How Hyprop’s dividend growth tumbled
The results stand out amid hard operating conditions for the listed property sector
Shopping malls owner Hyprop Investments expects 5%-7% dividend growth for the 2019 financial year, but CEO Pieter Prinsloo said even though this may be disappointing, it was still well ahead of its peers. Hyprop, which owns nine premium SA shopping centres including The Mall of Rosebank, Clearwater Mall, Hyde Park Corner and Canal Walk, declared a total dividend per share of 756.5c for the year to June, up 8.8%. "Our investors may have become used to us growing our dividends in the double digits and this forecast is very conservative and could be disappointing, but it’s still ahead of market averages," Prinsloo said. A number of real estate investment trusts are forecasting dividend growth of 1%-4%, with some warning their income payouts will not grow at all, or they will shrink. Hyprop also has exposure to African and southeast European shopping centres. Earnings increase substantially The company said "against the backdrop of a pressured consumer environment", distributable earnin...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.