PROPERTY PORTFOLIO				STATEMENT OF COMPREHENSIVE INCOME			STATEMENT OF FINANCIAL POSITION
Business segment	Location		Rentable area m2	Total value R000	Value attributable to Hyprop R000		Revenue R000	Distributable earnings R000	Historic yield(2) %	Receivables R000	Payables R000	Loans R000
30 June 2015
Canal Walk	Cape Town		156 689	8 416 000	6 732 800		579 188	412 308	6,8	11 044	61 496
Super regional			156 689	8 416 000	6 732 800		579 188	412 308		11 044	61 496
Clearwater	Johannesburg		86 081	3 944 000	3 944 000		358 011	245 039	7,1	11 479	30 815
The Glen	Johannesburg		79 665	3 100 000	2 329 830		218 999	153 796	7,5	6 603	22 941
Somerset Mall	Cape Town		66 354	2 450 000	2 450 000		231 100	159 387	7,1	6 595	25 011
Woodlands Boulevard	Pretoria		71 659	2 296 000	2 296 000		231 701	152 821	7,0	5 828	6 311
Rosebank Mall	Johannesburg		80 712	2 495 000	2 495 000		234 353	149 665	8,1	5 734	45 852
CapeGate Regional	Cape Town		63 700	1 534 000	1 534 000		167 562	96 472	6,9	10 285	18 679
Large regional			448 171	15 819 000	15 048 830		1 441 726	957 180		46 524	149 609
Hyde Park	Johannesburg		38 117	2 009 000	2 009 000		199 074	130 900	7,4	9 666	33 349
Regional			38 117	2 009 000	2 009 000		199 074	130 900		9 666	33 349
Atterbury Value Mart	Pretoria		47 785	1 112 000	1 112 000		120 286	89 544	8,1	5 469	10 338
Value centres			47 785	1 112 000	1 112 000		120 286	89 544		5 469	10 338
Shopping centres			690 762	27 356 000	24 902 630		2 340 274	1 589 932		72 703	254 792
Standalone offices	Johannesburg		4 510	98 000	98 000		10 563	6 209	6,9	428	971
Held for sale(1)			84 800	1 225 775	1 225 775		177 093	104 758		6 504	21 567
Sold during 2015							89 212	51 288
Investment property			780 072	28 679 775	26 226 405		2 617 142	1 752 187		79 635	277 330
Manda Hill Mauritius					70 893
African Land					10 103						1 762
Hyprop Mauritius					2 258 125			42 368		36	7 360
Hyprop Investment Employee Incentive Scheme											27
Word4Word							25 807	4 243		8 806	8 937
Fund management								(62 001)		5 179	104 068	6 691 909
Net interest								(417 178)
Straight-line rental income accrual							60 085
			780 072	28 679 775	28 565 526		2 703 034	1 319 619		93 656	399 484	6 691 909
Reconciliation to statement of financial position
Centre management assets					2 274
Held for sale(3)					9 287					(6 504)	(21 567)
Investment in associate					827
Derivative instruments					53 132
Other current assets					224 750
					28 855 796		2 703 034	1 319 619		87 152	377 917	6 691 909
Reconciliation to statement of comprehensive income
A reconciliation of distributable earnings to net income after taxation is as follows:
Distributable earnings								1 319 619
Change in fair value of investment property								2 467 113
Change in fair value of derivatives								19 556
Profit on disposal of investment property								24 243
Loss on disposal of investments								(30 011)
Impairment of goodwill								(4 280)
Net income – Hyprop Mauritius								51 371
– African Land								8 565
– South African subsidiaries								3 707
– Joint ventures								(17 447)
– Associates								652
Dividends received – Hyprop Mauritius								(42 368)
– Word4Word								(1 500)
Capital items not included for distribution purposes								(621)
Taxation								(19 023)
Net income after taxation								3 779 576
Shares in issue for distribution per share (excludes treasury shares)
Refer to note 14								242 990 433
Distribution per share (based on distributable earnings)								543
Note (1) Willowbridge, Somerset Value Mart, Lakefield Office Park, Glenwood Office Park and Glenfield Office Park (2) Based on 2015 net property income (3) Working capital held for sale										11	21	18

			PROPERTY PORTFOLIO				STATEMENT OF COMPREHENSIVE INCOME			STATEMENT OF FINANCIAL POSITION
Business segment	Location		Rentable area m2	Total value R000	Value attributable to Hyprop R000		Revenue R000	Distributable earnings R000	Historic yield(3) %	Receivables R000	Payables R000	Loans R000
30 June 2014
Canal Walk	Cape Town		157 031	7 580 000	6 064 000		545 252	379 254	6,7	12 923	52 340
Super regional			157 031	7 580 000	6 064 000		545 252	379 254		12 923	52 340
Clearwater	Johannesburg		86 028	3 473 000	3 473 000		336 499	224 585	7,0	15 400	54 063
The Glen	Johannesburg		76 849	2 740 000	2 059 269		214 218	143 198	7,7	2 102	22 982
Woodlands Boulevard	Pretoria		71 617	2 196 000	2 196 000		214 842	142 336	7,5	24 709	41 845
CapeGate Regional	Cape Town		63 699	1 400 000	1 400 000		157 166	91 674	7,4	10 653	26 485
Somerset Mall	Cape Town		66 831	2 252 000	2 252 000		166 624	116 017		6 923	16 803
Large regional			365 024	12 061 000	11 380 269		1 089 349	717 810		59 787	162 178
Hyde Park	Johannesburg		38 345	1 769 000	1 769 000		179 905	120 000	7,7	8 986	35 453
Regional			38 345	1 769 000	1 769 000		179 905	120 000		8 986	35 453
Atterbury Value Mart	Pretoria		47 786	1 105 000	1 105 000		112 551	83 714	8,5	6 028	22 836
Somerset Value Mart	Cape Town		12 386	185 000	185 000		22 692	14 466	7,8	1 284	5 809
Value centres			60 172	1 290 000	1 290 000		135 243	98 180		7 312	28 645
Shopping centres			620 572	22 700 000	20 503 269		1 949 749	1 315 244		89 008	278 616
Standalone offices	Johannesburg		4 506	90 000	90 000		10 039	5 070	6,2	472	992
Development property(1)	Johannesburg			1 849 000	1 849 000		121 808	63 302		9 136	23 362
Held for sale(2)			156 061	1 779 000	1 731 000		257 902	146 084		17 646	53 755
Manda Hil (African Land)	Lusaka, Zambia		44 000	1 618 506	1 408 262		77 953	30 308		(1 987)	22 404
Investment property			781 139	28 036 506	25 581 531		2 417 451	1 560 008		114 275	379 129
Listed property securities							37 265	37 265
AttAfrica (Hyprop Mauritius)				812 459	812 459			4 770		25	3 336
Word4Word							15 008	3 180		3 020	5 898
Fund management								(55 139)		4 012	33 078	7 198 853
Net interest								(401 484)
Straight-line rental income accrual							45 055
			781 139	28 848 965	26 393 990		2 514 779	1 148 600		121 332	421 441	7 198 853
Reconciliation to statement of financial position
Held for sale(4)					20 601					(17 646)	(53 755)
Other non-current assets					39 328
Other current assets					228 525
African Land(5)					235 974
Word4Word					289
					26 918 707		2 514 779	1 148 600		103 686	367 686	7 198 853
Reconciliation to statement of comprehensive income
A reconciliation of distributable earnings to net income after taxation is as follows:
Distributable earnings								1 148 600
Debenture interest								(1 147 443)
Change in fair value – Investment property								1 650 419
– Derivatives								4 276
– Listed property securities								(82 266)
Profit on disposal – Investment property								4 460
– Associate company (Mantrablox)								17 431
– Listed property securities								168 869
Gain on bargain purchase (African Land)								102 895
Amortisation of debenture premium								102 806
Impairment of goodwill								(7 779)
Net income – Hyprop Mauritius								20 929
– African Land (Manda Hill Shopping Centre)								17 590
Dividends received – Hyprop Mauritius								(4 770)
– African Land (Manda Hill Shopping Centre)								(30 308)
Capital items not included for distribution purposes								(1 325)
Deferred taxation (listed property securities and other)								(15 897)
Net income before taxation								1 948 487
Units in issue for distribution per unit (excluding treasury shares). Refer to note 14								243 102 433
Distribution per unit (based on distributable earnings)								472
Note (1) Rosebank Mall and Mall Offices – transferred to development property from September 2012 (2) Willowbridge, CapeGate Lifestyle, Stoneridge, Lakefield Office Park, Glenwood Office Park and Glenfield Office Park (3) Based on 2014 net property income (4) Other assets and liabilities held for sale (5) Building appurtenances, tenant installations and non-controlling interest of African Land										11	21	18