Hyprop Investments Limited Integrated annual report 2016

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Hyprop Investments Limited
Integrated annual report 2016
6
PERFORMANCE HIGHLIGHTS
Financial capital
Total dividend for the year up
14,2%
to 619,9 cents per share
NAV per share up
6,1% to R94,50 (2015: R89,04)
Loan-to-value (LTV) increased to
30,8%
(2015: 22,9%) due to inclusion of
funding for Delta City malls and
Ikeja City Mall
Total distributable earnings from
South African investment property up
8,7%
Financial performance
Manufactured capital
Opening of Achimota Mall,
Ghana in October 2015
Acquisition of Ikeja City Mall,
Nigeria in November 2015
Acquisition of Delta City malls,
Montenegro (February 2016) and
Serbia (April 2016)
Proceeds of
R365 million
from disposal of non-core assets (Somerset
Value Mart and Glenfield Office Park) applied
to reduce debt*
New equity raised of
R700 million *
* Post year-end
Operational activity (South African portfolio)
Occupancy levels
remain high at
98,9%
across the portfolio
(2015: 98,0%)
Property expenses (gross)
well controlled, with cost-to-
income ratio reduced to
33,2% (2015: 33,6%)
New lettings at
Somerset Mall,
Willowbridge, Lakefield
Office Park and Hyde
Park offices positively
impacting on total
occupancy
Corporate activity