WHILE some of the better performing listed property loan-stock companies believe that there is room for a positive rerating, commentators say that this has already taken place and if there is another it will be small.

LISTED property loan stock company Primegro announced yesterday that its basic headline earnings a linked unit were down 4,7% for the six months to April 30 this year, attributing it to the fact that interest rates had not yet been cut by the Reserve Bank.

SHOPS for Africa, a listed property loan stock company on the JSE Securities Exchange SA, said at the weekend it had acquired a major share in Sammy Marks' Square, a shopping centre located alongside the State Theatre in the Pretoria central business district.

A year ago Mike Flax, Chief Executive Officer of Spearhead Property Holdings, the JSE listed property loan stock company, said that he expected to be able to triple the company's R350 million property portfolio within five years

Brian Azizollahoff, the current managing director of listed property loan stock company ApexHi Properties, has been appointed chief executive of listed hybrid property loan stock company Redefine Income Fund.

Property loan stock (PLS) company Pangbourne will soon move some prime properties into iFour, the PLS of which it bought 33% earlier this month. This could push iFour's holdings above R1bn.

LISTED property loan stock company, Paramount Property Fund (Paraprop), has declared a quarterly distribution of 12 cents for the quarter ended January 2003, which is, as anticipated, a significant drop in distribution per unit compared with the same period last year.

Property investment holding group Hyprop is increasingly becoming a niche retail specialist.

Cape Town - Property loan stock company Arnold Property Fund had posted half-year results that showed a 24 percent slide in distribution per linked unit to 11c, mainly because of tough trading conditions and higher tenant failures, it said yesterday.

PROPERTY loan stock company ApexHi Properties is already counting the gains that will flow from the tax relief directed at property investors in older central business districts (CBDs).