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aReit PROP LIMITED - SF: Unaudited Interim Results Announcement for the Six Months Ended 30 June 2023

Release Date: 31/10/2023 17:40
Code(s): APO     PDF:  
Wrap Text
SF: Unaudited Interim Results Announcement for the Six Months Ended 30 June 2023

Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
("aReit Prop" or "the Company" or "the Group")
ISIN Code: ZAE000306585 | JSE Code: APO


aReit Prop holds a portfolio of three properties, of which the Group holds the leasehold rights, two in the
hospitality sector and one in the medical sector, with a total GLA of 22 261m2. The properties are situated
in prime locations in Cape Town, and have strong long-term tenants. The properties of which the Group
has the usufruct, is owned by the landlords, who are also the majority shareholders of the Group, namely
New Line Investments 101 Proprietary Limited ("Newline"), Leisure Investment Trust ("Leisure Investment)
and Tulip Trust. These leasehold rights were acquired with effect from 31 December 2021 in terms of an
agreement dated 22 November 2021 from the owners of the properties at a total value of R913 918 000,
which consideration was settled through the issue of 99 999 900 new shares in Company to the vendors.

The information below has been extracted from the unaudited interim results for the six months ended
30 June 2023 announcement itself and has not been reviewed.

                                                                30 June            30 June    Percentage
                                                                   2023               2022        Change
                                                             Unaudited          Unaudited              %
Revenue                                                      32 601 753        32 726 542          -0.4%
Operating profit                                             19 888 401        31 976 388         -37.8%
Distributable profit                                         19 888 401        20 347 635          -2.3%
Headline earnings per share                                         32.6            31.98           1.9%
Basic earnings per share                                          19.88             31.98         -37.8%
Dividend paid per share (cents)                                        -             9.64          -100%
Net Asset Value Per Share (cents)                                  933.8            935.2          -0.1%

The large decline in operating profit was in line with the accounting treatment at year end to raise a fair
value impairment equal to the income from lease straight lining adjustment at each period end.

Short-Form Announcement
The short-form announcement is the responsibility of the directors and is only a summary of information in
the full announcement which is available on the Company's website at This
announcement does not contain full or complete details and any investment decisions by investors
and/or shareholders should be based on consideration of the full announcement published SENS
available on:

The unaudited interim results, from which the financial information in this announcement was extracted,
was prepared by the Financial Director, Mr Abdul Ismail.

Copies of the full announcement may also be requested at the Company's registered office and at the
offices of the sponsor, at no charge, during office hours. Any investment decision should be based on the
full announcement, which stakeholders are encouraged to view, and released on SENS on 31 October
2023 and published on the Company's website at as a whole, copies of which may
be requested at the Company's registered office, and the offices of the sponsors, AcaciaCap Advisors,
at no charge.

No interim dividend has been declared. Shareholders are reminded that a final dividend (Number 4) of
9.60 cents per share was paid in June 2023.

aReit Prop's business strategy is to invest in yield-enhancing assets and areas that offer consistent, long-
term rental growth. The asset and property management function are carried out internally by aReit
Prop's experienced management team with a view to extracting maximum value from each property.
There is no intention to gear the existing leasehold properties.

With a secure rental income, strong balance sheet and no gearing, aReit Prop has a solid base that will
provide the ability to invest in various real estate sectors both locally and internationally through further
property acquisitions, utilising both debt and equity associated with such acquisitions.

Cape Town
31 October 2023

AcaciaCap Advisors Proprietary Limited

Date: 31-10-2023 05:40:00
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