Atlas Properties interim distribution rises

Posted On Wednesday, 19 May 2004 02:00 Published by eProp Commercial Property News
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Property loan stock company Atlas Properties (ATS) has reported a total distribution to unit holders of 41.8 cents per unit for the six months to end-March 2004, up from 39.4 cents a unit for the comparable period a year earlier.

Atlas PropertiesReporting its interim results, Atlas said revenue was lower at 86.1 million rand versus 98.8 million rand previously, while trading income, at 44.4 million rand, was slightly higher than the 43.7 million rand recorded in the year-earlier period. Headline earnings per linked unit came in at 43.643 cents, versus 41.18 cents previously.

Commenting on the results, Chairman Peter Irvine said Atlas Properties was committed to delivering sustained earnings growth for its unit holders in what appears to be an improving property market. The retail sector remained buoyant and, although office rentals were not yet showing an improvement, there were signs that the office oversupply situation was beginning to ease.

What differentiated Atlas Properties from most other listed property vehicles, added Irvine, was that its property is managed by its wholly-owned subsidiary, Atlas Management Services, and it has income sources from other property related activities such as asset management, project management and development. The company has a strong owner-manager culture as a significant portion of the business is owned by the management and staff.

The total value of its property portfolio now stands at in excess of 850 million rand. It has investments in commercial, industrial and retail properties, with a strong bias towards well-located Cape-based retail assets. Its properties are spread around the country with around 63% located in Cape Town, 24% in the Johannesburg/Gauteng region and 13% in Kwa Zulu/Natal.

During the period under review, Atlas Properties acquired the Tyger Manor development in Tyger Valley for 9 million rand. The building is around 2,000 square metres in extent, comprises offices and a banking hall, and is tenanted by Standard Bank.

According to Irvine Atlas Properties is busy spending 30 million rand on its Howard Shopping Centre in Pinelands. It is adding two additional parking decks and extending the shopping area to accommodate a new Woolworths outlet. The revamp, he says, should have long-term positive benefits for Atlas unit holders.

The group also owns the 160 million rand Gardens Centre in Gardens Cape Town and 50% of the Bayside shopping centre in Table View.

Having established a solid asset base of high performing properties, Irvine said the group's future acquisition strategy would be driven by opportunities that might present themselves.

Last modified on Monday, 12 May 2014 18:35

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