Wrap Text
Consolidated Audited Results for the year ended 30 June 2026 ("FY2026") cash dividend and outlook
HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
JSE bond issuer code: HYPI
(Approved as a REIT by the JSE)
("Hyprop" or "the Company" or "the Group")
Consolidated Audited Results
for the year ended 30 June 2026 ("FY2026") cash dividend and outlook
Hyprop delivers double-digit DIPS growth
driven by strong operating results
Headlines
Focused strategy execution yields strong returns
351.9 cents per share
Total dividend for FY2026
up 14.4%
R1.7 billion
Distributable income
up 13.7%
up 11.7%
Distributable income
per share ("DIPS")
in line with the upper end
of guidance
R2.95 billion
Cash generated
from operations
Prudent capital allocation and asset recycling support sustainable value creation
- Sold a 50% undivided share in Woodlands Boulevard for R825 million
- Implemented the Galleria Burgas acquisition in July 2026, expanding the Group's
footprint in Bulgaria
- Somerset Mall Phase 2 - retail and new food court expansion completed in
November 2025 and August 2026, respectively
- Completed solar-PV installations at The Glen, Hyde Park Corner (including
solar-PV and battery energy storage system) and CapeGate
Robust financial position enables future growth opportunities
- LTV ratio improved to 28.5% from 33.6% in FY2025
- Strong liquidity position with R1.7 billion of cash and R2.1 billion in available
bank facilities
- EE portfolio LTV reduced to 37.8% following Eur18 million reduction in
Euro borrowings
- R400 million new capital raised during the year and R739 million post year-end
- Average cost of borrowings reduced to 8.5% in ZAR and 3.9% in EUR
Strategic investments and repositioning initiatives propel retail
centres' market share gains
South African ("SA") portfolio
- Tenants' turnover increased 4.9% to R29.8 billion
- Trading density up 5.5%
- Average monthly foot count was 7.3 million
- Retail overall reversion rate improves further to positive 8.7%
- Launched the first Walmart store in Africa at Clearwater Mall
Eastern Europe ("EE") portfolio
- Tenants' turnover increased 4.2% to Eur659 million
- Trading density grew 3.9%
- Retail vacancies remain low at 0.1%
- City Center one East launched the first Sephora store in Croatia
New ESG strategy streamlines initiatives and
focuses on positive impact
- Adopted a group-wide ESG strategy to align
various initiatives
- Solar-PV capacity increased to 22 921 kWp in
FY2026 from 18 773 kWp in FY2025
- Water saving training and monitoring programme
across the SA portfolio reduced average daily
water consumption by 16%
- Seven of the nine retail centres in SA achieved net
zero waste certification
June 2026 June 2025 % change
Net operating income (R'000) 1 861 347 1 597 277 16.5%
Headline earnings per share (cents) 433.4 307.5 40.9%
Basic earnings per share (cents) 902.9 569.3 58.6%
Distributable income per share (cents) 423.0 378.8 11.7%
Dividends per share (cents) 351.88637 307.69772 14.4%
Interim dividend 116.94561 113.43000
Antecedent dividend - interim 2.03692 -
Final dividend 232.07236 194.26772
Antecedent dividend - final 0.83148 -
Net asset value per share (Rands) 65.62 61.49 6.7%
Outlook and prospects
Despite global economic volatility from ongoing
geopolitical tensions, policy uncertainty, and
evolving trade dynamics, South Africa's medium-
term outlook is improving, supported by structural
reforms in energy and logistics, creating a more
stable environment for investment. Inflation
and interest rate risks may present short-term
headwinds, but are expected to abate in time and we
remain confident that our dominant, experience-
led retail centres will continue to trade well during
these times.
Eastern Europe offers attractive risk-adjusted returns,
supported by sound macroeconomics, rising wages
and EU investment. Bulgaria's euro adoption will
further boost investment and integration, positioning
the country for further growth.
Prospects for our SA and EE portfolios remain
positive, underpinned by dominant assets and
resilient tenant and shopper bases. Somerset Mall's
Phase 3 and City Center one East's expansions will
drive earnings, and long-term competitiveness
and total returns. In addition to our organic growth
pipeline, we continue to evaluate acquisition
opportunities in both South Africa and Eastern
Europe that meet our investment criteria and
support our long-term growth strategy.
With dominant portfolios, a proven track record
and a strong balance sheet, we are well positioned
to capitalise on market opportunities and deliver
sustainable growth through our newly refined
strategic priorities:
1) Future Ready - Retail connected to
marketplaces and communities
2) Diversified - Asset portfolio and
geographical focus
3) Right Fit - Business capabilities and skills
4) Balance Sheet - Health and
investment excellence
Building on the significant momentum of the last
few years, the Group anticipates an increase of
7% to 9% in distributable income per share from
FY2026 to FY2027, based on the following key
assumptions:
- Forecast investment property income is based
on contractual rental escalations, and
market-related renewals;
- Appropriate allowances for vacancies and rent
reversions have been incorporated;
- Interest rates remain at current levels and
maturing borrowings are refinanced at
prevailing interest rates and margins;
- No further deterioration in the SA or
global economy;
- No major economic, socio-political or other
regional/global disruptions occur;
- No major corporate and/or tenant failures occur;
- Save for the acquisition of Galleria Burgas and July
2026 capital raise, no corporate transactions occur
and/or new shares are issued; and
- An average Rand/Euro exchange rate of R19.50/
Eur (slightly stronger than FY2026's average rate).
Shareholders should note that the guidance above
is subject to change, certain assumptions may not
materialise, plans may change, and unanticipated
events and circumstances may affect the Group
strategy or the actions it takes.
The guidance has not been reviewed or reported on
by the Company's auditors.
Dividend declaration and settlement
Notice is hereby given that the Board has declared
a total final dividend of 232.90384 cents per share
for the year ended 30 June 2026, comprising a
final dividend of 232.07236 cents per share, and an
antecedent dividend of 0.83148 cents per share.
The dividend is payable to Hyprop shareholders in
accordance with the timetable set out below:
Last date to trade cum dividend:
Tuesday, 6 October 2026
Shares trade ex dividend:
Wednesday, 7 October 2026
Record date:
Friday, 9 October 2026
Payment date:
Monday, 12 October 2026
The above dates and times are subject to change.
Any changes will be released on SENS.
Share certificates may not be dematerialised or
rematerialised between Wednesday, 7 October 2026
and Friday, 9 October 2026, both days inclusive.
In respect of dematerialised shareholders, the
dividend will be transferred to the Central Securities
Depository Participant ("CSDP") accounts/broker
accounts on Monday, 12 October 2026. Certificated
shareholders' dividend payments will be posted on
or about Monday, 12 October 2026.
Ordinary shares of no par value in issue at
8 September 2026: 419 390 043
Income tax reference number of Hyprop
Investments Limited: 9425177715
Shareholders are advised that the dividend meets
the requirements of a "qualifying distribution" for
the purposes of section 25BB of the Income Tax
Act, No 58 of 1962 (Income Tax Act). The dividends
on the shares will be taxable dividends for South
African tax purposes in terms of section 25BB of the
Income Tax Act.
Tax implications for SA resident shareholders
Dividends received by or accrued to SA tax
residents must be included in the gross income
of such shareholders and will not be exempt
from income tax in terms of the exclusion to the
general dividend exemption contained in section
10(1)(k)(i)(aa) of the Income Tax Act because
they are dividends distributed by a REIT. These
dividends are, however, exempt from dividend
withholding tax (dividend tax) in the hands of
SA resident shareholders, provided that the
SA resident shareholders have provided to the
CSDP or broker, as the case may be, in respect of
uncertificated shares, or the Company, in respect
of certificated shares, a DTD(EX) form (dividend
tax: declaration and undertaking to be made by the
beneficial owner of a share) to prove their status
as SA residents. If resident shareholders have not
submitted the above-mentioned documentation
to confirm their status as SA residents, they are
advised to contact their CSDP or broker, as the
case may be, to arrange for the documents to be
submitted before the dividend payment.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders
from a REIT will not be taxable as income and
instead will be treated as ordinary dividends, which
are exempt from income tax in terms of the general
dividend exemption section 10(1)(k) of the Income
Tax Act. Any dividend received by a non-resident
from a REIT is subject to dividend tax at 20%, unless
the rate is reduced in terms of any applicable
agreement for the avoidance of double taxation
(DTA) between SA and the country of residence
of the non-resident shareholder. Assuming
dividend tax will be withheld at a rate of 20%, the
net amount due to non-resident shareholders is
186.32307 cents per share. A reduced dividend
withholding tax rate in terms of the applicable
DTA may only be relied on if the non-resident
shareholder has provided the following forms to
their CSDP or broker, as the case may be, in respect
of uncertificated shares, or the Company, in respect
of certificated shares:
- A declaration that the dividend is subject to a
reduced rate as a result of the application of
the DTA;
- A written undertaking to inform the CSDP,
broker or the Company, as the case may be,
should the circumstances affecting the reduced
rate change or the beneficial owner cease to be
the beneficial owner, both in the form prescribed
by the Commissioner of the South African
Revenue Service.
If applicable, non-resident shareholders are advised
to contact the CSDP, broker or the Company to
arrange for the abovementioned documents to be
submitted before the dividend payment, if such
documents have not already been submitted.
9 September 2026
This announcement is the responsibility of the directors and is only a summary of the information contained in the audited consolidated annual financial statements for the year
ended 30 June 2026 ("2026 AFS") and does not include full or complete details. Any investment decisions by investors and/or shareholders should be based on the 2026 AFS. The
2026 AFS including the audit opinion of the external auditor, KPMG Inc, which sets out the key audit matters and the basis for its unmodified opinion, has been released on SENS
and are available on the JSE website at https://senspdf.jse.co.za/documents/2026/jse/isse/HYPE/FY2026.pdf and on the Company website at
https://www.hyprop.co.za/results/annuals-2026/pdf/financial-statements.pdf.
Copies of the 2026 AFS may also be requested by emailing Boitumelo Nkambule at boitumelo@hyprop.co.za or the Company's registered office.
Hyprop's summarised consolidated audited results for the year ended 30 June 2026 which includes directors' commentary have been published on the Company's website at
https://www.hyprop.co.za/results/annuals-2026/pdf/booklet.pdf
Corporate information
Directors S Noussis*^ (Chairman), MC Wilken (CEO)#, BC Till (CFO)#, AW Nauta (CIO)#, AA Dallamore*^, L Dotwana*^, RJD Inskip (Lead independent director)*^, Z Jasper*^,
BS Mzobe*^, LM Ndala*^, ME Oberholster*^ # Executive | * Non-executive | ^ Independent
Registered office Second Floor, Cradock Heights, 21 Cradock Avenue, Rosebank, 2196 Transfer secretaries Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 Company secretary Tendayi Kgasoe Sponsor Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Investor relations Boitumelo Nkambule e. boitumelo@hyprop.co.za
Date: 09/09/2026 08:15:00
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