OASIS CRESCENT PROPERTY FUND - Short-Form Announcement: Audited Results For The Year Ended 31 March 2022 And Distribution Declaration

Short-Form Announcement: Audited Results For The Year Ended 31 March 2022 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
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 2022 AND DISTRIBUTION DECLARATION


OASIS CRESCENT PROPERTY FUND PHILOSOPHY & STRATEGY

The Fund is a well-diversified real estate investment trust (“REIT”) invested in South African
direct property investments, high quality global listed REITs and liquid instruments. The Fund
is focused on meeting all tenant needs and maintaining world class facilities. The absence of
debt and financial leverage delivers a more sustainable rate of growth during the normal
course of operations but more importantly, the Fund is not exposed to the risk and negative
effects of financial leverage during difficult times as we are currently experiencing.

1. THE PERIOD IN BRIEF

Since inception intrinsic value return of 11.7% per annum achieved and unitholder return of
10.5% per annum compared to inflation over that period of 5.5% per annum.

Net asset value per unit increased by 9.0% from 2 239 cents per unit to 2 440 cents per unit
benefiting from excellent capital allocation and offshore exposure to high quality developed
markets.

Improving leasing environment due to the portfolio focus on the Western Cape and industrial
sector where demand is strong due to business semigration to the Western Cape and the global
trend of onshoring of manufacturing.

The Fund is on track for the relaunch of The Ridge@Shallcross Shopping Centre in Shallcross,
KwaZulu-Natal during September to November 2022 with an exciting new generation grocery
anchor store and enhanced tenant mix.

The Fund has commenced a unit repurchase program to take advantage of the attractive
discount that units are trading at relative to the net asset value per unit.

The Fund has no debt and its tenant profile remains low-risk as 87% of tenants are multi-national,
national, or government-related.


2. KEY FINANCIAL HIGHLIGHTS

Revenue decreased by 8.1% to R97.1 million, from R105.7 million in the prior corresponding
period.
Distributable income decreased by 1.7% to R56.9 million, from R57.9 million in the prior
corresponding period.

Distribution per unit decreased by 3.5% to 85.7 cents per unit, from 88.8 cents per unit in the
prior corresponding period.

Net asset value per unit increased by 9.0% to 2 440 cents per unit, from 2 239 cents per unit
in the prior corresponding period.

Headline earnings per unit increased by 83.6% to 247.5 cents per unit, from 134.8 cents per
unit in the prior corresponding period.

Earnings per unit increased by 90.9% to 298.1 cents per unit, from 156.2 cents per unit in the
prior corresponding period.

3. DECLARATION ANNOUNCEMENT IN RESPECT OF THE DISTRIBUTION FOR THE 6
   MONTHS ENDED 31 MARCH 2022

Notice is hereby given that a distribution of 4,188.58291 cents (in aggregate), after non-
permissible income, for every 100 (one hundred) units so held, has been approved and
declared to unitholders recorded in the register of OCPF at close of business on
Friday, 3 June 2022, 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 1.71630 units at 2,440
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 1.37304 units at 2,440 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
   3,350.86633 cents per 100 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 will be posted out to unitholders on Friday, 13 May 2022, in respect of the unit and
income distribution.
Units in issue at the date of declaration of the distribution: 66 265 434
Income tax reference number: 3354212148
The salient dates of the distribution declaration are:

                                                                                            2022
    Release of results and declaration announcement on the Stock Exchange                  Friday, 29 April
    News Service of the JSE (“SENS”) of distribution and right of election to
    purchase new units or receive a cash payment

    Circular and form of election posted to unitholders                                    Friday, 13 May

    Finalisation announcement on SENS in respect of distribution and right of              Friday, 13 May
    election to purchase new units or receive a cash payment

    Last day to trade in order to be eligible for the distribution                         Tuesday, 31 May
    Trading commences ex-entitlement to the distribution                                   Wednesday, 1 June

    Listing of maximum possible number of units that may be purchased at                   Friday, 3 June
    commencement of trade

    Closing date for the election of cash distribution or to reinvest at 12:00 p.m. on     Friday, 3 June

    Record date for the distribution                                                       Friday, 3 June

    Electronic payment and CSDP/broker accounts updated with cash                          Monday, 6 June

    Announcement of the results of the distribution on SENS                                Monday, 6 June

    Unit certificates posted and CSDP/broker accounts updated with units                   Wednesday, 8 June
    Adjustment of number of new units listed on or about                                   Friday, 10 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, 1 June 2022
      and Friday, 3 June 2022, 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/2022/JSE/ISSE/OAS/FY2022.pdf
Copies of the Full Announcement are also available for viewing on the Fund’s website at
http://www.oasis.co.za/default/content.aspx?initial=true&moveto=704 or may be requested in
person (during office hours), at no charge, at the Fund’s registered office or from the office of
the Fund’s designated advisor, PSG Capital.

Any investment decisions by investors and/or unitholders should be based on consideration
of the Full Announcement, as a whole.

These annual results for the year ended 31 March 2022 have been audited by the Fund’s
auditors, Nexia SAB&T, who expressed an unmodified audit opinion thereon. The audit
opinion also includes communication of key audit matters. The audit opinion is available,
along with the annual financial statements and the summarised consolidated financial
statements, on the Fund’s website at
http://www.oasis.co.za/default/content.aspx?initial=true&moveto=704.


Cape Town
29 April 2022

Designated Advisor
PSG Capital

Date: 29-04-2022 05:15:00
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