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1
SUMMARISED CONSOLIDATED RESULTS
For the year ended 30 June 2016
STRATEGIC &
OPERATIONAL
OVERVIEW
Canal Walk (Cape Town, Western Cape)
2
Focused on emerging markets (South Africa,
sub-Saharan Africa and South-Eastern Europe)
STRATEGY & OVERVIEW
3
South African REIT
Ownership of shopping centres, distinguished by:
Quality, dominance and location
Middle-to-higher income consumers
Mix of flagship national and international retailers
Preferred shopping destination in high-density
metropolitan areas or key cities
CapeGate (Cape Town, Western Cape)
CORPORATE HIGHLIGHTS
4* post year-end Canal Walk (Cape Town, Western Cape)
Acquired 3 new shopping centres
New development completed
– Achimota Retail Centre (Ghana)
New equity raised
New corporate bonds issued
Disposed of two non-core assets
R3,8bn
USD 54,5m
R700m*
R1,1bn*
R365m*
3
FINANCIAL HIGHLIGHTS
June 2016 June 2015 % Change
Distribution (cents) 619,9 543,0 14,2
Market capitalisation (Rbn) 31,6 29,4 7,3
Total assets (Rbn) 33,8 28,9 17,3
Loan to value (%) 30,8 22,9 34,5
NAV (R per share) 94,50 89,04 6,1
Total expense to income ratio (%) 36,0 36,0 -
5
DISTRIBUTION GROWTH
6
Cents per share
202 211231
263298
198 213241
280322
400424
472
543
620
0
100
200
300
400
500
600
700
2012 2013 2014 2015 2016
1st Half 2nd Half Total
10,4%
% growth
9,4% 4,5% 7,5%9,5% 13,1%
9,9%6,0%
11,3%
13,7% 16,3%
15,0%
13,4%
14,9%
14,2%
4
0
20
40
60
80
100
120SA Listed Property Hyprop Inv Ltd
SHARE PRICE PERFORMANCEJULY 2015 TO 23 Aug 2016
7
Jul
2015
Aug Sep Oct Nov Dec Jan
2016
Feb Mar Apr May Jun Jul Aug
Post year-end
Q1: 52,3 million* Q2: 46,0 million* Q3: 46,0 million*Q4: 30,4 million*
June
2016
June
2015
% shares traded 71,8% 73,0%
% offshore shareholders 26,3% 25,0%
* Number of shares traded per quarter
INVESTMENT PROFILE
Core South African
portfolio
R1,6 bn
Distributable income
8
Core South African
portfolio
R1,3bn
78%
12%
6%
3% 1%
Core South African
portfolio
R26,5bn
Sub-Saharan Africa
(excluding SA)
R4,2bn
Held for sale
R864m
Investments
* Post year-end
Sold* R365m
South-Eastern Europe
R2,0bn
85%
6%
2%5%
2%
Core South African
portfolio
R1,3bn
Sub-Saharan Africa
(excluding SA)
R84m
Held for sale
R79m
Sold* R33m
South-Eastern Europe
R32m
5
Rosebank Mall (Johannesburg, Gauteng)
OPERATING
PERFORMANCE
10
Arrears improved to 0,5% (2015:0,6%)
Maintaining good rental growth and escalations
Low vacancy
Renewals successfully completed
Trading density growth slowing
Edcon
SOUTH AFRICAN PORTFOLIO OPERATING PERFORMANCE
Canal Walk (Cape Town, Western Cape)
6
LEASING TERMS
11
6,3%
8,3%7,6% 7,3%7,4%
8,2% 8,2% 8,1%
0%
2%
4%
6%
8%
10%
12%
2013 2014 2015 2016
Rental growth Contractual escalation
LEASING ACTIVITY
12
Leasing
% of total
portfolio
Rentable area
(m²)
Rental growth
(%)
Contractual
escalation (%) No. of leases
Retail 19,3 137 568 7,4 8,0 504
Offices 21,3 16 096 5,2 8,3 64
Total 19,6 153 664 7,3 8,1 568
4%
96%
Lease renewal process
Rentable area
(m²)
Leases still outstanding 6 346
Leases completed 153 664
Total 160 010
7
Retail
Totalrentable area
(m²)
Expiringarea(m²)
% Rentable area of centre
The Glen 79 704 19,651 25
Canal Walk 148 449 18 179 12
Cape Gate Mall 63 783 13 638 21
Atterbury Value Centre 47 785 12 629 26
Somerset Mall 69 048 9 981 14
Willowbridge 40 341 9 094 23
Hyde Park Corner 28 583 7 741 27
Woodlands Boulevard 71 642 6 329 9
Clearwater Mall 86 867 3 177 4
Rosebank Mall 62 413 2 649 4
Retail 698 615 103 068 15
Offices 65 275 22 565 35
Portfolio total 763 890 125 633 16
LEASE EXPIRY PROFILE2016 / 2017
13
Vacancies 30 Jun 2016 30 Jun 2015 30 Jun 2014
Retail (%) 0,8 1,3 1,2
Offices (%) 4,5 8,3 13,8
Total (%) 1,1 2,0 2,4
VACANCIES
14
Clearwater Mall (Johannesburg, Gauteng)
Tenant updates:
First Starbucks in South Africa opened at
Rosebank in April 2016
First H&M in Hyprop portfolio opened at
Clearwater Mall in April 2016
8
TRADING OVERVIEW
15
6,8% 7,0%7,4%
5,2%
0%
2%
4%
6%
8%
10%
Jun 2013 Jun 2014 Jun 2015 Jun 2016
6,9% 6,9% 7,1% 7,3%
0%
2%
4%
6%
8%
10%
Jun 2013 Jun 2014 Jun 2015 Jun 2016
Trading density growthRent ratio
(rental as % of turnover)
DEVELOPMENTS
16
Total spend on projects, new equipment
and tenant installations
Under construction:
Somerset Mall – H&M R16m
Atterbury Value Mart – Checkers R31m
Under planning:
Canal Walk R45m
Rosebank Mall extension R122m
Extensions and developments completed:
Somerset Mall – Woolworths & other R81m
Clearwater Mall – H&M extension R22m
R178m
9
West Hills Mall, Accra, Ghana
Ikeja City Mall (Lagos, Nigeria)
INVESTMENT IN
SUB-SAHARAN
AFRICA
(excluding SA)
MARKET CONDITIONS
18
Negatives
Defensive portfolio - able to withstand headwinds
Located in key cities - economic growth higher than country average
Portfolio largest and best quality in sub-Saharan Africa
Weakening of local currencies
USD liquidity and availability
Lower economic growth in 2016
Positives
10
CURRENCIESEXCHANGE RATE VOLATILITY
19
0,0
0,5
1,0
1,5
2,0
2,5
Ghana Nigeria Zambia RSA
Sep
2013
Dec Mar Jun
2014
Sep Dec Mar Jun
2015
Sep Dec Mar Jun
2016
Indexed
INCOME PRODUCING PROPERTIESINVESTMENT IN SUB-SAHARAN AFRICA (EXCL. SA)
20
Centre City & country
Hyprop
% share
Rentable
area m²Vacancy %
rentable area
Foot count
/ m²
Accra Mall Accra, Ghana 17,6 21 240 0 27
West Hills Mall Accra, Ghana 16,8 28 466 0 16
Achimota Retail Centre Accra, Ghana 28,1 15 170 18,0* 28
Manda Hill Lusaka, Zambia 68,8 40 561 4,7 22
Ikeja City Mall Lagos, Nigeria 75,0 22 223 2,3 30
Average 4,0
* 8 months of trading - opened in Nov 2015
11
Achimota Retail Centre
(Accra, Ghana)
Kumasi City Mall
(Kumasi, Ghana)
Accra Mall
(Accra, Ghana)
DEVELOPMENTS
21
Opened in October 2015 Under construction
- Opening April 2017
Redevelopment of food court
and 1 000m² extension
Cost USD 9,5m
Completed in April 2016
West Hills Mall, Accra, Ghana
Delta City (Belgrade, Serbia)
INVESTMENT
IN SOUTH-
EASTERN
EUROPE
12
STRATEGY & STRUCTURE
23
Strategy
Hystead established in the UK
60% shareholding
Secured EUR funding
To acquire or develop high-quality shopping malls
Size of EUR 1bn within 5-years (currently EUR 203m)
Will partner with strong local developers/owners – signed letters of intent
Attractive income yields
Low cost of bank funding
Company structure
FOCUS ON EMERGING MARKETS
24
Strong economic growth off a lower base
Better return on investment
Less competition / can acquire better quality centres
Available skilled labour
Lower taxes
Delta City (Belgrade, Serbia)
13
25
Centre City & country
Hyprop
% share
Rentable
area m²
Vacancy %
Rentable area
Foot count
/ m²
Delta City Belgrade, Serbia 60 29 876 0 28
Delta City Podgorica, Montenegro 60 23 729 0 19
INCOME PRODUCING PROPERTIES
Belgrade (Serbia) Podgorica (Montenegro)
Internal changes to improve
tenant mix
Increase rentable area by
12 000m²
Potential expansions:
Somerset Mall (Somerset West, Western Cape)
FINANCIAL
RESULTS
14
1,551
1,701 1,743 1,743
1,320
1,665
1,8481,932 1,964
1,506
0,0
0,5
1,0
1,5
2,0
2,5
Investment propertyincome
Add Rosebank Mall Add sub-Saharan Africa(excl. SA)
Add South-EasternEurope
Net interest and other
NET INCOMEDRIVERS OF GROWTH
27
Rbn
7,3%
30 Jun 2015 30 Jun 2016
8,7%10,8% 12,6%
14,2%
NET INCOMEYEAR ON YEAR CHANGE
1 319 618
1 505 519
1 505 519
118 306
28 947
41 286
31 94422 868
(51 085)(6 365)
1 100 000
1 150 000
1 200 000
1 250 000
1 300 000
1 350 000
1 400 000
1 450 000
1 500 000
1 550 000
1 600 000
30 Jun 2015 Existingportfolio
RosebankMall
Sub-SaharanAfrica
(Excl. SA)
South-EasternEurope
Netinterest
Propertiessold
Other 30 Jun 2016*
28
R’000
* Antecedent dividend excluded
15
29
30 June 2016
(R’000)
30 June 2015
(R’000)
%
Change
South African property portfolio 1 848 151 1 752 187 5,5
Investments in sub-Saharan Africa
(excl. SA)83 654 42 368 97,4
Investments in South-Eastern Europe 31 944 -
Word4Word Marketing 1 000 4 243
Fund management expenses (64 922) (62 001) 4,7
Net interest (394 310) (417 178)
Antecedent dividend 32 146 -
Total distributable earnings 1 537 663 1 319 619
DISTRIBUTABLE EARNINGS STATEMENT
30
RECONCILIATION TODIVIDEND DECLARED
30 June 2016
(R’000)
30 June 2015
(R’000)
Total distributable earnings 1 537 663 1 319 619
Total shares in issue at year-end 243 256 092 243 256 092
Treasury shares in issue (410 659) (265 659)
Shares issued, August 2016 5 185 186 -
Shares in issue for distributable earnings 248 030 619 242 990 433
Dividend per share (cents) 619,9 543,0
Dividend per share growth (%) 14,2 15,0
16
BALANCE SHEETEXTRACTS
30 Jun 2016
(Rm)
30 Jun 2015
(Rm)% Change
Hyprop’s share
Investment property (South Africa) 26 502 25 003 6,0%
Investments in sub-Saharan Africa
(excluding South Africa)5 061 2 339 116,4%
Held for sale 1 244 1 235
Other assets 427 279
Minority share 615
Total assets 33 849 28 856 17,3%
Total debt 9 926* 6 692 48,3%
Net asset value per share (R) 94,50 89,04 6,1%
31* Excludes EUR denominated debt
PROPERTY VALUATIONS SOUTH AFRICAN PORTFOLIO*
32
Category
Size
(m²)
Hyprop
share
(Rm)
% change
(from
June 2015)
Value
(R/m2)
Average
yield
Shopping centres 649 479 25 282 6,3% 42 870 6,8%
Value centres 90 600 1 755 1,2% 19 371 8,7%
Stand-alone offices 23 811 328 3,9% 13 778 10,0%
Total 763 890 27 365 5,9% 39 176 7,0%
* Excludes properties sold post year-end
17
DEBT MANAGEMENT
33
30 June 2016
(Rm)
30 June 2015
(Rm)
Bank debt 9 344 4 520
South Africa 2 992 2 327
USD (Rand equivalent) 4 842 2 193
EUR (Rand equivalent) 1 510
Debt capital market funding 1 640 2 172
Corporate bonds 1 200 1 800
Commercial paper 440 372
Cash and cash equivalents (239) (138)
Net borrowings 10 745 6 554
Loan to value 30,8% 22,9%
0 1000 2000 3000 4000 5000 6000
EUR debt
USD debt
DCM funding (SA)
Bank facilities (SA)30 Jun 2016
30 Jun 2015
34
SOURCES OF FUNDING
R million
44%
33%
15%
32%
27%35%
% of total debt
14%
18
DEBT AT FIXED RATES
35
30 Jun 2016
(%)
30 Jun 2015
(%)
South African debt 89,6 96,7
USD debt 72,4 89,9
DEBT MATURITIES*
36
30 Jun 2016
(years)
30 Jun 2015
(years)
Fixed rates and swaps
South African debt 4,9 5,6
USD debt 3,7 4,1
Facilities
South African debt 2,4 2,8
USD debt 3,6 4,2
* Excludes EUR denominated debt
19
COST OF FUNDING
37
30 Jun 2016
(%)
30 Jun 2015
(%)
South African debt 8,9 8,4
USD debt 4,6 4,4
EUR debt 1,7 -
Delta City (Belgrade, Serbia)
PROSPECTS
20
OUTLOOK & FOCUSSOUTH AFRICA
39
OUTLOOK
Low economic growth over medium term
Interest rate – further possible increases
Credit rating – possible downgrade
FOCUS
Improve tenant mix
Maintain strong operational performance
Refurbishments and extensions
Disposal of non-core assets
Clearwater Mall (Gauteng)
40
OUTLOOK
Low economic growth - 2016
Short-term currency volatility
Possible economic recovery by
end 2017/2018
FOCUS
Bed-down new developments
Improve operational performance
Working towards future liquidity event
Accra Mall (Ghana)
OUTLOOK & FOCUSSUB-SAHARAN AFRICA (Excl. SA)
21
41
OUTLOOK
Good investment opportunities
Strong economic growth
International brands entering the market
– supports income growth
FOCUS
Unlock expansion opportunities
More acquisitions
Potential development opportunities
Delta City (Belgrade, Serbia)
OUTLOOK & FOCUSSOUTH-EASTERN EUROPE
PROSPECTS
42Woodlands Boulevard (Pretoria, Gauteng)
FY 2017:
Dividend
growth
of ± 10%
22
Canal Walk (Cape Town, Western Cape)
APPENDICES
COMPANY STRUCTURE SOUTH AFRICAN PORTFOLIO
100% owned
Co-owned
Held for sale
Somerset MallClearwater Mall Hyde Park Corner
Rosebank Mall Woodlands Boulevard CapeGate
Atterbury Value MartOffices
Cradock Heights
Canal Walk (80%) The Glen (75,15%)
Willowbridge
Offices:
Glenwood
Lakefield
Somerset Value Mart
44
SOUTH
AFRICA
Sold
Offices:
Glenfield
23
* Under development 45
100% owned
AttAfrica
(Mauritius)
Manda Hill
(Zambia)
Ikeja City Mall
(Nigeria)
Accra Mall
(Ghana)
West Hills
Mall
(Ghana)
Achimota Retail
Centre
(Ghana)
Kumasi City
Mall
(Ghana)*
37,5% 50% 75%
50%
Hyprop Investments Mauritius
47% 75% 75%45%
COMPANY STRUCTURE SUB–SAHARA AFRICAN PORTFOLIO
SUB-
SAHARAN
AFRICA
* Secured EUR funding 46
Delta City Belgrade
(Serbia)
Delta City Podgorica
(Montenegro)
100%
60% owned*
Hystead Limited
(established in the UK )
COMPANY STRUCTURE SOUTH-EASTERN EUROPE PORTFOLIO
100%SOUTH-
EASTERN
EUROPE
24
47
17,418,7
20,2
26,428,6
33,4
12,9
17,719,0 19,3
29,4 31,6
26,2%
23,1% 22,9%26,6%
23,1%
30,8%
0%
15%
30%
45%
60%
0
4
8
12
16
20
24
28
32
36
Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016
Investment property
Market cap
LTV %
Rbn LTV %
TRACK RECORD
0
200
400
600
800
1000
1200
1400
June 17 June 18 June 19 June 20 June 21 June 22 June 23 June 24
Bank facilities
USD Funding
DEBT MATURITY PROFILEFIXED RATES AND SWAPS*
48
RmAverage maturity:
South African debt 4,9 years
USD debt 3,7 years
* Excludes EUR denominated debt
25
-
200
400
600
800
1 000
1 200
1 400
1 600
1 800
June 17 June 18 June 19 June 20 June 21 June 22 June 23 June 24
Bank facilities
Bonds / Commercial paper
USD Funding
DEBT MATURITY PROFILE BANK FACILITIES AND DCM
49
Average maturity:
South African debt 2,4 years
USD debt 3,6 years
Rm
% GROSS RENT TO TURNOVER
50
% Gross rent to turnoverDeterioration
Improvement
9,7%
9,1%8,9% 8,9%
8,3%7,9%
7,3%7,1%
6,7%
5,4%
4,4%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
The GlenShoppingCentre
Canal Walk Hyde ParkCorner
AtterburyValue Mart
ClearwaterMall
RosebankMall
WoodlandsBoulevard
SomersetMall
CapeGateMall
SomersetValue Mart
WillowbridgeMall
Portfolio average: +7,3% (2015: +7,1%)
12%
0%
2%
3%
14%
1% 1%
5%
1%3%
1%
26
TRADING DENSITY
Per month (R/m²)
51
4 168
3 3563 239
2 8912 807
2 6662 568 2 541
2 423 2 400
2 059
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Hyde ParkCorner
CanalWalk
SomersetMall
ClearwaterMall
WillowbridgeMall
RosebankMall
SomersetValue Mart
WoodlandsBoulevard
Cape GateMall
The GlenShoppingCentre
AtterburyValue Mart
9%
Average portfolio growth: +5,2% (2015: +7,4%)
7%
9%
9%
4%
2%
7%
5%18%
5%
3%
REVENUE SPREAD12 MONTHS
52
June 2015June 2016
59%20%
7%
5%
4%
3%
2%Retail rental
Municipal cost recovery
Operating cost recovery
Customer parking
Storerooms & other
Office rental
Turnover rental
59%21%
6%
5%
4%
3%
2%
27
Canal Walk (80% undivided share)
Clearwater Mall
Region Johannesburg
Total rentable
area (m²)86 867
Vacancy levels 0,5%
Foot count/m² 10
Region Cape Town
Total rentable
area (m²)158 632
Vacancy levels 1,2%
Foot count/m² 12
WoodlandsBoulevard
Region Pretoria
Total rentable
area (m²)71 642
Vacancy levels 0%
Foot count/m² 11
TOP 8 SA PROPERTIES
53
Rosebank Mall
Region Pretoria
Total rentable
area (m²)62 413
Vacancy levels 0,9%
Foot count/m² 16
CapeGate Regional
Region Cape Town
Total rentable
area (m²)63 783
Vacancy levels 0,2%
Foot count/m² 14
TOP 8 SA PROPERTIES (cont.)
54
The Glen (75,15% undivided share)
Region Johannesburg
Total rentable
area (m²)79 704
Vacancy levels 2,0%
Foot count/m² 14
Hyde Park Corner
Region Johannesburg
Total rentable
area (m²)39 088
Vacancy levels 0,5%
Foot count/m² 15
Somerset Mall
Region Cape Town
Total rentable
area (m²)69 048
Vacancy levels 0%
Foot count/m² 13
28
DISCLAIMERFORWARD-LOOKING STATEMENTS
This document contains forward-looking statements that, unless otherwise indicated, reflect the group’s expectations as at 30 June 2016
Actual results may differ materially from the group’s expectations if known and unknown risks or uncertainties affect its business, or if estimates or assumptions prove inaccurate
The group cannot guarantee that any forward-looking statement will materialise and, accordingly, readers are cautioned not to place undue reliance on any forward-looking statements
The group disclaims any intention and assumes no obligation to update or revise any forward-looking statement even if new information becomes available as a result of future events or for any other reason, other than as required by the JSE Listings Requirements
55