Hyprop Investments Limited Integrated annual report 2016

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Hyprop Investments Limited
Integrated annual report 2016
Total revenue and distributable earnings from South African investment property (excluding properties sold) increased 8,6% and 8,7%, respectively.
Like-for-like revenue and distributable earnings from investment property (excluding Rosebank Mall) both increased by 7,3%.
Cost-to-income ratios
30 June
2016
30 June
2015
Net basis % Investment property (SA) 15,0 15,7
Total group 19,2 18,7
Gross basis % Investment property (SA) 33,2 33,6
Total group 36,0 36,0
Ongoing and effective cost control in the South African portfolio contributed to a marginal improvement in the investment property cost-to-
income ratio, on the net and gross basis.
Tenant arrears
Total arrears as a percentage of rental income were 0,5% (30 June 2015: 0,6%).
Valuations
Value attributable to Hyprop
Value per
rentable area
Business segment
Rentable
area
m2
30 June
2016
R000
30 June
2015
R000
30 June
2016
R/m2
Shopping centres 649 479 25 282 472 23 790 630 42 870
Value centres 90 600 1 755 000 1 734 000 19 371
Total retail 740 079 27 037 472 25 524 630 39 993
Standalone offices 23 811 328 075 315 775 13 778
Properties sold (post year-end) 22 866 365 000 365 000 15 963
Investment property 786 756 27 730 547 26 205 405 38 501
Investment property was valued at 30 June 2016 at R27,7 billion (2015: R26,2 billion), up 5,8% primarily due to income growth.
Investments in sub-Saharan Africa (excluding South Africa)
Hyprop share of
distributable earnings(2)
Rentable
area m2
Valuation
30 June
2016(1)
USD000
Valuation
30 June
2015(1)
USD000
Value per
rentable
area
USD/m 2
Vacancy
%
30 June
2016
R000
30 June
2015
R000
Total portfolio 127 660 562 400 339 870 4 405 4,0 83 654 42 368
(1) Valuation reflects 100% of the asset value
(2) Hyprop share of distributable earnings is reflected after interest on in-country debt and after interest on corporate debt
Distributable earnings from the investments in sub-Saharan Africa
(excluding SA) increased by 97,4% to R83,7 million, in part due to
income from West Hills Mall (Accra, Ghana – effective November
2014), Achimota Retail Centre (Accra, Ghana – effective November
2015) and Ikeja City Mall (Lagos, Nigeria – effective November 2015).
Distributable earnings from the investments in sub-Saharan Africa
(excluding SA) benefited from exchange rate gains of R15,9 million.
Investments in sub-Saharan Africa (excluding SA) to date total
R4,3 billion (excluding in-country debt in Nigeria) and are financed
with USD bank funding.