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Quarterly Update Announcement
AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
("aReit Prop" or "the Company")
ISIN Code: ZAE000306585 | JSE Code: APO
QUARTERLY UPDATE ANNOUNCEMENT - SUSPENSION
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to provide an update
to shareholders regarding the current state of affairs of the Company until the suspension is lifted.
The audit of the Company's annual financial statements for the year ended 31 December 2023 is nearing its
completion and it is expected that the audited results will be published before the end of April 2025.
The main reason for the delay was centred around the company's valuation of its leasehold properties,
which business model was considered straight forward at the time of listing but has proven quite technical,
with the Company having undergone an extensive pro-active monitoring review and then later, the
Company's new auditors adopting a different approach to the JSE, resulting in extensive consulting and
request and verification of underlying information from the Company's tenants. The valuation approach
has now been resolved and a trading statement will be issued shortly. Although there will be a large
impairment of the leasehold properties, the impairment will not impact on headline earnings or distributable
profits of the Company and the Company will continue with the declaration and payment of dividends.
The Company is now in the final stages of completing its audited annual financial statements for the year
ended 31 December 2023 and is already engaging in the audit for the year ended 31 December 2024,
which is expected to be completed quickly due to the various technical matters having been resolved. The
preparation of the interim results for the six months ended 30 June 2024 has also commenced.
The Company will become compliant with the JSE Listings Requirements once it has issued its audited Annual
Financial Statements and interim results as noted above as well as the distribution of the Annual Reports to
shareholders. The interim results will be published as soon as possible after the release of the audited results.
BY ORDER OF THE BOARD
Cape Town
3 April 2025
Sponsor
AcaciaCap Advisors Proprietary Limited
Date: 03-04-2025 05:08:00
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