Hyprop's distributable income jumps 14.5% in strong half-year

Hyprop Investments Limited (JSE:HYPE) reported a 14.5% increase in distributable income for the six months ended December 31, 2024, climbing to R765 million from R668 million in the prior year. Distributable income per share rose by 14.4% to 201.4 cents. The company has raised its dividend payout ratio, declaring an interim dividend of 113.43 cents per share. The company's balance sheet remains solid, with a loan-to-value ratio of 36.3% and an improved interest cover ratio of 2.6 times. Tenant turnover in the South African portfolio increased by 4.9%, with a positive rent reversion rate of 4.4%. The Eastern European portfolio also performed strongly, with tenant turnover up 8.8%. Hyprop anticipates meeting the upper end of its guidance range for distributable income per share growth for the full year ending June 30, 2025, projecting an increase between 4% and 7%. Richard Inskip has been appointed as the lead independent director, effective March 13, 2025.