


Distribution per unit including non-           
permissible income (cents)                     45.9           48.8         93.9

Interim distribution per unit (cents)          45.9           48.8         48.8

Final distribution per unit (cents)            -              -            45.1


Additional information:

Headline earnings and diluted headline         
earnings per unit including non-permissible
income (cents)                                 39.0           46.5         91.2
Distribution per unit including non-           
permissible income (cents)                     45.9           48.8         93.9

Distribution per unit excluding non-           
permissible income (cents)                     45.0           47.1         91.1

Weighted average units in issue                40 685 181     39 191 861   39 786 095

Units in issue at the end of the period        41 097 679     39 592 393   40 665 493


Headline earnings and distribution income Reconciliation


Net profit for the period                      19 020         19 095       46 950

Adjusted for:

Fair value adjustment to investment properties (3 169)        (889)        (10 679)

Headline earnings                              15 851         18 206       36 271

Less: Fair value adjustments on financial
assets at fair value through profit or loss    (367)          28           154

Less: Straight-line lease accrual              3 169          889          922
 
Distribution income including non-permissible
income                                         18 653         19 123       37 347

Non-permissible rental income                  (267)          (358)        (641)
 
Non-permissible interest income                (95)           (306)        (474)

Distribution income excluding non-permissible
income                                         18 291         18 459       36 232

Distribution per unit excluding non-
permissible income (cents)                     45.0           47.1         91.1

Interim distribution per unit (cents)          45.0           47.1         47.1

Final distribution per unit (cents)            -              -            44.0


Condensed statement of financial position as at 30 September 2012

                                                Reviewed      Reviewed    Audited
                                                30            30          31
                                                September     September   March
                                                2012          2011        2012

                                                R'000         R'000       R'000

Assets

Non-current assets                              590 749       533 296     563 152

Investment properties                           388 587       375 075     386 964

Property plant and equipment                    43            24          18

Straight-line lease accrual                     6 750         9 569       9 536

Available-for-sale financial assets             195 369       148 628     166 634

Current assets                                  55 840        41 571      46 497

Trade receivables                               3 054         3 737       3 431

Other receivables                               2 411         2 912       2 469

Financial assets at fair value through 
profit or loss                                  37 448        16 972      35 578

Cash and cash equivalents                       12 927        17 950      5 019

Total assets                                    646 589       574 867     609 649




Unitholders' funds and liabilities

Unitholders' funds                              612 732       549 634     585 234

Capital of the Fund                             453 803       432 067     446 794

Retained income                                 663           421         295

Non­distributable reserve                       123 919       117 331     127 088

Fair value profit/(loss) on available-for-sale
assets                                          34 347        (185)       11 057




Current liabilities                             33 857        25 233      24 415

Trade payables                                  13 405        4 846       4 437

Accruals                                        198           177         233

Other payables                                  933           837         957

Trade payables to related parties               431           164         446

Unitholders for distribution                    18 751        18 945      18 229

Non-permissible income available for
dispensation                                    139           264         113

Total unitholders' funds and liabilities        646 589       574 867     609 649

NAV (in cents per unit)                         1 491         1 388       1 439


Condensed statement of changes in unitholders' funds for the 6 months ended 30 September 2012

                                   Non-              Available-
                       Capital of  distributable     for-sale     Retained
                       the Fund    reserve           reserve      income       Total


                       R'000       R'000             R'000        R'000        R'000

Balance at 1 April
2011                   414 809     117 331           (3 397)      449          529 192
Net profit for the
period ended 30
September 2011         -           -                 -            19 095       19 095

Other Comprehensive
Income
Fair value gain on
available-for-sale
financial assets       -           -                 3 212        -            3 212
Total Comprehensive
Income for the period
30 September 2011      -           -                 3 212        19 095       22 307

Issue of units in lieu
of distribution        17 588      -                 -            -            17 588

Transaction costs for
issue of new units     (141)       -                 -            -            (141)

Distribution received
in advance             (189)       -                 -            189          -

Transfer to non-
distributable reserve  -           -                 -            -            -

Distribution to
unitholders            -           -                 -            (18 647)     (18 647)

Dispensation of non-
permissible income     -           -                 -            (665)        (665)

Balance at 30
September 2011         432 067     117 331           (185)        421          549 634
Net profit for the
period ended 31 March
2012                   -           -                 -            27 855       27 855

Other Comprehensive
Income
Fair value gain on
available-for-sale
financial assets       -           -                 11 242       -            11 242

Transfer to available-
for-sale reserve       -           -                 -            -            -
Total Comprehensive
Income for the period
31 March 2012          -           -                 11 242       27 855       39 097

Issue of units for
cash                   -           -                 -            -            -

Issue of units in lieu
of distribution        14 908      -                 -            -            14 908

Transaction costs for
issue of new units     (66)        -                 -            -            (66)

Transfer to non-
distributable reserve  -           9 757             -            (9 757)      -

Distribution received  
in advance             (115)       -                 -            115          -

Distribution to
unitholders            -           -                 -            (17 889)     (17 889)
   
Dispensation of non-
permissible income     -           -                 -            (450)        (450)
  
Balance at 1 April
2012                   446 794     127 088           11 057       295          585 234
Net profit for the 
period ended 30
September 2012         -           -                 -            19 020       19 020

Other Comprehensive
Income
Fair value gain on
available-for-sale
financial assets       -           -                 23 290       -            23 290
Total Comprehensive
Income for the period
30 September 2012      -           -                 23 290       19 020       42 310

Issue/(repurchase) of
units                  (9 144)     -                 -            -            (9 144)

Issue of units in lieu
of distribution        16 524      -                 -            -            16 524
Transaction costs for
issue/(repurchase) of
new units              (185)       -                 -            -            (185)

Transfer to non-
distributable reserve  -           (3 169)           -            -            (3 169)

Distribution received  
in advance             (186)       -                 -            186          -

Distribution to unit
holders                -           -                 -            (18 476)     (18 476)

Dispensation of non-
permissible income     -           -                 -            (362)        (362)

Balance at 30
September 2012         453 803     123 919           34 347       663          612 732

Condensed statement of cash flows for the 6 months ended 30 September 2012

                                    Reviewed          Reviewed           Audited
                                    6 months to       6 months to        12 months to
                                    30 September      30 September       31 March
                                    2012              2011               2012

                                    R'000             R'000              R'000

Cash flows from operating
activities

Net profit for the period           19 020            19 095             46 950

Adjusted for:

Non-permissible investment income
received                            (69)              (334)              (519)

Interest paid                       23                -                  5

Depreciation                        6                 6                  12

Provision for receivables
impairment                          (579)             (27)               (468)

Straight-line lease accrual         3 169             889                922

Lease incentives		    383		      -			 -

Realised gain on financial assets
at fair value throught 
profit or loss              	    (58)              (120)              -

Fair value adjustment on financial
assets at fair value through profit
or loss                             (367)             28                 154

Fair value adjustment to investment
properties excluding straight-
lining of lease income              (3 169)           (889)              (10 679)


                                    17 593            18 648             36 377


(Increase)/decrease in current
assets

Trade receivables                   956               398                1 145

Other receivables                   58                (189)              254


Increase/(decrease) in current
liabilities

Trade payables                      (176)             783                374

Accruals                            (35)              (29)               27

Other payables                      (24)              (487)              (367)

Trade payables to related parties   (15)              117                399




Cash generated from operations      18 357            19 241             38 209


Interest paid                       (23)              -                  (5)

Non-permissible investment income 
received                            69                334                519

Unitholders for distribution        (1 430)           (2 399)            (6 056)

Non-permissible income dispensed    (336)             (578)              (1 219)


Net cash inflow from operating
activities                          16 637            16 598             31 448


Cash flows from investing
activities

Acquisition of available-for-sale
financial assets                    (5 445)           (8 970)            (15 734)

Acquisition of financial assets at
fair value through profit or loss   (4 445)           (1 590)            (20 442)

Additions to investment
properties                          (1 623)           (1 374)            (3 473)
Proceeds from sale of financial
assets at fair value through 
profit or loss                      3 000             6 500              6 500

Acquisition of property, plant and
equipment                           (31)              -                  -


Net cash flow from investing 
activities                          (8 544)           (5 434)            (33 149)


Cash flows from financing
activities

Transaction costs on issue of new
units                               (185)             (141)              (207)

Net cash flow from financing
activities                          (185)             (141)              (207)

Net increase /(decrease)in cash and
cash equivalents                    7 908             11 023             (1 908)


Cash and cash equivalents

At beginning of period              5 019             6 927              6 927
 



At end of period                    12 927            17 950             5 019


Segment information for the 6 months ended 30 September 2012
                                            Indus-      Invest-  Corpo-
                     Retail      Offices    trial       ments    rate      Total

                     R'000       R'000      R'000       R'000    R'000     R'000

Segment revenue

Property income
Rental and related
income               12 175      4 768      8 451       -        -         25 394


Income from
investments excl
non-permissible
income
Dividend income
offshore             -           -          -           3 605    -         3 605
Permissible
investment income
domestic             -           -          -           1 841    -         1 841
Fair value
adjustment to
financial assets at
fair value through
profit or loss       -           -          -           367       -        367
Realised gain on
financial assets at                             
fair value through 
profit or loss	     -		 -	    -		58		   58

                     12 175      4 768      8 451       5 871    -         31 265




Segment expense

Property expenses    7 310       1 364      1 580       -        -         10 254

Service charges      -           -          -           -        1 338     1 338
Other operating
expenses             -           -          -           -        699       699

                     7 310       1 364      1 580       -        2 037     12 291




Segment result
Operating
profit/(loss)        4 865       3 404      6 871       5 871    (2 037)   18 974




Net finance income
Net interest
received             -           -          -           46       -         46

Net profit/(loss)
before straight-line
lease income and
fair value
adjustment to
investment 
properties           4 865       3 404      6 871       5 917    (2 037)   19 020
  


Straight-lining of
lease income         (2 735)     (87)       (347)       -        -         (3 169)


Fair value
adjustment to
investment
properties           2 735       87         347         -        -         3 169


Net profit/(loss)
after straight-line
lease income and
fair value
adjustment  to
investment
properties           4 865       3 404      6 871       5 917    (2 037)   19 020




Segment assets
Investment
properties           169 645     65 344     153 598     -        -         388 587
Property, plant and
equipment            43          -          -           -        -         43
Straight-line lease
accrual              1 555       89         5 106       -        -         6 750
Available-for-sale
financial assets     -           -          -           195 369  -         195 369
 
Trade receivables    957         302        287         1 508    -         3 054

Other receivables    284         59         2           -        2 066     2 411
Held-for-trading
investments          -           -          -           37 448   -         37 448
Cash and cash 
equivalents          ­           -          -           12 927   -         12 927

                     172 484     65 794     158 993     247 252  2 066     646 589


Segment liabilities

Trade payables       3 158       379        667         -        9 201     13 405

Accruals             -           -          -           -        198       198
  
Other payables       660         9          181         -        83        933
Trade payables to 
related parties      181         -          78          -        172       431
Unitholders for 
distribution         -           -          -           -        18 751    18 751
Non-permissible
income available for
dispensation         -           -          -           -        139       139

                     3 999       388        926         -        28 544    33 857

Net segment assets   168 485     65 406     158 067     247 252  (26 478)  612 732

Capital expenditure  373         -          1 250       -        -         1 623


Segment information for the 6 months ended 30 September 2011

                                            Indus-      Invest-  Corpo-
                     Retail      Offices    trial       ments    rate     Total

                     R'000       R'000      R'000       R'000    R'000    R'000
Segment revenue

Property income
Rental and related
income               10 411      4 228      11 365      -        -        26 004


Income from
investments excl
non-permissible
Dividend income
offshore             -           -          -           3 050    -        3 050
Permissible
investment income
domestic             -           -          -           1 204    -        1 204
Fair value
adjustment to
financial assets at
fair value through
profit or loss       -           -          -           (28)     -        (28)
Realised gain on
financial assets at
fair value through
profit or loss       -           -          -           120      -        120

                     10 411      4 228      11 365      4 346    -        30 350

Segment expense

Property expenses    6 202       1 366      2 357       -        -        9 925

Service charges      -           -          -           -        1 269    1 269
Other operating
expenses             -           -          -           -        395      395

                     6 202       1 366      2 357       -        1 664    11 589


Segment result
Operating
profit/(loss)        4 209       2 862      9 008       4 346    (1 664)  18 761


Net finance income

Net interest 
received 	     -           -          -           334      -        334

Net profit/(loss)
before straight-line
lease income and
fair value 
adjustment to
investment
properties           4 209       2 862      9 008       4 680    (1 664)  19 095


Straight-lining of
lease income         (135)       (555)      (199)       -        -        (889)


Fair value
adjustment to
investment
properties           135         555        199         -        -        889


Net profit/(loss)
after straight-line
lease income and
fair value
adjustment to
investment
properties           4 209       2 862      9 008       4 680    (1 664)  19 095




Segment assets
Investment
properties           158 567     63 454     153 054     -        -        375 075
Property, plant and
equipment            24          -          -           -        -        24
Straight-line lease
accrual              3 754       169        5 646       -        -        9 569
Available-for-sale
financial assets     -           -          -           148 628  -        148 628

Trade receivables    1 315       286        991         1 145    -        3 737

Other receivables    366         90         36          -        2 420    2 912
Held-for-trading
investments          -           -          -           16 972   -        16 972
Cash and cash
equivalents          ­           -          -           17 950   -        17 950

                     164 026     63 999     159 727     184 695  2 420    574 867


Segment liabilities

Trade payables       2 929       450        1 467       -        -        4 846

Accruals             -           -          -           -        177      177

Other payables       448         8          167         -        214      837
Trade payables to
related parties      195         2          101         -        (134)    164
Unitholders for 
distribution         -           -          -           -        18 945   18 945
Non-permissible  
income available for
dispensation         -           -          -           -        264      264

                     3 572       460        1 735       -        19 466   25 233


Net segment assets   160 454     63 539     157 992     184 695  (17 046) 549 634


Capital expenditure  ­           -          63          -        -        63


Segment information for the year ended 31 March 2012

                                             Indus-   Invest-  Corpo-
                     Retail      Offices     trial    ments    rate     Total

                     R'000       R'000       R'000    R'000    R'000    R'000

Segment revenue

Property income

Rental and related  
income               22 289      9 718       20 110   -        -        52 117



Income from
investments excl
non-permissible
income

Dividend income
offshore             -           -           -        5 693    -        5 693
Permissible
investment income
domestic             -           -           -        2 737    -        2 737
Fair value
adjustment to
financial assets at
fair value through
profit or loss       -           -           -        (154)    -        (154)


                     22 289      9 718       20 110   8 276    -        60 393




Segment expense

Property expenses    12 753      3 196       4 252    -        142      20 343

Service charges      -           -           -        -        2 577    2 577

Other operating
expenses             -           -           -        -        794      794


                     12 753      3 196       4 252    -        3 513    23 714


Segment result

Operating
profit/(loss)        9 536       6 522       15 858   8 276    (3 513)  36 679

Net finance income

Net interest
received             -           -           -        514      -        514

Net profit/(loss)
before straight-line
lease income and
fair value 
adjustment to
investment
properties           9 536       6 522       15 858   8 790    (3 513)  37 193


Straight-lining of
lease income         157         (586)       (493)    -        -        (922)

Fair value
adjustment to
investment
properties           8 572       2 614       (507)    -        -        10 679
  
Net profit/(loss)
after straight-line
lease income and
fair value
adjustment to
investment
properties           18 265      8 550       14 858   8 790    (3 513)  46 950


Segment assets

Investment
properties           164 735     69 882      152 347  -        -        386 964

Property, plant and
equipment            18          -           -        -        -        18

Straight-line lease
accrual              3 995       188         5 353    -        -        9 536

Available-for-sale
financial assets     -           ­           -        166 634  -        166 634


Trade receivables    1 382       204         818      1 027    -        3 431


Other receivables    342         88          12       -        2 027    2 469
Financial assets at
fair value through
profit or loss       -           -           -        35 578   -        35 578

Cash and cash
equivalents          -           -           -        5 019    -        5 019


                     170 472     70 362      158 530  208 258  2 027    609 649




Segment liabilities

Trade payables       2 958       480         816      -        183      4 437

Accruals             (14)        (4)         (10)     -        261      233

Other payables       570         2           55       -        330      957

Trade payables to
related parties      115         -           81       -        250      446

Unitholders for
distribution         -           -           -        -        18 229   18 229
Non-permissible  
income available for
dispensation         -           -           -        -        113      113


                     3 629       478         942      -        19 366   24 415

Net segment assets   166 843     69 884      157 588  208 258  (17 339) 585 234




Capital expenditure  3 192       282         -        -         -       3 474

Basis of preparation and accounting policies

The interim results of the Fund have been prepared in accordance with International
Financial Reporting Standards (IFRS), as well as the AC 500 Standards, International
Accounting Standard 34 (IAS 34) and the requirements of the Collective Investment Schemes
Control Act of 2002. The non-permissible income is dispensed to the Oasis Crescent Fund
Trust which is a registered public benefit organisation. The accounting policies are
consistent with those applied in the most recent annual financial statements of the Fund.
The interim financial statements have been prepared under the revised disclosure
requirements. The Fund's external auditor, PricewaterhouseCoopers Inc. has reviewed the
financial information set out in this report. Their unqualified review report is
available for inspection at the Fund's registered office.

Related party transactions and balances

Identity of the related parties with whom material transactions have occurred

Oasis Crescent Property Fund Managers Limited ("OCPFM") is the management company 
of the Fund in terms of the Collective Investment Schemes Control Act.

Oasis Group Holdings (Proprietary) Limited is a tenant at the Ridge@Shallcross.

As disclosed in the prospectus of Oasis Crescent Global Property Equity Fund a management
fee is charged for investing in the Oasis Crescent Global Property Equity Fund by Oasis
Global Management Company (Ireland) Limited, the manager of the fund.

As disclosed in the prospectus of the Oasis Crescent Income Fund, a management fee is
charged for investing in the Oasis Crescent Income Fund by Oasis Crescent Management
Company Limited, the manager of the fund.

There are common directors to Oasis Crescent Property Fund Managers Limited, Oasis Group
Holdings (Proprietary) Limited, Oasis Global Management Company (Ireland) Limited and
Oasis Crescent Management Company Limited. Transactions with related parties are executed
on terms no less favourable than those arranged with third parties.

Type of related party transactions

The Fund pays a service charge and a property management fee on a monthly basis to Oasis
Crescent Property Fund Managers Limited.

Related party transactions
                                           6 months to     6 months to      12 months
                                           30 September    30 September     to 31 March
                                           2012            2011             2012

Related party transactions                 R'000           R'000            R'000

Service charge paid to Oasis Crescent
Property Fund Managers Limited             1 338           1 269            2 577

Property management fees paid to Oasis
Crescent Property Fund                     441             436              858


Managers Limited

Rental and related income paid by Oasis
Group Holdings (Proprietary) Limited
at the Ridge@Shallcross                    209             168              390


Related party balances
                                           6 months to     6 months to      As at
                                           30 September    30 September     31 March
                                           2012            2011             2012

Related party balance                      R'000           R'000            R'000

Trade (payables to)/receivables from 
Oasis Group Holding (Proprietary) Limited  (102)           (110)            (115)

Trade (payables to)/receivables from Oasis
Crescent Property Fund Managers Limited    (329)           (54)             331

Trade deposit received from Oasis Group
Holdings (Proprietary) Limited             -               (64)             -

Directors' commentary

Financial Highlights
                                         6 months to     6 months to      12 months to 
                                         30 September    30 September     31 March 
                                         2012            2011             2012
 
Distribution per unit including non-
permissible income (cents)               45.9            48.8             93.9

Non-permissible rental income
per unit (cents)  			 (0.7)           (0.9)            (1.6)

Non-permissible investment income per
unit (cents)                             (0.2)           (0.8)            (1.2)

Distribution per unit excluding non-
permissible income (cents)               45.0            47.1             91.1

Property portfolio valuation (Rm)        395.3           384.6            396.5

Investment in Offshore Listed Properties
(Rm)                                     178.0           135.2            152.8

Investments in Local Listed Properties
(Rm)                                     17.4            13.5             13.8

Cash and cash equivalents (Rm)*          50.4            34.9             40.6


Net asset value per unit (cents)         1 491           1 388            1439

Listed market price (cents)              1 320           1 296            1300

*Includes held-for-trading investments.


Since its listing, the focus of the Fund has been to:

- build a portfolio of quality properties through direct investments;
- attract high quality tenants;
- build an investment portfolio; and
- investment in listed global property for scalability, geographical and currency
diversification.

Your Fund continues to deliver on its objectives and to deliver stable income and capital
growth.

The total return has been strong through all economic conditions, generating 8.9% over
the last 12 months.



Overview


The Fund has positioned itself well to deal with the expected economic environment and is
well diversified in terms of sector, tenant mix, geography and currency. The Fund has
diversified geographically, with 28% of its assets invested internationally. The global
portfolio is well diversified, and should deliver growth in earnings and value over the
medium term.

The Fund again delivered a positive return, with a total return of 8.9% compared to 
inflation of 5.0% over the last 12 months. Measured since the inception of the Fund,
the cumulative performance is 113.3% compared to inflation over this period of 50.9%,
showing substantial inflation beating growth. This is annualised performance of 11.6% for
the Fund since inception against annual inflation of 6.1% during that period.
Beating inflation by an average of 5.5% allows for real growth of wealth over the long
term.

The level of diversification in the Fund gives it flexibility to allocate the assets in a
manner to perform consistently through the cycle.

Overview of performance

The Fund has continued to deliver a competitive return relative to inflation.

                                               Sep      Sep      Sep     Sep      Sep
                                               2012     2011     2010    2009     2008
Oasis Crescent Property Fund Actual Return (%) 8.9      12.3     7.8     20.4     -2.1
Inflation (%)                                  *5.0     5.7      3.2     6.1      11.7


Notes:
Performance based on total return (capital and distribution including non permissible
income).
* Inflation lagged by one month as September 2012 inflation not released by date of
publication.

Fund Portfolio

Segment profile based on         30 September 2012   30 September 2011  31 March 2012 
distributable income          	 (%)                 (%)                (%)

Industrial                       36                  48                 39

Retail                           26                  23                 23

Office                           18                  16                 16

Listed properties and other      20                  13                 22
investments

                                 100                 100                100



Segment profile based on assets  30 September 2012  30 September 2011  31 March 2012 
employed                         (%)                (%)                (%)

Industrial                       25                 27                 26

Retail                           27                 28                 28

Office                           10                 15                 12

Listed properties and other      
investments                      38                 30                 34

                                 100                100                100

Office Properties

The office component of the portfolio remains fully let. We have identified a building
that is an attractive investment opportunity with outstanding visibility and will enter
into the acquisition process.

Industrial Properties

The Fund has committed to a process of significant refurbishment of the industrial
properties within the Fund. At the properties of both Nourse Avenue and Sacks Circle the
Fund is undertaking a major refurbishment. This is in-line with the Fund's policy of
ensuring that all assets are kept in excellent condition, meeting the requirements of
world class tenants.

These properties were vacant during the refurbishment, which has a short term impact on
results.

Retail Properties

There has been solid progress on implementing the strategy at the Ridge @ Shallcross.
Checkers, the anchor tenant of The Ridge @ Shallcross, are expanding their premises from
approximately 4,500 to approximately 7,000 square meters. They are upgrading the entire
store to a new generation Checkers Hyper and entering into a new long term lease. The
success of this store has led to their major investment taking place. At the same centre,
we have entered into an agreement with another national tenant to build a specific
purpose unit for them with floor area of 1,320 square meters and yard of 600 square
meters. Combined, these developments will greatly enhance the centre.

Tenant turnover has increased by 64% from 2008; most notable increases were 14% and 18%
in the last two completed financial years. The space under refurbishment represents 16%
of the GLA of the Ridge and has been under refurbishment from 1 September 2012.

With the expansion and upgrade of the Checkers Hyper at The Ridge we anticipate increased
growth in the number of shoppers visiting the Ridge. This in turn will attract more
quality tenants and improve the overall performance and appearance of the Ridge. There
has also been an increase in tenants wanting to lease shops at the mall and a few new
leases have been concluded after 30 September 2012.

Global Investment

Your fund has the benefit of an excellent global portfolio that provides a competitive
advantage. It consists of high quality selected investments that perform well in tough
conditions. In this low global economic growth environment the top quality Real Estate
Investment Trusts (REITS) are increasingly benefiting from their competitive advantages
and are therefore delivering stronger operational results and cash flows relative to
their second and third tier peers. Global REIT income yields remain very attractive
relative to bond and cash yields and the global property component of the portfolio
continues to take advantage of these opportunities.

The Fund has 28% of its portfolio invested in global investments of R178.0 million
(September 2011: R135.2 million).

Outlook

These positive developments are in line with our efforts to protect and enhance the
assets in the Fund's portfolio and the Fund's objective to provide unitholders with
consistent and high quality performance from the Fund. The South African property
environment is still difficult and we have maintained consistent performance throughout
this cycle. There is still additional value within our portfolio that we will realise,
and we will continue to find attractive investment opportunities.

Service charge
The service charge is equal to 0.5% per annum of the Fund's market capitalisation and
borrowing facilities based on the average daily closing prices of the units. The amount
paid to OCPFM was R1.338 million (September 2011: R1.269million).

Property management
Property management is outsourced to OCPFM and external service providers. The amount
paid to OCPFM was R441 146 (September 2011: R436 173).

Actual units in issue
September 2012: 41 097 679 (September 2011: 39 592 393).

Changes to the Board
During the interim period, Mr Amir Abubaker Gogabori resigned as Financial Director and
was appointed as Non-executive Director effective 7 May 2012. Mr. Michael Swingler was
appointed as Financial Director effective 7 May 2012.

Distribution declaration and important dates
Notice is hereby given that a unit distribution after non-permissible income in respect
of the six months ended 30 September 2012 of 3.02 units for every 100 units so held, has
been declared payable to unit holders recorded in the register of the Fund at close of
business on Friday, 9 November 2012. The concomitant income distribution of 4 495.54
cents (in aggregate) for 100 units so held, which unit holders may elect to receive in
lieu of the aforementioned unit distribution, and which unit distribution comprises of
the following three payments, namely:

                                              Scrip (per    Cents (per     Cents (per 100
        Income category                       100 units)    unit)          units)

(i)     Property income                       2.20          32.84          3 284.03

(ii)    Offshore dividend income              0.54          7.99           7 98.78

(iii)   Domestic permissible investment
        income                                0.28          4.12           412.73


        Total                                 3.02          44.95          4 495.54

[(i) ­ (iii) collectively referred to as the "unit distribution" and / or the "income
distribution" as the case may be.]

Unitholders should take note of the corporate action timetable as set out below in
respect of the above unit and income distribution and the election in terms thereof:

Declaration announcement on SENS of income            
distribution and right of election to receive unit
distribution                                          Friday, 19 October 2012

Circular and form of election posted to unitholders   Monday, 22 October 2012

Finalisation announcement on SENS in respect of       
income distribution and right of election to receive
unit distribution                                     Friday, 26 October 2012

Last day to trade in order to be eligible for the     
income distribution/unit distribution                 Friday, 2 November 2012

Trading commences ex-entitlement                      Monday, 5 November 2012

Listing of maximum possible number of unit            
distribution units at commencement of trade on        Monday, 5 November 2012

Closing date for the election of unit distribution    
or scrip issue at 12:00                               Friday, 9 November 2012

Record date for income distribution                   Friday, 9 November 2012

Unit certificates and/or income distribution cheques  
posted and CSDP/broker accounts updated               Monday, 12 November 2012

Announcement of the results of the income             
distribution on SENS                                  Monday, 12 November 2012

Adjustment of number of new units listed on or about  Wednesday, 14 November 2012

Note:
1. Units may not be dematerialised or rematerialised between Monday 5 November 2012 and
Friday 9 November 2012.
2. The above dates and times may be subject to change. Any changes will be released on
the Securities Exchange News Service ("SENS").
3. All times quoted are South African times.
4. Dematerialised unitholders are requested to ascertain from their broker or CSDP as to
the cut-off time required by them in order to advise the transfer secretaries of their
election.
5. If no election is made, unitholders will receive the unit distribution.


A circular will be posted out to unitholders on or about 22 October 2012 in respect of
the income and unit distribution.

By order of the Board
Oasis Crescent Property Fund Managers Limited
Cape Town

19 October 2012

Designated Advisor
PSG Capital (Pty) Limited


Date: 19/10/2012 03:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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