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Short-Form Announcement: Audited Results For The Year Ended 31 March 2025 And Distribution Declaration
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 real estate
investment trust ("REIT") status with the JSE
Share code: OAS
ISIN: ZAE000074332
("Oasis", "OCPF" or "the Fund")
SHORT-FORM ANNOUNCEMENT: AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2025
AND DISTRIBUTION DECLARATION
OASIS PHILOSOPHY & STRATEGY
The Fund is a well-diversified REIT invested in South African direct property investments and high
quality global listed REITS. The Fund invests in the best global cities and the highest quality properties
without the use of leverage. The Fund is focused on meeting the tenant needs and maintaining world-
class facilities.
1. THE PERIOD IN BRIEF
Intrinsic value return (NAV growth and distribution income) of 11.3% per annum since inception
compared to inflation of 5.5% per annum.
Distribution including non-permissible income increased by 7.0% to 120.0 cents per unit relative to
112.2 cents in the prior year corresponding period.
Good rental growth in the industrial, retail and the coastal markets of South Africa, with little new supply
and improving demand reducing vacancies.
The Fund has no debt and its tenant profile remains low-risk as 91% of tenants are multi-national,
national, or government-related.
FY2026 will benefit from the conclusion of substantial new leases with national tenants during the final
quarter of FY2025 but this will be offset in FY2026 by strategic vacancies to refurbish and enhance
properties in areas where we have seen solid demand and strong rental growth.
Trading at a 29% discount to NAV taking into consideration the current FY2025 final dividend of 59.2
cents per unit.
2. KEY FINANCIAL HIGHLIGHTS
Revenue increased by 10.9% to R145.6 million, from R131.3 million in the prior corresponding period.
Distributable income increased by 4.7% to R77.3 million, from R73.8 million in the prior corresponding
period.
Distribution per unit ("DPU") increased by 7.1% to 118.5 cents per unit, from 110.7 cents per unit in
the prior corresponding period.
Net asset value per unit ("NAVPU") increased by 3.9% to 2,807 cents per unit, from 2,703 cents per
unit in the prior corresponding period.
Headline earnings per unit ("HEPU") decreased by 53.7% to 147.1 cents per unit, from 317.6 cents per
unit in the prior corresponding period, due to adjustments on financial assets at fair value through profit
or loss.
Earnings per unit ("EPU") decreased by 51.7% to 206.2 cents per unit, from 427.2 cents per unit in the
prior corresponding period, due to adjustments on financial assets at fair value through profit or loss.
3. DECLARATION ANNOUNCEMENT IN RESPECT OF THE DISTRIBUTION FOR THE SIX
MONTHS ENDED 31 MARCH 2025
Notice is hereby given that a distribution of 5,917.70400 cents (in aggregate), after non-permissible
income, for every 100 (one hundred) units so held, has been approved and declared by the board to
unitholders recorded in the register of OCPF at close of business on Friday, 6 June 2025, from income.
Unitholders may elect to receive the distribution in cash or to reinvest the distribution by the purchase
of new units at a rate of 2.10820 units at 2,807 cents per unit (in aggregate), for every 100 (one
hundred) units so held.
Trading in the electronic Strate environment does not permit fractions and fractional entitlements in
respect of units. Accordingly, should a unitholder's entitlement to new units, calculated in accordance
with the ratio mentioned above, give rise to a fraction of a new unit, such fraction will be rounded down
to the nearest whole number, resulting in allocations of whole units and a payment to the unitholder in
respect of the remaining cash amount due to that unitholder under the distribution.
The publication of this announcement and/or applicable documents and the right to reinvest the
distribution in jurisdictions other than South Africa may be restricted by law and a failure to comply with
any of these restrictions may constitute a violation of the securities laws of any such jurisdictions.
OCPF units have not been and will not be registered for the purposes of the election under the
securities laws of the United Kingdom, European Economic Area or EEA, Canada, United States of
America, Japan or Australia and accordingly are not being offered, sold, taken up, re-sold or delivered
directly or indirectly to recipients with registered addresses in such jurisdictions.
In respect of the distribution, unitholders who will receive the distribution are hereby informed 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(1) of the Income Tax Act, provided that you, as unitholder, provide the transfer secretary or your
nominee, custodian or central securities depository participant ("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 20%.
For non-resident unitholders, for South African tax purposes, the distribution received by a non-
resident unitholder from a REIT will be subject to dividend withholding tax at 20%, 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
secretaries or their nominee, custodian or CSDP for the prescribed form to record the reduced rate of
tax.
Where dividends tax is withheld at 20%:
- the reinvestment ratio for non-resident unitholders will be 1.68656 units at 2,807 cents per unit,
for every 100 (one hundred) units held on the record date; and
- should such unitholders elect to receive the distribution in cash, they will receive 4,734.16320
cents per 100 (one hundred) units held on the record date.
Kindly contact the transfer secretaries, or your nominee, custodian or CSDP for a copy of the
prescribed declaration form.
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(1)
Both resident and non-resident unitholders are encouraged to consult their professional tax advisors
with regard to their individual tax liability in this regard.
A circular, together with a form of election, will be posted out to unitholders on Wednesday, 7 May
2025, in respect of the unit and income distribution.
Units in issue at the date of declaration of the distribution: 64 964 095 (including 512 820 units in
treasury)
Income tax reference number: 3354212148
The salient dates of the distribution declaration are:
2025
Release of results and declaration announcement on SENS of Tuesday, 22 April
distribution and right of election to purchase new units or receive a
cash payment
Circular and form of election posted to unitholders Wednesday, 7 May
Finalisation announcement on SENS in respect of cash distribution Wednesday, 7 May
and right of election to purchase new units or receive a cash payment
Last day to trade in order to be eligible for the distribution Tuesday, 3 June
Trading commences ex-entitlement to the distribution Wednesday, 4 June
Listing of maximum possible number of units that may be purchased Friday, 6 June
at commencement of trade
Closing date for the election of cash distribution or to reinvest at Friday, 6 June
12:00 p.m. on
Record date for the distribution Friday, 6 June
Electronic payment and CSDP/broker accounts updated with cash Monday, 9 June
Announcement of the results of the distribution on SENS Monday, 9 June
Unit certificates posted and CSDP/broker accounts updated with units Wednesday, 11 June
Adjustment of number of new units listed on Friday, 13 June
Notes:
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 Wednesday, 4 June 2025 and Friday,
6 June 2025, both days inclusive.
3. The above dates and times are subject to change. Any changes will be announced on SENS.
4. All times quoted above 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 used to purchase additional
units.
4. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Fund's manager, Oasis
Crescent Property Fund Managers Limited. It contains only a summary of the information in the Full
Announcement ("Full Announcement") and does not contain full or complete details. The full
Announcement can be found at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/OAS/FY2025.pdf
Copies of the Full Announcement are also available for viewing on the Fund's website at
https://www.oasis.co.za/annual-financial-statements.
Any investment decisions by investors and/or shareholders should be based on consideration of the
Full Announcement, as a whole.
These annual results for the year ended 31 March 2025 have been audited by the Fund's auditors,
Nexia SAB&T, who expressed an unmodified audit opinion thereon. The audit opinion is available,
along with the consolidated annual financial statements and the summarised consolidated financial
statements, on the Fund's website at https://www.oasis.co.za/annual-financial-statements.
Cape Town
22 April 2025
Corporate Advisor and Designated Advisor
PSG Capital
Date: 22-04-2025 05:45:00
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