Hyprop reports steady distribution growth as shift in assets continues

REAL ESTATE INVESTMENT TRUST

- EDWARD WEST

AN AERIAL view of Somerset Mall. A Phase 3 expansion at Somerset Mall is in planning phase, driven by strong tenant demand. I

HYPROP Investments, the retail-focused JSE and A2X-listed REIT, increased its half-year dividend by 4,9% to 119 cents a share on Tuesday and affirmed its full-year guidance of a 10% -~ 12% increase in distributable income per share.

Hyprop, which owns, manages and redevelops retail centres in prominent, mixed-use precincts in key economic nodes, is slowly expanding its presence in preferred regions, such as the Western Cape and Eastern Europe (EE), while also optimising its Gauteng assets.

Some of its most prominent domestic assets include Rosebank Mall, Canal Walk, Hyde Park Corner and Table Bay Mall. The dividend payout ratio was raised to 82.5% of distributable income from the SA and EE portfolios from 80% previously. Hyprop’s share price was down 0,8% to R57,75 Tuesday afternoon, but the price has appreciated from R41,89 a year ago.