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OASIS CRESCENT PROPERTY FUND - Reviewed condensed interim results for the six months ended 30 September 2015

Release Date: 14/10/2015 17:30
Code(s): OAS     PDF:  
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Reviewed condensed interim results for the six months ended 30 September 2015

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) having REIT status with the JSE
Share code: OAS
ISIN: ZAE000074332
(“Oasis” or “the Fund”)

Reviewed condensed interim results for the six months ended 30
September 2015

Condensed statement of comprehensive income
for the 6 months ended 30 September 2015

                                         Reviewed    Reviewed    Audited
                                         6 months    6 months    12 months
                                         to 30       to 30       to 31
                                         September   September   March
                                         2015        2014        2015
                                         R’000       R’000       R’000
Revenue                                  47 023      40 573      84 607

Rental and related income                35 494      31 604      65 668
Income from investments excluding non-
permissible income                       10 908      7 249       16 495

Straight-lining of lease income          621         1 720       2 444

Expenses                                 15 656      14 715      32 851
Property expenses                        13 041      12 459      28 165
Service charges                          2 121       1 711       3 643
Other operating expenses                 494         545         1 043



Net income from rentals and investments 31 367       25 858      51 756

Fair value adjustment to investment
properties excluding straight-lining of
lease income                            (621)        (1 720)     18 189
Fair value adjustment to investment
properties                              -            -           20 633
Straight-lining of lease income         (621)        (1 720)     (2 444)
Operating profit for the period         30 746       24 138      69 945


Net non-permissible investment income    (194)       155         (351)
Non-permissible investment income
received                                 207         155         362
Non-permissible income dispensed         (401)        -          (713)

Net profit for the period                30 552      24 293      69 594
Other comprehensive income
Items that may be classified             26 976    29 665    76 096
subsequently to profit and loss
Fair value gain on available-for-sale
financial assets                         27 532    30 684    77 115
Realised gains and losses of financial
assets                                   (556)     (1 019)   (1 019)
Total comprehensive income for the
period                                   57 528    53 958    145 690

Basic earnings per unit (cents)          64.5      53.9      152.3
Distribution per unit including non-
permissible income (cents)               61.4      50.2      102.3

Additional information:
Headline earnings and distribution
income reconciliation
 Basic earnings before non-permissible
income adjustment                        30 746    24 138    69 945
 Non-permissible investment income       207       155       362
Basic earnings after non-permissible
income adjustment                        30 953    24 293    70 307
Non-permissible income dispensed         (401)     -         (713)

Basic earnings                           30 552    24 293    69 594
Adjusted for:
Realised gains on disposal of
available-for-sale investments           (556)     (1 019)   (1 019)
Fair value change to investment
properties                               621       1 720     (18 189)

Headline earnings                        30 617    24 994    50 386

Less: Fair value adjustments on
financial assets at fair value through
profit or loss
                                         (1 208)   (630)     (1 581)
Less: Fair value adjustments on tenant
deposits                                 (88)      -         (337)

Less: Straight-line lease accrual        (621)     (1 720)   (2 444)

Distributable income including non-
permissible income                       28 700    22 644    46 024


Non-permissible rental income            -         (406)     -

Non-permissible investment income        -         (155)     -
Distributable income excluding non-
permissible income                       28 700       22 083       46 024

Basic earnings per unit (cents)          64.5         53.9         152.3
Headline earnings and diluted headline
earnings per unit (cents)                64.6         55.5         110.3
Distribution per unit including non-
permissible income (cents)               61.4         50.2         102.3
Distribution per unit excluding non-
permissible income (cents)               60.6         49.0         100.7
Weighted average units in issue          47 380 608   45 064 473   45 680 697


Units in issue at the end of the period  47 849 435   45 427 278   46 630 486

Additional information:
Reconciliation of Distributable Income
for the 6 months ended 30 September
2015

Rental income                             26 269       23 274       48 810

Rental recoveries                         9 672        8 497        17 463

Lease incentives                          (447)        (167)        (605)

Rental and related income                 35 494       31 604       65 668


Less: Property expenses                   (13 041)     (12 459)     (28 165)

Property operating income                 22 453       19 145       37 503

Investment income excluding non-
permissible investment income             9 056        5 600        13 557
Fair value adjustment on financial
assets at fair value through profit or
loss                                      1 296        630          1 919
Realised gain on disposal of available-
for-sale financial assets                 556          1 019        1 019
Income from investments excluding non-
permissible income                        10 908       7 249        16 495

Non-permissible investment income
received                                  207          155          362

Total investment income                   11 115       7 404        16 857

Net property and investment income        33 568       26 549       54 360
Less: Fair value adjustment on
financial assets at fair value through
profit or loss                           (1 296)    (630)        (1 919)


Less: Realised gain on disposal of
available-for-sale financial assets      (556)       (1 019)     (1 019)
Service charges and other operating
expenses                                 (2 615)    (2 256)      (4 685)

Distributable income including non-
permissible income                       29 101     22 644       46 737


Non-permissible rental income            (194)      (406)        (351)

Non-permissible investment income        (207)      (155)        (362)

Distributable income excluding non-
permissible income                       28 700     22 083       46 024

Condensed statement of financial position
as at 30 September 2015
                                        Reviewed    Reviewed    Audited
                                        30          30          31
                                        September   September   March
                                        2015        2014        2015
                                        R’000       R’000       R’000
Assets

Non-current assets                       880 840    769 635     842 520

Investment properties                    459 072    431 020     453 843

Property, plant and equipment            411        475         467

Straight-line lease accrual              9 442      7 889       8 212

Available-for-sale financial assets      411 915    330 251     379 998

Current assets                           108 564    70 043      88 429

Trade receivables                        2 777      5 403       2 211

Trade receivables from related parties   110        1 239       110

Other receivables                        5 020      5 923       6 422

Straight-line lease accrual              1 972      2 179       2 580
Financial assets at fair value through
profit or loss                           90 195     41 394      53 414
Other short-term financial assets        5 420      9 464       5 194
Cash and cash equivalents                3 070          4 441          18 498

Total assets                             989 404        839 678        930 949

Unitholders’ funds and liabilities

Unitholders’ funds                       946 579        805 997        894 737

Capital of the Fund                      565 579        521 819        542 565

Retained income                          7 227          4 445          5 375

Other reserves                           373 773        279 733        346 797




Current liabilities                      42 825         33 681         36 212

Trade payables                           9 236          8 055          7 597

Accruals                                 206            208            234

Other payables                           1 296          1 672          1 601

Trade payables to related parties        771            515            701

Unitholders for distribution             30 047         22 995         25 173
Non-permissible income available for
dispensation                             1 269          236            906

Total unitholders’ funds and
liabilities                              989 404        839 678        930 949
Supplemental information
NAV (in cents per unit)                  1 978          1 774          1 919

Condensed statement of changes in unitholders’ funds
for the 6 months ended 30 September 2015

                      Capital   Non-
                      of the    distributable Retained
                      Fund      reserve       income           Total
                      R’000     R’000         R’000            R’000
Balance at 1 April
2014                  504 663   250 068       2 438            757 169
Net profit for the
period ended 30
September 2014        -         -             24 293           24 293
Other
Comprehensive
Income
Fair value gain on
available-for-sale
financial assets      -         30 684        -                30 684
Realised gain on
disposal of
available-for-sale
financial assets      -         (1 019)       -                (1 019)
Total
Comprehensive
income for the
period ended 30
September 2014        -         29 665        24 293           53 958



Reinvestment of
distribution          17 403    -             -                17 403
Transaction costs
for issue of new
units                 (69)      -             -                (69)
Distribution
received in
advance               (178)     -             178              -

Distribution to
unitholders           -         -             (22 261)        (22 261)
Dispensation of
non-permissible
income                -         -             (203)           (203)
Balance at 30
September 2014       521 819   279 733        4 445           805 997
Net profit for the
period ended 31
March 2015           -         -              45 301          45 301
Other
Comprehensive
Income
Fair value gain on
available-for-sale
financial assets     -         46 431         -               46 431
Total
Comprehensive
Income for the
period ended 31
March 2015           -         46 431         45 301          91 732
Reinvestment of
distribution         21 348    -              -               21 348
Transaction costs
for issue of new
units                (104)     -              -               (104)
Transfer from non-
distributable
reserve              -         20 633        (20 633)         -
Distribution
received in
advance              (498)     -              498           -
Distribution to
unitholders          -         -              (24 439)      (24 439)
Dispensation of
non-permissible
income               -         -              203           203
Balance at 31        542 565   346 797        5 375         894 737
March 2015
Net profit for the
period ended 30
September 2015       -         -              30 552        30 552
Other
Comprehensive
Income
Fair value gain on
available-for-sale
financial assets     -         27 532         -             27 532
Realised gain on
disposal of
available-for-sale
financial assets     -         (556)          -             (556)
Total
Comprehensive
Income for the
period ended 30
September 2015       -         26 976         30 552        57 528

Reinvestment of
distribution         23 389    -              -             23 389
Transaction costs
for issue of new
units                (91)      -              -             (91)
Distribution
received in
advance              (284)     -              284           -
Distribution to
unit holders         -         -              (28 984)      (28 984)
Balance at 30
September 2015       565 579   373 773        7 227         946 579

Condensed statement of cash flows
for the 6 months ended 30 September 2015
                               Reviewed           Reviewed         Audited
                               6 months to        6 months to      12 months to
                               30 September       30 September     31 March
                               2015               2014             2015
                               R’000              R’000            R’000
Cash flows from operating
activities

Net profit for the period      30 552             24 293           69 594
Non-permissible investment
income received                (207)              (155)            (362)

Depreciation                   55                 50               109
Provision for receivables
impairment                     (754)              3                2 565

Straight-line lease accrual    (621)             (1 720)           (2 444)
Lease incentives                447              167               605
Realised gain on disposal of
available-for-sale financial
assets                         (556)             (1 019)           (1 019)
Fair value adjustment on
financial assets at fair
value through profit or loss   (1 296)           (630)             (1 919)
Fair value adjustment to
investment property            621               1 720             (18 189)
Net operating cash flow
before changes in working      28 241            22 709            48 940
capital



Decrease / (Increase)in
current assets

Trade receivables              188              (24)               600
Trade receivables from                          (937)              192
related parties                -

Other receivables              1 401            (129)              (628)

Increase/(decrease) in
current liabilities

Trade payables                 147              655                197

Accruals                       (28)             (576)              (550)

Other payables                 (306)            146                75
Trade payables to related
parties                        70               (79)               107

Cash generated from            29 713           21 765             48 933
operations

Non-permissible investment
income received                207              155                362

Unitholders for distribution   (722)            (1 272)            (2 185)
Non-permissible income
dispensed                       363             (334)              559
Net cash inflow from
operating activities            29 561          20 314             47 669

Cash flows from investing
activities

Acquisition of available-for-
sale financial assets           (6 362)         (24 183)          (27 499)
Acquisition of financial
assets at fair value through
profit or loss                  (35 710)        (19 181)         (30 248)
Additions to investment
properties                      (4 805)         (5 704)          (9 058)
Proceeds from disposal of  
financial assets at fair
value through profit or loss    -               19 130           30 282
Proceeds from disposal of
available-for-sale financial
assets                          1 979           10 643           10 643
Acquisition of other short
term financial assets           -               (9 464)          (16 008)
Acquisition of property,
plant and equipment             -               (180)            (245)

Net cash outflow from
investing activities            (44 898)        (28 939)         (42 133)

Cash flows from financing
activities

Transaction costs on issue of
new units                       (91)            (69)             (173)

Net cash outflow from
financing activities            (91)            (69)             (173)

Net (decrease)/increase in
cash and cash equivalents       (15 428)        (8 694)          5 363



Cash and cash equivalents

At beginning of period          18 498          13 135           13 135


At end of period                3 070           4 441            18 498

Segment information for the 6 months ended 30 September 2015
                                      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 income      10 088   4 958    10 776    -        -         25 822
Recoveries         6 117    1 687    1 868     -        -         9 672

Income from
investments
excluding non-
permissible
income
Dividend income
offshore           -        -        -         4 803    -         4 803
Permissible
investment
income- domestic   -        -        -         4 253    -         4 253

                   16 205   6 645    12 644    9 056    -         44 550


Segment expense
Property
expenses           9 091    1 994    1 956     -        -         13 041
Service charges    -        -        -         -        2 121     2 121
Other operating    -        -        -         -        494       494
expenses
                   9 091    1 994    1 956     -        2 615     15 656



Segment result
Operating
profit/(loss)      7 114    4 651    10 688    9 056    (2 615)   28 894

Net finance
income
Interest
received           -        -        -         -        207       207
Non-permissible
income dispensed   (194)    -        -         -        (207)     (401)
Net
profit/(loss)
  before
  straight-line
  lease income
  and fair value
  change to
  investment
  properties       6 920    4 651    10 688    9 056    (2 615)   28 700
Realised gain on
disposal of
available-for-
sale financial     -        -        -         556      -         556
assets
Straight-lining
of lease income    739      -        (118)              -         621
Fair value
adjustment to
financial assets
at fair value
through profit
or loss            -        -        -         1 296    -         1 296
Fair value
adjustment to
investment
properties         (739)    -        118       -        -         (621)
Net
profit/(loss)
after straight-
line lease
income and fair
value adjustment
to investment
properties         6 920     4 651    10 688    10 908    (2 615)   30 552
Segment assets
Investment
properties         186 503   97 128   175 441   -         -         459 072
Property, plant
and equipment      373       38       -         -         -         411
Straight-line
lease accrual
non-current        4 422     -        5 020     -         -         9 442
Straight line
lease accrual
current            423       -        1 549     -         -         1 972
Available-for-
sale financial
assets             -         -        -         411 915   -         411 915
Other short term
financial assets   2 677     -        2 743     -         -         5 420
Trade
receivables        1 382     675      720       -         -         2 777
Trade              -         -        -         -         110       110
receivables from
related parties
Other
receivables        325       -        1 764     2 243     688       5 020
Financial assets
at fair value
through profit
or loss            -         -        -         90 195    -         90 195
Cash and cash
equivalents        -         -        -         3 070     -         3 070
                   196 105   97 841   187 237   507 423   798       989 404

Segment
liabilities
Trade payables     4 603     794      3 839     -         -         9 236
Accruals           16        3        9         -         178       206
Other payables     711       -        218       -         367       1 296
Trade payables
to related
parties            154      1        59        -        557        771
Unitholders for    -        -        -         -        30 047     30 047
distribution
Non-permissible    -        -        -         -        1 269      1 269
income available
for dispensation
                   5 484    798      4 125     -        32 418     42 825

Net current
segment assets/
(liabilities)      (677)    (123)    2 651     95 508   (31 620)   65 739

Capital
expenditure        5 765    -        532       -        -          6 297



Segment information for the 6 months ended 30 September 2014
                                      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 income      9 129    4 507    9 471     -        -          23 107
Recoveries         5 089    1 474    1 934     -        -          8 497

Income from
investments
excluding non-
permissible
income
Dividend income
offshore           -        -        -         4 273    -          4 273
Permissible
investment
income- domestic   -        -        -         1 327    -          1 327
Fair value
adjustment to
financial assets
at fair value
through profit
or loss            -        -        -         630      -          630

                   14 218   5 981    11 405    6 230    -          37 834

Segment expense
Property
expenses           8 129    1 650    2 680     -        -          12 459
Service charges    -        -        -         -        1 711      1 711
Other operating
expenses           -        -        -         -        545        545

                   8 129    1 650    2 680     -        2 256      14 715
Realised gain on
disposal of
available-for-
sale financial
assets             -         -        -         1 019     -         1 019
Segment result
Operating
profit/(loss)      6 089     4 331    8 725     7 249     (2 256)   24 138

Net finance
income
Interest
received           -         -        -         -         155       155

Net
profit/(loss)
before straight-
line lease
income and fair
value adjustment
to investment
properties         6 089     4 331    8 725     7 249     (2 101)   24 293

Straight-lining
of lease income    638       -        1 082     -         -         1 720

Fair value
adjustment to
investment
properties         (638)     -        (1 082)   -         -         (1 720)

Net
profit/(loss)
after straight-
line lease
income and fair
value adjustment
to investment
properties         6 089     4 331    8 725     7 249     (2 101)   24 293

Segment assets
Investment
properties         174 940   95 699   160 381   -         -         431 020
Property, plant
and equipment      423       52       -         -         -         475
Straight-line
lease accrual
non-current        3 076     -        4 813     -         -         7 889
Straight line
lease accrual
current            516       -        1 663     -         -         2 179
Available-for-
sale financial
assets             -         -        -         330 251   -         330 251
Other short term   -         -        -         9 464     -         9 464
financial assets
Trade
receivables        1 644     404      3 355     -         -          5 403
Trade
receivables from
related parties    -         -        -         -         1 239      1 239
Other
receivables        290       114      2 429     1 012     2 078      5 923
Financial assets
at fair value
through profit
or loss            -         -        -         41 394    -          41 394
Cash and cash
equivalents        -         -        -         4 441     -          4 441

                   180 889   96 269   172 641   386 562   3 317      839 678

Segment
liabilities

Trade payables     3 365     662      4 038     -         (10)       8 055

Accruals           7         2        12        -         187        208

Other payables     511       14       813       -         334        1 672
Trade payables
to related
parties            141       -        47        -         327        515
Unitholders for
distribution       -         -         -         -        22 995     22 995
Non-permissible
income available
for dispensation   -         -         -         -        236        236

                   4 024     678      4 910     -         24 069     33 681

Net segment
assets/
(liabilities)      176 865   95 591   167 731   386 562   (20 752)   805 997

Capital
expenditure        2 480     -        3 224     -         -          5 704



Segment information for the 6 months ended 31 March 2015
                                      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 income      9 602     4 983    10 514    -         -          25 099
Recoveries         5 201     1 972    1 792     -         -          8 965

Income from
investments
excluding non-
permissible
income
Dividend income
offshore           -        -         -         5 565     -          5 565
Permissible
investment
income- domestic   -        -         -         2 393     -          2 393



                   14 803   6 955     12 306    7 958     -          42 022

Segment expense
Property
expenses           8 139    2 719     4 848     -         -          15 706
Service charges    -        -         -         -         1 932      1 932
Other operating    -        -         -         -         498        498
expenses


                   8 139    2 719     4 848     -         2 430      18 136

 Segment result
 Operating
profit/(loss)      6 664    4 236     7 458     7 958     (2 430)    23 886


Net finance
income
Interest
received           -        -         -         -         207        207
Non-permissible
income dispensed   (351)    -         -         -         (362)      (713)

Net
profit/(loss)
before straight-
line lease
income and fair
value adjustment
to investment
properties         6 313    4 236     7 458     7 958     (2 585)    23 380

Straight-lining
of lease income    513      -         211       -         -          724
Fair value
adjustment to
financial assets
at fair value
through profit
or loss            -        -         -         1 288     -          1 288
Fair value  
adjustment to
investment
properties         4 076    1 402     14 431    -         -          19 909
Net
profit/(loss)
after straight-
line lease
income and fair
value adjustment
to investment
properties         10 902    5 638    22 100    9 246     (2 585)   45 301

Segment assets
Investment
properties         181 257   97 378   175 208   -         -         453 843
Property, plant
and equipment      419       48       -         -         -         467
Straight-line
lease accrual
non-current        3 615     -        4 597     -         -         8 212
Straight line
lease accrual
current            491       -        2 089     -         -         2 580
Available-for-
sale financial
assets             -         -        -         379 998   -         379 998
Other short term
financial assets   2 556     -        2 638     -         -         5 194
Trade
receivables        1 445     326      440       -         -         2 211
Trade              -         -        -         -         110       110
receivables from
related parties
Other
receivables        335       -        1 971     3 526     590       6 422
Financial assets
at fair value
through profit
or loss            -         -        -         53 414    -         53 414
Cash and cash
equivalents        -         -        -         18 498    -         18 498


                   190 118   97 752   186 943   455 436   700       930 949
Segment
liabilities
Trade payables     3 420     790      3 387     -         -         7 597
Accruals           73        5        30        -         126       234
Other payables     727       -        234       -         640       1 601
Trade payables
to related
parties            125       -        52        -         524       701
Unitholders for    -         -        -         -         25 173    25 173
distribution
Non-permissible    -         -        -         -         906       906
income available
for dispensation

                   4 345     795      3 703     -         27 369    36 212
Net current
segment assets/
(liabilities)      482      (469)     3 433     75 438   (26 667)   52 217

Capital
expenditure        2 686    384       284       -        -          3 354


Basis of preparation and accounting policies

The condensed interim financial statements of Oasis Crescent Property
Fund (“the Fund” or “OCPF”) have been prepared in accordance with
International Financial Reporting Standards (IFRS), JSE Listings
Requirements, the requirements of the Collective Investment Schemes
Control Act of 2002, the SAICA Financial Reporting Guides, as issued
by the Accounting Practices Committee, and the Financial Reporting
Pronouncements, as issued by the Financial Reporting Standards
Council. The financial statements are prepared on the historical cost
basis as modified by the revaluation of investment properties,
financial assets at fair value through profit or loss and available-
for-sale financial assets. The accounting policies and methods of
computation applied in this interim report are consistent with the
policies as set out in the most recent annual financial statements,
which should be read in conjunction with this report, except as set
out below. The condensed interim financial statements have been
prepared under the revised disclosure requirements of IAS 34. 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. The operational results of the Fund are not affected by
seasonal or cyclical fluctuations.

These condensed reviewed results were compiled by Michael Swingler
CA(SA).


Fair value estimation of investments

Financial instruments and other assets carried at fair value are
valued in terms of IFRS 13.

The fair value of financial instruments traded in active markets
(such as available-for-sale securities) is based on quoted market
prices at the end of the reporting period.

Specific valuation techniques used to determine fair value include:
 • Level 1: Quoted prices (unadjusted) in active markets for identical
    assets or liabilities;
 • Level 2: Inputs other than quoted prices included in Level 1 that
    are observable for the asset or liability, either directly (as
    prices) or indirectly (derived prices); and
 • Level 3: Inputs for the asset or liability that are not based on
    observable market data (unobservable inputs).

The Fund transfers assets between levels in the fair value hierarchy
on the date that there is a change in the circumstances that give
rise to the transfer.
The information below analyses financial assets and financial
liabilities, which are carried at fair value, by level of hierarchy
as required by IFRS 7 and IFRS 13.

The following table presents the Fund’s assets that are measured at
fair value at 30 September 2015:

Assets                         Level 1     Level 2     Level 3     Total
                               R ’000      R ’000      R ’000      R ’000
Available-for-sale financial
assets
Investment in Oasis Crescent
Global Property Equity Fund    -            377 816     -         377 816

Investment in listed          34 099    -         -               34 099
property funds
Investment in Oasis Crescent
International Property Equity
Feeder Fund                   -         -         -                -
Financial assets at fair value through profit or loss
Investment in Oasis Crescent
Income Fund                   -         90 195    -                90 195
Other short-term financial
assets excluding money market
funds                         -         5 420     -                5 420

Investment property            -            -           459 072    459 072

The following table presents the Fund’s assets that are measured at fair
value at 30 September 2014:
Assets                        Level 1   Level 2   Level 3   Total
                              R ’000    R ’000    R ’000    R ’000
Available-for-sale financial
assets
Investment in Oasis Crescent
Global Property Equity Fund   -         298 655   -         298 655
Investment in listed
property funds                29 851    -         -         29 851
Investment in Oasis Crescent
International Property Equity
Feeder Fund                   -         1 745     -         1 745
Financial assets at fair value through profit or loss
Investment in Oasis Crescent
Income Fund                   -         41 394    -         41 394
Other short-term financial
assets excluding money market
funds                         -         4 964     -         4 964

Investment property           -         -         431 020   431 020

The following table presents the Fund’s financial assets that are measured
at fair value at 31 March 2015:

Assets                              Level 1     Level 2   Level 3   Total
                                    R'000       R'000     R'000     R'000
Available-for-sale financial
assets
Investment in Oasis Crescent
Global Property Equity Fund         -           342 789   -         342 789
Investment in listed property
funds                               35 210      -         -         35 210
Investment in Oasis Crescent
International Property Equity
Feeder Fund                         -           1 999     -         1 999
Financial assets at fair value
through profit or loss
Investment in Oasis Crescent
Income Fund                         -           53 414    -         53 414
Other short-term financial
assets                              -           5 194     -         5 194

Investment property                 -           -         453 843   453 843

The fair value of financial liabilities approximates their fair value due
to the short term nature of the instruments.

The fair value of financial instruments traded in active markets is based
on quoted market prices at the statements of financial position date. A
market is regarded as active if quoted prices are readily and regularly
available from an exchange, dealer, broker, industry group, pricing
service, or regulatory agency, and those prices represent actual and
regularly occurring market transactions on an arm's length basis. These
instruments are included in level 1.

The instruments included in level 2 comprise of Irish stock exchange
property   equity  investments   classified   as  available-for-sale   and
investments in shari'ah compliant instruments classified as financial
assets at fair value through profit or loss. The fair value of financial
instruments that are not traded in an active market is determined by using
valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as
possible on entity specific estimates. If all significant inputs required
to fair value an instrument are observable, the instrument is included in
level 2. If one or more of the significant inputs is not based on
observable market data, the instrument is included in level 3.

Specific valuation techniques used to value financial instruments
include:

Available-for-sale financial assets
Oasis Crescent Global Property Equity Fund:
The fair value of investments in the Oasis Crescent Global Property Equity
Fund is determined using the closing Net Asset Value (NAV) price published
by Oasis Global Management Company (Ireland), the management company of
the fund, and listed on the Irish Stock Exchange. The shares are not
actively traded on the Irish Stock Exchange and are therefore not included
in Level 1.

Investment in listed property funds
The fair value of these investments is determined using the closing price
as at statement of financial position date. These shares are listed and
traded on the JSE Stock Exchange and are therefore classified as Level 1.
Financial assets at fair value through profit or loss
Oasis Crescent Income Fund
The fair value of investments in Oasis Crescent Income Fund is determined
using the closing net asset value (“NAV”) price published by Oasis
Crescent Management Company Limited, the management company of the fund.
These investments are not actively traded on an exchange and are therefore
not classified as Level 1.



Investment property
                                    Reviewed    Reviewed    Audited
                                    6 months    6 months    31
                                    to 30       to 30       March
                                    September   September   2015
                                    2015        2014
                                    R’000       R’000       R’000
Balance as at beginning of the
period                              453 843     427 201     427 201
Fair value adjustment on
investment properties excluding
straight-lining of lease income     (621)       (1 720)     18 189
Movement in lease incentives        (447)       (165)       (605)
Additions to investment
properties                          6 297       5 704       9 058

Balance at the end of the period    459 072     431 020     453 843

The valuation of investment properties includes discounted cash flow and
net income capitalisation, using contracted rental income and other cash
flows. Capitalisation rates used in the valuations are the most recent
rates published by the South African Property Owners Association (SAPOA).
The principal assumptions underlying estimation of fair value are those
related to the receipt of contractual rentals, expected future market
rentals, void periods ranging from 0% to 5%, maintenance requirements and
appropriate discount rates. These valuations are regularly compared to
actual market yield data, actual transactions by the Fund and those
reported by the market. Valuations were carried out as at 31 March 2015 by
Mills Fitchet Magnus Penny, an independent, professional valuer registered
without restriction in terms of the Property Valuers Act No. 47 of 2000.

The valuation of investment properties requires judgement in the
determination of future cash flows and an appropriate capitalisation rate
which varies between 6.75% and 13% (2014: 8.3% and 13%). Changes in the
capitalisation rate attributable to changes in market conditions can have
a significant impact on property valuations. The valuation of investment
properties may also be influenced by changes in vacancy rates.

There have been no significant transfers between level 1, 2 or 3 during
the period under review, nor were there any significant changes to the
valuation techniques and inputs used to determine fair values.

Related party transactions and balances

Identity of the related parties with whom material transactions have
occurred
Oasis Crescent Property Fund Managers Ltd. (“the Manager”) is the
management company of the Fund in terms of the Collective Investment
Schemes Control Act.

Oasis Group Holdings (Pty) Ltd. is a tenant at The Ridge@Shallcross and
the parent of the Manager.

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 that fund.

As disclosed in the prospectus of Oasis Crescent Income Fund and
Oasis Crescent International Property Equity Feeder Fund, a
management fee is charged for investing in the Oasis Crescent Income
Fund by Oasis Crescent Management Company Ltd., the manager of those
funds.

Abli Property Developers (Pty) Ltd. renders property development
consulting services to the Fund on capital development projects.

There are common directors to the Manager, Oasis Group Holdings (Pty)
Ltd., Oasis Global Management Company (Ireland) Limited, Oasis
Crescent Management Company Ltd. and Abli Property Developers (Pty)
Ltd. Transactions with related parties are executed on terms no less
favorable 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 the Manager.

The Fund pays a consulting fee to Abli Property Developers (Pty) Ltd. for
consulting services rendered in respect of capital development projects.

Related party transactions
                                     6 months to    6 months to    12 months
                                     30 September   30 September   to 31 March
                                     2015           2014           2015
Related party transactions           R’000          R’000          R’000

Service charge paid to Oasis
Crescent Property Fund Managers
Ltd.                                 2 121          1 711          3 643
Property management fees paid to
Oasis Crescent Property Fund
Managers Ltd                         600            545            1 112

Consulting fees paid to Abli
Property Developers(Pty) Ltd. for
consulting services on capital
projects                             96             127            197
Rental and related income paid by
Oasis Group Holdings (Pty) Ltd. at
the Ridge@Shallcross                 201            216            413
Related party balances
                                        6 months to      6 months to    As at
                                        30 September     30 September   31 March
                                        2015             2014           2015
Related party balance                   R’000            R’000          R’000

Trade receivables from Oasis Group
Holding (Pty) Ltd.                      110              1 239          110
Trade (payables to)/receivables
from Oasis Crescent Property Fund
Managers Ltd.                           (680)            (455)          (658)

Trade Payables to Abli Property
Developers(Pty) Ltd.                    (49)             (21)           (4)

Trade payables to from Oasis Group
Holding (Pty) Ltd.                      (43)             (39)           (39)


Manager’s report


INTRODUCTION
The Oasis Crescent Property Fund is a well-diversified REIT invested in
South African direct and listed property investments and high quality global
listed REIT’s. The Fund has a strong balance sheet with no debt and
substantial reserves which provide flexibility to take advantage of
opportunities.
The objective of the Manager is to protect and grow the real wealth of
investors by providing sustainable growth in NAV and delivering a consistent
income stream that has potential to grow. Our focused approach has delivered
significant real wealth for investors with an annualised total unitholder
return of 13.8% relative to annualised inflation of 6.1% since inception,
outperforming inflation by an average of 7.7% per annum. Your Fund’s
annualised total intrinsic value return is 14.3% per annum since inception.


                                                          Figures in %
Cumulative returns Since       HY2016    FY2015   FY2014 FY2013   FY2012
                   Inception
Unitholder return  253.6       253.6     227.3    165.3    125.9   104.2
Intrinsic value    270.4       270.4     248.7    194.6    161.0   124.1
return
Inflation          78.8        78.8      71.7     65.2     56.0    47.3

                               HY2016    FY2015   FY2014 FY2013    FY2012
Annual Returns      Since
                    Inception
Unitholder return   13.8       8.0       23.4     17.4     10.7    7.8
Intrinsic value     14.3       6.2       18.4     12.9     16.4    11.2
return
Inflation           6.1        4.1       3.9      5.9      5.9     6.0

Market Price                   1 830     1 750    1 500    1 350   1 300
NAV                            1 978     1 919    1 706    1 587   1 439

                                                    Figures in %
Cumulative returns   FY2012       FY2013    FY2014      FY2015       HY2016     Since
                                                                                Inception
Unitholder return    104.2        125.9     165.3       227.3        253.6      253.6
Intrinsic value      124.1        161.0     194.6       248.7        270.4      270.4
return
Inflation            47.3         56.0      65.2        71.7         78.8       78.8


Annual Returns       FY2012       FY2013    FY2014      FY2015       HY2016     Since
                                                                                Inception
Unitholder return    7.8          10.7      17.4        23.4         8.0        13.8
Intrinsic value      11.2         16.4      12.9        18.4         6.2        14.3
return
Inflation            6.0          5.9       5.9         3.9          4.1        6.1

NAV                  1 439        1 587     1 706       1 750        1 830
Market Price         1 300        1 350     1 500       1 919        1 978



MARKET OVERVIEW

Globally, the US is leading the Developed Markets with positive net
absorption (Demand exceeds Supply) of space which is resulting in higher
occupancy and positive rental reversion. In the current environment, stock
selection is becoming increasingly important and REIT’s with stronger rental
growth, enhancing developments and superior balance sheets are well
positioned to outperform as bond yields normalise over the medium term.
In South Africa, proven retail locations are still experiencing reasonable
demand from the national food and fashion tenants while new shopping centre
developments over the period from 2015 to 2017 are expected to be below the
long term average levels. Demand in the office sector is dependent on
employment and business confidence which will take time to recover. Demand
for well-located logistic space remains reasonable with low vacancies while
the manufacturing environment is less favourable.


PORTFOLIO OVERVIEW
                              HY2016                     HY2015                  FY2015
                           R'mil      %               R'mil      %            R'mil      %
Direct Property             470      48                441      52             465      50
Cash, SA
Investments and
other                       141      14                100      12             121      13
Global Investments          378      38                299      36             345      37
Total Assets                989      100               840      100            931      100

The Fund has focused on building a portfolio with a combination of high
quality direct property investments and global listed REIT’s with properties
located in the major global cities, which adds geographic and currency
diversification. The direct property portfolio includes exposure to the
retail, industrial and office sectors and it has a high exposure to the
Western Cape. In order to attract world class tenants, there is continuous
investment in and maintenance of the direct properties. The global
investments consist of the Oasis Crescent Global Property Equity Fund which
is well positioned with a focus on REIT’s with the best quality assets and
balance sheets. The cash and other listed SA Investments provide flexibility
for The Fund to pursue growth opportunities.

REVIEW OF RESULTS AND OPERATIONS
Highlights
   - Distribution per unit increased to 60.6 cents per unit (HY2015:49.0
     cents)
   - Net asset value per unit increased by 11.5% to 1 978 cents per unit
     (HY2015: 1 774)
   - Intrinsic value return of 14.3% per annum since inception compared to
     inflation of 6.1% per annum

                                                       1H2016 1H2015 FY2015
Distribution per unit including non-
permissible income (cents)                             61.4      50.2    102.3
Distribution per unit excluding non-
permissible income (cents)                             60.6      49.0    100.7
Property portfolio valuation (R’mil)                   470        441     465
Investment in Offshore Listed
Properties(R’mil)                                       378       300    345
Investment in Local Listed Properties
and other current assets (R’m)                           42        43     44
Cash and cash equivalents (R’mil)                        99        55      77
Net asset value per unit (cents)                       1 978     1 774   1 919
Listed market price at year end
(cents)                                                1 830     1 600   1 750

Results Overview

                                                                            HY
                               HY2016         HY2015           FY2015    2016/2015
                               (R'000)       (R'000)          (R'000)        %

Direct property net income        22 453        19 145         37 153             17

Global Investment Income           4 803         4 273          9 838             12
Cash and Local Investment
Income                             4 460         1 482          3 720            201


Shared expense                   (3 016)       (2 817)        (4 686)             7

Distributable Income excl
NPI                               28 700        22 083         46 024             30

During this period, the Fund benefitted from the active asset management and
successful refurbishment which resulted in solid growth in rentals and
property expense recoveries. The investment income earned from the global
investments benefited from the weaker Rand while the investment income from
the SA listed investments was higher due to the timing of dividend income as
a result of the normal asset management process. Investment income from the
Oasis Crescent Income Fund increased significantly due to the increased
investment of cash flows and higher profit rates. The higher service charge
expense is due to the increase in the market capitalisation of the Fund. The
weighted average units in issue increased due to a high proportion of
unitholders electing to reinvest their dividends in additional units. The
Fund continues with implementation of its leasing strategy which includes
lease expiries for 2016 and further improvements in the quality of the
tenant mix.

Direct Property Portfolio Characteristics

Geographical Profile

                             Rentable       Revenue          Revenue         Revenue
                               Area          HY2016          HY2015          FY2015
                             Area
                             (m²)     %   (R'mil)     %    (R'mil)     %   (R'mil)     %

 Western Cape              74 718    82     21.4     60     19.4     61     40.3     61

 KwaZulu-Natal             16 043    18     14.5     40     12.4     39     26.0     39
 Total - Direct
 Property (excl
 straight-lining)          90 761   100     35.9     100    31.8     100    66.3     100

 Revenue includes property rental and recoveries
Segmental Profile

                             HY2016                 HY2015                   FY2015
                                 Average                Average                  Average
             Rentable Average     rental    Average      rental      Average      rental
               area   rental   escalation   rental    escalation     rental    escalation
Segment        (m²)   per m²   per m² (%)   per m²    per m² (%)     per m²    per m² (%)
Retail        18 764    116         8         119          8           117          8
Office        6 608     125         9         110          9           125          9
Industrial    65 389    28          8         29           8           26           8
TOTAL         90 761

Vacancy Profile


% of total
rentable area       HY2016      HY2015      FY2015
Retail              1.4         2.4         1.7
Office              0           0           0
Industrial          0           0           0
                    1.4         2.4         1.7
Lease expiry profile

                        HY2016            HY2015            FY2015
                  Rental    Revenue Rental    Revenue Rental    Revenue
                  Area %    %       Area %    %       Area %    %
- Within 1 year      40        46       4        11      29        43
- Within 2 year      21        16      40        45      34        23
- Within 3 year       5         8      20        14       3         3
- Within 4 year       1         3       3         2       1         3
- Within 5 year
or more years         33       27        33      28      33        28
                      100     100       100     100      100      100


Tenant Profile

                                             HY2016   HY2015    FY2015
                                               (%)      (%)       (%)
A - Large nationals, large listed, large
franchisees, multi-nationals and
government                                     71       71        72
B - Nationals, listed, franchisees and
medium to large professional firms             17        18         18
C - Other                                      12        11         10
TOTAL                                          100      100        100



Tenants are classified as large or major (“A” grade) or medium to large (“B”
grade) based on their financial soundness, profile and global or national
footprint.

Investment Portfolio Characteristics

The investment in high quality global listed REIT’s provide geographic and
sector diversification and with Global REIT cash flow and dividend yields
remaining attractive relative to bond yields, the Oasis Crescent Global
Property Equity Fund is well positioned. The average cash flow yield of the
fund is 6.2% and the dividend yield is 4.9% which continues to offer value
relative to the average bond yield and inflation of 2.0% and 0.6%
respectively.   The Fund invests its liquid reserves in the Oasis Crescent
Income Fund which provides competitive, Shariah compliant income and
flexibility to take advantage of opportunities.


OUTLOOK

The Fund will focus on renewing existing leases and further improving the
tenant quality while continuing to invest in its properties. The accumulated
cash and liquid reserves provide the flexibility to take advantage of
opportunities. Post year-end the Fund has acquired two properties in the
Western Cape being 24 Milner Road and 265 Victoria Road for R18.5 million
and R24 million respectively. These properties have location advantages,
they are either materially upgraded or have development potential. The
global investments will continue to provide diversification benefits to
investors and will remain a unique characteristic of the Fund. Management
are confident in the strategy of the Fund.


ADDITIONAL INFORMATION

Property management
Property management is outsourced to the Manager and external service
providers. The amount paid to the Manager was R0.600 million (HY2015: R0.544
million)


Service charge
The service charge is equal to 0.5% per annum of the Fund’s market
capitalization and borrowing facilities based on the average daily closing
prices of the units. The amount paid to the Manager was R2.121 million
(HY2015: R1.711 million)
Units in issue
As at 30 September 2015 the number of units in issue was 47 849 435 (HY2015:
45 427 278)

   Unitholders' holding more than 5% of issued units as at 30
                         September 2015:
                                         NUMBER OF      HOLDING
NAME                                       UNITS          (%)
Oasis Crescent Balanced Progressive
Fund of Funds                            8 764 362       18.3
Oasis Crescent Balanced Stable Fund
of Funds                                 4 384 546        9.2
Oasis Crescent Property Company
(Pty) Ltd.                               4 151 721        8.7
Oasis Crescent Retirement Annuity
High Equity Fund                         3 332 598        7.0
Oasis Crescent Pension Annuity
Stable Fund                              3 027 520        6.3

BNP Paribas Securities London            2 811 511        5.9
Oasis Crescent Balanced High Equity
Fund of Funds                            2 693 905        5.6

Oasis Crescent Income Fund               2 385 155        5.0
TOTAL                                                    66.0


Shareholding in the Manager
OCPFM is 100% owned by Oasis Group Holdings (Pty) Ltd.


Changes to the Board
There were no changes to the board of directors during the 6 month period
ended 30 September 2015.

Distribution declaration and important dates

Notice is hereby given that a distribution after non-permissible
income in respect of the six months ended 30 September 2015 of 
6 057.265 cents for every 100 units held, has been declared payable
to unit holders recorded in the register of the Fund at close of
business on Friday, 20 November 2015. Unitholders may elect to
receive the distribution in cash or to reinvest the distribution
by the purchase of new units at a rate of 3.06193 units at 1 978.25 
cents per units (in aggregate) for every 100 units so held.

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

                                                             2015
 Declaration announcement on SENS of        Wednesday, 14 October
 distribution and right of election
 to purchase new units or receive a
 cash payment

 Circular and form of election                 Friday, 30 October
 posted to unitholders

 Finalisation announcement on SENS             Friday, 30 October
 in respect of distribution and
 right of election to purchase new
 units or receive a cash payment

 Last day to trade in order to be             Friday, 13 November
 eligible for the distribution

 Trading commences ex-entitlement to          Monday, 16 November
 the distribution

 Listing of maximum possible number        Wednesday, 18 November
 of units that may be purchased, at
 commencement of trade on

 Closing date for the election of             Friday, 20 November
 cash distribution at 12:00 pm

 Record date for the distribution             Friday, 20 November

 Cash distribution cheques posted             Monday, 23 November
 and CSDP/broker accounts updated
 with cash

 Unit certificates posted and              Wednesday, 25 November
 CSDP/broker accounts updated with
 units

 Announcement of the results of the        Wednesday, 25 November
 distribution on SENS

 Adjustment of number of new units            Friday, 27 November
 listed on or about

Note:

     1.   Unitholders reinvesting their distribution in new units are
          alerted to the fact that the new units will be listed 3
          business days after the last day to trade and that these new
          units can only be traded 3 business days after the last day to
          trade, due to the fact that settlement of the units will be 3
          business days after the record date, which differs from the
          conventional one business day after the record date settlement
          process.
     2.   Units may not be dematerialised or rematerialised between
          Monday, 16 November 2015 and Friday, 20 November 2015, both
          days inclusive
     3.   The above dates and times are subject to change. Any changes
          will be announced on the Stock Exchange News Service (“SENS”).
     4.   All times quoted are South African times.
     5.   Dematerialised unitholders should provide their CSDP or broker
          with their election instructions by the cut-off time stipulated
          in terms of their custody agreement with such CSDP or broker.
     6.   If no election is made, the distribution accrued to the
          unitholder will be reinvested and used to purchase additional
          units, as set out above.


Tax implications of the distribution

In respect of the distribution, the Manager hereby informs unitholders,
who will receive the distribution, that for taxation purposes, OCPF is
a REIT as defined in the Income Tax Act as from 1 April 2013 and,
accordingly, the tax implications of the distribution have changed as
from that date. The distribution will not be exempt from income tax in
terms of section 10(1)(k) of the Income Tax Act.

For South African tax residents, the distribution will be exempt from
dividends tax in terms of section 64F(l) of the Income Tax Act,
provided that you, as unitholder, provide the transfer secretary or
your nominee, custodian or CSDP with confirmation of your tax residence
status in the prescribed form. If you do not provide the required
residence status, they will have no choice but to withhold dividends
tax at a rate of 15%.

For non-resident unitholders, for South African tax purposes, the
distribution received by a non-resident from a REIT will be subject to
dividend withholding tax at 15%, unless the rate is reduced in terms of
any applicable agreement for the avoidance of double taxation (“DTA”)
between South Africa and the country of tax residence of the
unitholder. Non-resident unitholders that believe that a reduced rate
of tax applies in respect of their applicable DTA should contact the
transfer secretary or their nominee, custodian or CSDP for the
prescribed form to record the reduced rate of tax.

Where dividends tax is withheld at 15%:

  - the reinvestment ratio for non-resident unitholders will be
    2.60264 units at 1 978.25 cents per unit, for every 100 (one
    hundred) units held;
  - should such unitholders elect to receive the distribution in cash,
    they will receive 5 148.675 cents per 100 units held on the record
    date.

The Income Tax Act sections applicable to the distributions made are as
follows:

- Property income distribution from a REIT – section 10(1)(k) and
section 64F(l)

Both resident and non-resident unitholders are encouraged to consult
their professional tax advisors with regard to their individual tax
liability in this regard.

Units in issue at date of declaration of the distribution: 47 849 435.

Income tax reference number: 3354212148

A circular will be posted to unitholders on or about 30 October 2015 in
respect of the distribution.

By order of the Board
Oasis Crescent Property Fund Managers Limited

Cape Town
14 October 2015

Designated Advisor
PSG Capital Proprietary Limited

Date: 14/10/2015 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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