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Updated trading statement
HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Share code for A-linked units: HPA
ISIN for A-linked units: ZAE000076790
Share code of B-linked units: HPB
ISIN for B-linked units: ZAE000076808
("Hospitality" or "the Company")
UPDATED TRADING STATEMENT
Linked unitholders are referred to the trading statement
released on Stock Exchange News Service on 25 May 2015, which
stated that Hospitality’s combined distribution for the six
months to 30 June 2015 (“the period”) was expected to be 76.81
cents, with the A-linked unit distribution likely to be in
line with the Company’s distribution policy, at 75.10 cents
per A-linked unit and the B-linked unit distribution expected
to be 1.71 cents per B-linked unit.
The basis for this updated trading statement and the trading
statement released on 25 May 2015, is the distribution
forecast which was released with Hospitality’s 2014 annual
results on 20 August 2014 (“the Forecast”) and which reflects
a combined distribution for the period of 92.15 cents,
comprised of 75.10 cents per A-linked unit and 17.05 cents per
B-linked unit.
Due to the uncertain short-term outlook for the hospitality
sector at the time, it was stated in the trading statement of
25 May 2015, that a further trading statement would be made
closer to the release of the Company’s year-end results.
Variable rental income for May and June 2015 was higher than
previously estimated, due to improved hotel revenue and a
strict control of hotel operating expenditure.
Unitholders are now advised that Hospitality’s combined
distribution for the period is expected to be 78.91 cents. The
A-linked unit distribution is expected to be 74.88 cents. This
is in-line with the Company’s Debenture Trust Deed of an
escalation in distribution by the lesser of 5% or CPI at the
end of the reporting period, being 4.7%, compared to Forecast,
which assumed CPI growth of at least 5%. The A-linked unit
distribution is accordingly expected to be 0.22 cents or 0.3%
lower than reflected in the Forecast.
The B-linked unit distribution is expected to be 4.03 cents,
which is 13.02 cents or 76% lower than the Forecast, but an
improvement of 2.32 cents or 136% higher than expected in the
trading statement of 25 May 2015.
The financial information on which this updated trading
statement is based has not been reviewed and reported on by
the Company’s external auditors.
Johannesburg
29 July 2015
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/07/2015 04:53:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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