Hyprop

FY Results – The shopping mall operator in SA and Eastern Europe, reported a +24% increase in distributable income to R1.5 bn. Distributable income per share +18% to 405c, & HEPS came in at 394c, beating estimates. Tenant turnover +13% in SA & +16% in EE. Vacancies still low at 1.2% in SA & 0.3% in EE. Trading densities +11.8% in SA & 16.9% in EE. SA foot count +5.2%, & EE +14.3%. Ended period with R1.2 bn cash. LTV fell to 36.3% from 37.2%. NAV ↑ to R63.39 from R60.88 a year ago.
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