https://www.engineeringnews.co.za

Hyprop lifts distributions in FY17

1st September 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JSE-listed Hyprop on Friday posted a 12.1% hike in dividend to 695.1c a share for the financial year ended June 30.

The real estate investment trust reported that distributable earnings benefited from the inclusion of R101.8-million in income from the investments in South-Eastern Europe, up from R24.6-million in 2016.

Revenue and distributable earnings from investment property in South Africa increased by 7.1% and 6.1%, respectively.

The group’s Clearwater, Hyde Park Corner, CapeGate and Somerset Mall assets performed well during the year, with weighted average growth in distributable earnings of 8.6%.

The Glen's income, however, was negatively affected by construction work and limited rent reductions.

The group’s vacancy rate increased from 1.1% of total rentable area in the 2016 financial year to 2.4% in the financial year under review.

Hyprop also disposed of noncore properties for R867-million during the year under review, which has improved the overall quality of the portfolio and reduced exposure to the higher-risk office sector.

Meanwhile, distributable earnings from investments in sub-Saharan Africa reduced to R57-million in the 2017 financial year, from R83.7-million in 2016, largely owing to the exclusion of distributable earnings from Ikeja City Mall, in Lagos, Nigeria; the replacement of tenants at lower rentals at Manda Hill Centre, in Lusaka, Zambia; and the rand’s appreciation against the dollar.

Trading conditions within Hyprop's investments in South-Eastern Europe shopping centres, held through UK-based Hystead, remained positive, with stable foot count and turnover growth.

Demand for space remains strong, with no vacancies as at June 30, and plans to extend the centres are progressing.

Hyprop expects to achieve dividend growth of between 7% and 9% for the 2018 financial year.

Edited by Creamer Media Reporter

Comments

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
Magni SA
Magni SA

Magni SA is committed to developing the safest Telehandlers available to our customers for underground and surface mining, construction, forestry,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.125s - 137pq - 2rq
Subscribe Now