Performance highlights
Financial capital
Financial performance
Total dividend for the year up 14,2%
to 619,9 cents per share
Loan-to-value (LTV) increased to
30,8%
(2015: 22,9%) due to inclusion of
funding for Delta City malls and
Ikeja City Mall
6,1% to R94,50 (2015: R89,04)
Total distributable earnings from
South African investment property up
8,7%
Manufactured capital
Corporate activity
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)
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%)
remain high at
98,9%
across the portfolio
(2015: 98,0%)
New lettings at
Somerset Mall,
Willowbridge, Lakefield
Office Park and Hyde
Park offices positively
impacting on total
occupancy
Somerset Mall,
Willowbridge, Lakefield
Office Park and Hyde
Park offices positively
impacting on total
occupancy
Property expenses (gross) in
the South African portfolio
well controlled, with cost-to-income
ratio reduced to
33,2% (2015: 33,6%)
the South African portfolio
well controlled, with cost-to-income
ratio reduced to
33,2% (2015: 33,6%)
Tenant updates (South African portfolio)
First Starbucks in South Africa opened atCradock Heights in April 2016
Clearwater Mall in April 2016
Upgrades and extensions (South African portfolio)
R37 million
extension to Clearwater Mall, housing
leading global fashion brands H&M, River
Island and Top Shop, opened in April 2016
H&M at Somerset Mall (R15,8 million)*
and Checkers at Atterbury Value Mart
(R31 million) currently under construction.
* Opened post year-end
extension to Clearwater Mall, housing
leading global fashion brands H&M, River
Island and Top Shop, opened in April 2016
H&M at Somerset Mall (R15,8 million)*
and Checkers at Atterbury Value Mart
(R31 million) currently under construction.
* Opened post year-end
R178 million
spent on capital projects, new
equipment and tenant installations
R167 million
planned for extensions to
shopping centres
spent on capital projects, new
equipment and tenant installations
R167 million
planned for extensions to
shopping centres
Sub-Saharan Africa (SSA)
Distributable earningsfrom SSA increased by
97,4%
to R83,7 million)
income for South-Eastern Europe
R31,9 million**
**After interest on corporate debt
South-Eastern Europe
Delta City malls (Serbiaand Montenegro) fully let
Social and relationship capital
The Hyprop Foundation invested
R1,3 million
on education and community upliftment programmes
R1,3 million
on education and community upliftment programmes
Human capital
Spent R1,3 million training employees
Employee turnover remained low at 9%
533 employees and contractors received voluntary counselling and testing for HIV/Aids (2015: 247)
Employee turnover remained low at 9%
533 employees and contractors received voluntary counselling and testing for HIV/Aids (2015: 247)
Natural capital
78% of waste recycled
Cost savings of R24 million from environmental efficiency initiatives
Third submission to CDP on carbon emissions
Third participation in GRESB
Cost savings of R24 million from environmental efficiency initiatives
Third submission to CDP on carbon emissions
Third participation in GRESB
Intellectual capital
Winner of the MSCI South Africa real estate investment conference awards
Included on the FTSE/JSE Responsible Investment Index
Awarded “Good” in EY’s “Excellence in Integrated Reporting Awards 2016”
Included on the FTSE/JSE Responsible Investment Index
Awarded “Good” in EY’s “Excellence in Integrated Reporting Awards 2016”