Announcement • Apr 02
Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited completed the acquisition of 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 820 million. Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited entered into an agreement to acquire 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 790 million on February 6, 2026. A cash consideration of ZAR 790.5 million will be paid by Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited. The aggregate consideration for the 50% of Woodlands undivided share is ZAR 790.5 million (including VAT at 0%), with an escalation of 0.53% per month from August 1, 2025, to the Transfer Date. Each Purchaser will acquire a 1/6th undivided share in the Property and the Rental Enterprise and will accordingly settle their equal portion of the Purchase Price. The Purchase Price will be paid to Hyprop in cash on the date of registration of transfer of the proportionate share of the 50% undivided share in Woodlands Boulevard. The proceeds from the transaction will be deployed by Hyprop to pursue new investment opportunities aligned with the Hyprop group’s strategic growth objectives and capital allocation strategy.
Hyprop retains the right to terminate the sale agreement if the necessary transfer documents are not lodged with the deeds registry office by April 30, 2026, or a later date determined by Hyprop. If lodgement has not occurred by April 30, 2026 due to an act or omission on the part of either party which delays lodgement, then a break fee in an amount of ZAR 0.5 million shall be paid by the defaulting party to each aggrieved party.
Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited completed the acquisition of 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 820 million on March 31, 2026. Java Capital, Legal Advisory Services acted as legal advisor for Hyprop Investments Limited. Adams & Adams acted as legal advisor for buyers. Upcoming Dividend • Apr 01
Upcoming dividend of R1.19 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 13 April 2026. Trailing yield: 5.7%. Lower than top quartile of South African dividend payers (8.1%). In line with average of industry peers (6.3%). Declared Dividend • Mar 12
First half dividend of R1.19 announced Shareholders will receive a dividend of R1.19. Ex-date: 8th April 2026 Payment date: 13th April 2026 Dividend yield will be 5.6%, which is lower than the industry average of 8.1%. Reported Earnings • Mar 10
First half 2026 earnings released First half 2026 results: Revenue: R2.60b (up 4.4% from 1H 2025). Net income: R2.45b (up 135% from 1H 2025). Profit margin: 94% (up from 42% in 1H 2025). Revenue is forecast to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Retail REITs industry in South Africa are expected to remain flat. Buy Or Sell Opportunity • Feb 18
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to R62.48. The fair value is estimated to be R52.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 26%. Buy Or Sell Opportunity • Feb 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to R59.19. The fair value is estimated to be R48.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 26%. Buy Or Sell Opportunity • Jan 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to R58.90. The fair value is estimated to be R48.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 26%. Announcement • Dec 12
Hyprop Investments Limited to Report Fiscal Year 2026 Results on Sep 09, 2026 Hyprop Investments Limited announced that they will report fiscal year 2026 results on Sep 09, 2026 Recent Insider Transactions Derivative • Dec 12
CEO & Director exercised options to buy R992k worth of stock. On the 8th of December, Morné Wilken exercised options to buy 18k shares at a strike price of around R56.68, costing a total of R1.0m. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. Since June 2025, Morné's direct individual holding has increased from 911.88k shares to 1.01m. Company insiders have collectively bought R3.1m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Dec 02
Price target increased by 23% to R51.20 Up from R41.50, the current price target is an average from 2 analysts. New target price is 8.2% below last closing price of R55.79. Stock is up 23% over the past year. The company posted earnings per share of R5.68 last year. Announcement • Dec 01
Hyprop Investments Limited to Report First Half, 2026 Results on Mar 10, 2026 Hyprop Investments Limited announced that they will report first half, 2026 results on Mar 10, 2026 Announcement • Oct 28
Hyprop Investments Limited, Annual General Meeting, Nov 27, 2025 Hyprop Investments Limited, Annual General Meeting, Nov 27, 2025. Recent Insider Transactions • Oct 10
Key Executive recently sold R6.9m worth of stock On the 6th of October, Brett Till sold around 143k shares on-market at roughly R47.97 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Brett's only on-market trade for the last 12 months. Upcoming Dividend • Oct 02
Upcoming dividend of R1.94 per share Eligible shareholders must have bought the stock before 08 October 2025. Payment date: 13 October 2025. Trailing yield: 8.3%. Lower than top quartile of South African dividend payers (8.6%). Higher than average of industry peers (7.3%). Declared Dividend • Sep 18
Final dividend of R1.94 announced Shareholders will receive a dividend of R1.94. Ex-date: 8th October 2025 Payment date: 13th October 2025 Dividend yield will be 6.4%, which is lower than the industry average of 8.1%. Reported Earnings • Sep 16
Full year 2025 earnings released: EPS: R5.68 (vs R6.64 in FY 2024) Full year 2025 results: EPS: R5.68 (down from R6.64 in FY 2024). Revenue: R4.82b (up 7.5% from FY 2024). Net income: R2.16b (down 13% from FY 2024). Profit margin: 45% (down from 55% in FY 2024). Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Global Retail REITs industry. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 1 highly experienced director. Independent Non Executive Director Moegamat Isaacs was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jul 23
Price target increased by 11% to R44.00 Up from R39.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of R44.75. Stock is up 42% over the past year. The company posted earnings per share of R6.64 last year. Announcement • May 27
Hyprop Looks At Europe Expansion with A Potential Bid for MAS Hyprop Investments Limited (JSE:HYP) is considering buying MAS P.L.C. (JSE:MSP) as part of its plans to grow its footprint in booming East European markets. The proposed deal will offer MAS shareholders the option of a share swap or a cash alternative. "In line with Hyprop's strategy to grow its presence in dominant retail centres across SA and Eastern Europe with a focus on new growth opportunities in the region the group has evaluated acquiring a controlling stake in MAS," Hyprop said in a Sens announcement released on 26 May 2025. The owner of Canal Walk said it is planning to raise capital for the MAS acquisition by issuing new shares, with the price to be set through a bookbuild process. Board Change • Apr 24
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non Executive Director Moegamat Isaacs was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Apr 15
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to R40.24. The fair value is estimated to be R33.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 43%. Upcoming Dividend • Mar 26
Upcoming dividend of R11.34 per share Eligible shareholders must have bought the stock before 02 April 2025. Payment date: 07 April 2025. Trailing yield: 6.6%. Lower than top quartile of South African dividend payers (8.4%). Lower than average of industry peers (7.5%). Reported Earnings • Mar 16
First half 2025 earnings released: FFO per share: R2.0 (vs R1.67 in 1H 2024) First half 2025 results: FFO per share: R2.0 (up from R1.67 in 1H 2024). Revenue: R2.49b (up 8.3% from 1H 2024). Funds from operations (FFO): R764.0m (up 27% from 1H 2024). FFO margin: 31% (up from 26% in 1H 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Global Retail REITs industry. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Hyprop Investments Limited Declares Interim Dividend for the Six Months Ended 31 December 2024, Payable on 7 April 2025 The Board of Hyprop Investments Limited has approved and notice is hereby given of an interim dividend of 113.43000 cents per share for the six months ended 31 December 2024. Shares trade ex dividend: 2 April 2025. Record date: 4 April 2025. Payment date: 7 April 2025. The above dates and times are subject to change. Any changes will be released on SENS. Announcement • Mar 13
Hyprop Investments Limited Appoints Richard Inskip as Lead Independent Director Hyprop Investments Limited announced that Richard Inskip, an independent non-executive director, was appointed as the lead independent director of the Board effective 13 March 2025. Recent Insider Transactions Derivative • Dec 13
CEO & Director exercised options to buy R3.0m worth of stock. On the 10th of December, Morné Wilken exercised options to buy 62k shares at a strike price of around R42.47, costing a total of R2.6m. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. Since June 2024, Morné's direct individual holding has decreased from 773.64k shares to 666.60k. Company insiders have collectively bought R6.0m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Oct 08
Price target increased by 17% to R41.00 Up from R35.00, the current price target is provided by 1 analyst. New target price is 6.9% below last closing price of R44.03. Stock is up 40% over the past year. The company posted earnings per share of R6.64 last year. Upcoming Dividend • Oct 02
Upcoming dividend of R2.80 per share Eligible shareholders must have bought the stock before 09 October 2024. Payment date: 14 October 2024. Trailing yield: 6.2%. Lower than top quartile of South African dividend payers (7.4%). Lower than average of industry peers (7.2%). Announcement • Sep 24
Lango Real Estate Limited completed the acquisition of AttAfrica Limited from Hyprop Investments Limited (JSE:HYP) and Attacq Limited (JSE:ATT). Lango Real Estate Limited agreed to acquire AttAfrica Limited from Hyprop Investments Limited (JSE:HYP) and Attacq Limited (JSE:ATT) for $27.3 million on August 7, 2024. Subject to the fulfilment (or waiver) of the conditions precedent set out below, the Sellers will dispose of their interests in AttAfrica to the Buyer for an aggregate purchase price of $27.306 million, net of debt (“AttAfrica Purchase Consideration”), apportioned as $19.966 million in respect of Hyprop and $7.340 million in respect of Attacq. The AttAfrica Purchase Consideration will be settled by the issue of class A shares in the Buyer to the Sellers in their respective proportions (“AttAfrica Consideration Shares”) calculated at an issue price of $4.19 per AttAfrica Consideration Share on the Completion Date (as defined below). 20% of the AttAfrica Consideration Shares will be held in escrow until the earliest of: (i) June 30, 2025; and (ii) six months after the Completion Date pending fulfilment by the Sellers of their undertaking to assist with the on-boarding of the properties acquired by the Buyer. The AttAfrica Disposal is subject to the fulfilment or waiver of the following conditions precedent by the Longstop Date: the Sellers having entered into an escrow agreement in respect of the disposal of their respective shareholdings in AMML in accordance with the escrow obligations, including obtaining the approval of the Financial Surveillance Department of the South Africa Reserve Bank. Obtaining unconditional written consents from the lenders to the AttAfrica group in relation to the AttAfrica Disposal; execution by the Sellers of the subscription agreement and shareholder’s agreement to be concluded between Lango and the Sellers relating to the issue of the AttAfrica Consideration Shares; and to the extent required, receipt of all necessary regulatory approvals required for the implementation of the AttAfrica Disposal. If the conditions precedent of each transaction have not been satisfied or waived by the Longstop Date, the Longstop Date for that transaction shall continue indefinitely until either the Sellers or the Buyer notifies the other in writing that it wishes for the Longstop Date to no longer be indefinite, in which case the date of that notice shall become the Longstop Date for that transaction. The effective date of each Transaction shall be the 5th business day after the last of the conditions precedent have been satisfied Longstop Date will be on December 31, 2024. The transaction is expected to be completed within September 30, 2024.
Lango Real Estate Limited completed the acquisition of AttAfrica Limited from Hyprop Investments Limited (JSE:HYP) and Attacq Limited (JSE:ATT) on September 23, 2024. New Risk • Sep 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 93% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Reported Earnings • Sep 17
Full year 2024 earnings released: EPS: R6.64 (vs R4.32 in FY 2023) Full year 2024 results: EPS: R6.64 (up from R4.32 in FY 2023). Revenue: R4.48b (up 6.2% from FY 2023). Net income: R2.47b (up 62% from FY 2023). Profit margin: 55% (up from 36% in FY 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Global Retail REITs industry. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Sep 17
Hyprop Investments Limited Announces Changes to the Composition of the Social and Ethics Committee Hyprop Investments Limited announced the following changes to the composition the Social and Ethics Committee with effect from 17 September 2024: Morné Wilken and Brett Till will step down as members of the Social and Ethics Committee. Zuleka Jasper and Loyiso Dotwana have been appointed as members of the Social and Ethics Committee. Buy Or Sell Opportunity • Aug 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to R35.18. The fair value is estimated to be R29.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Aug 13
Lango Real Estate Limited entered into an agreement to acquire AttAfrica Limited from Hyprop Investments Limited (JSE:HYP) and Attacq Limited (JSE:ATT) for $27.3 million. Lango Real Estate Limited agreed to acquire AttAfrica Limited from Hyprop Investments Limited (JSE:HYP) and Attacq Limited (JSE:ATT) for $27.3 million on August 12, 2024. The consideration consists of Class A Lango Shares common equity of Lango Real Estate Limited having a value of $27.3 million to be issued for common equity of AttAfrica Limited. The total consideration of $27.3 million, net of debt, which will be paid in the form of Class A Lango shares. As a result, Hyprop will hold shares worth $19.9 million in Lango, while Attacq will hold Lango shares worth $7.3 million. The acquisition includes The Ghanaian centers (Accra Mall, Kumasi City Mall and West Hills Mall) which are owned by AttAfrica. For both transactions, 20% of the shares payable will be held in escrow until the earliest of June 30, 2025 or six months after the completion date, pending the sellers fulfilling their commitment to assist the buyer with onboarding the retail centers. Upon conclusion of the transactions, Hyprop and Attacq will be released from all their commitments relating to the in-country debt in Ghana and Nigeria. The transaction is subject to several conditions, including regulatory approvals. Hyprop does not intend to be a long-term holder of Lango Real Estate's shares. Buy Or Sell Opportunity • Jul 02
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to R32.88. The fair value is estimated to be R25.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 20
Allan Gray Proprietary Ltd. acquired an unknown minority stake in Hyprop Investments Limited (JSE:HYP). Allan Gray Proprietary Ltd. acquired an unknown minority stake in Hyprop Investments Limited (JSE:HYP) on June 19, 2024. As a part of this acquisition, Allan Gray now amounts to 9.2869% of the total issued ordinary shares of Hyprop.Allan Gray Proprietary Ltd. completed the acquisition of unknown minority stake in Hyprop Investments Limited (JSE:HYP) on June 19, 2024. Buy Or Sell Opportunity • Jun 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to R31.00. The fair value is estimated to be R25.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 14
Now 21% overvalued Over the last 90 days, the stock has fallen 6.1% to R29.16. The fair value is estimated to be R24.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Mar 29
Hyprop Investments Limited Appoints Moegamat Reeza Isaacs as Independent Non-Executive Director and Member of the Audit and Risk Committee, Effective April 2, 2024 The board of directors of Hyprop Investments Limited has appointed Moegamat Reeza Isaacs as an independent non-executive director of the Company, with effect from 2 April 2024. Reeza has also been appointed as a member of the Company's Audit and Risk Committee, with effect from 2 April 2024. Reeza has over 30 years of experience as an executive director in the professional services and retail sectors, most recently as the Finance Director of Woolworths Holdings Limited, a role he held for 10 years. In this capacity he served on the Woolworths' main Board and Risk Committee and was a member of the Treasury committee. He also chaired the Audit Committees of major subsidiaries Woolworths South Africa, Woolworths Financial Services, David Jones and Country Road. Prior to his role at Woolworths, he spent 22 years at Ernst & Young in various capacities, including Regional Senior Partner in the Cape, and served a range of corporates in the asset management, insurance, energy and retail industries. He is currently a member of the University of Cape Town council and chairs the university's Finance Committee. New Risk • Mar 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 22% Last year net profit margin: 32% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (22% net profit margin). Shareholders have been diluted in the past year (6.1% increase in shares outstanding). Reported Earnings • Mar 15
First half 2024 earnings released: FFO per share: R1.7 (vs R1.86 in 1H 2023) First half 2024 results: FFO per share: R1.7 (down from R1.86 in 1H 2023). Revenue: R2.30b (up 13% from 1H 2023). Funds from operations (FFO): R603.1m (down 5.6% from 1H 2023). FFO margin: 26% (down from 32% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 7.4% p.a. on average during the next 3 years, while revenues in the Global Retail REITs industry are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 22
An unknown buyers acquired an unknown minority stake in Hyprop Investments Limited (JSE:HYP). An unknown buyers acquired an unknown minority stake in Hyprop Investments Limited (JSE:HYP) on February 21, 2024. Public Investment Corporation SOC Limited on behalf of its clients (“PIC”) has, in aggregate, acquired an interest in the ordinary shares of Hyprop, such that the total interest in the ordinary shares of Hyprop held by the PIC now amounts to 20.18% of the total issued ordinary shares of Hyprop. An unknown buyers completed the acquisition of unknown minority stake in Hyprop Investments Limited (JSE:HYP) on February 21, 2024. Buy Or Sell Opportunity • Feb 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to R32.46. The fair value is estimated to be R26.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions Derivative • Nov 08
CEO & Director exercised options to buy R425k worth of stock. On the 1st of November, Morné Wilken exercised options to buy 16k shares at a strike price of around R28.36, costing a total of R452k. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. Since December 2022, Morné's direct individual holding has increased from 347.59k shares to 597.19k. Company insiders have collectively bought R6.4m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Nov 01
Board Member exercised options to buy R77k worth of stock. On the 25th of October, Abraham Nauta exercised options to buy 3k shares at a strike price of around R33.36, costing a total of R100k. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. Since December 2022, Abraham's direct individual holding has increased from 170.38k shares to 235.96k. Company insiders have collectively bought R545k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Oct 29
Board Member exercised options to buy R84k worth of stock. On the 25th of October, Abraham Nauta exercised options to buy 3k shares at a strike price of around R33.36, costing a total of R100k. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. Since December 2022, Abraham's direct individual holding has increased from 170.38k shares to 232.96k. Company insiders have collectively bought R545k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 29
Hyprop Investments Limited, Annual General Meeting, Nov 29, 2023 Hyprop Investments Limited, Annual General Meeting, Nov 29, 2023, at 10:00 South Africa Standard Time. Agenda: To consider re-election of directors; to consider re-appointment of the External Auditor; to consider endorsement of the remuneration policy; to consider General authority to issue shares for cash; to consider Endorsement of the remuneration implementation report; to consider Share repurchases; to consider Financial assistance to related and inter-related parties; to consider approval of non-executive directors' fees; and to consider Signature of Documentation. Upcoming Dividend • Oct 25
Upcoming dividend of R2.99 per share at 11% yield Eligible shareholders must have bought the stock before 01 November 2023. Payment date: 08 November 2023. Trailing yield: 11%. Within top quartile of South African dividend payers (9.8%). Higher than average of industry peers (9.0%). Announcement • Oct 18
Hyprop Investments Limited (JSE:HYP) signed an agreement to acquire Table Bay Mall from Table Bay Mall Property Trust for ZAR1.6 billion. Hyprop Investments Limited (JSE:HYP) signed an agreement to acquire Table Bay Mall from Table Bay Mall Property Trust for ZAR1.6 billion on October 16, 2023. The Company will settle the Purchase Consideration utilising new and a portion of its existing undrawn borrowing facilities of ZAR2.3 billion. Table Bay Mall will remain unencumbered. In addition to the Purchase Consideration, Hyprop will pay the Sellers ZAR23.3 million on the Effective Date in respect of the cost of the Solar Panels currently being installed on Table Bay Mall.Hyprop will complete the installation and commissioning of the Solar Panels at its cost (estimated to be circa ZAR29 million). The Purchase Consideration will be increased by 0.67% per month from 1 November 2023, compounded monthly in arrears, up to and including the Effective Date. The Purchase Consideration is subject to an adjustment account, as is normal in such transactions, to be prepared and settled no later than 70 business days after the Effective Date. The Transaction is subject to the fulfilment of the condition precedent, that, by no later than 30 April 2024, the relevant Competition Authority unconditionally approves, in writing, the Transaction, or, if the approval is subject to conditions, those conditions are acceptable to the party on whom the conditions are imposed. Announcement • Sep 23
Hyprop Investments Limited Declares Dividend for the Year 2023 Hyprop Investments Limited declared dividend of ZAR 299 per share was declared for the year amounting to ZAR 1.07 billion in total and a 7% increase on the total dividend declared for 2022. Reported Earnings • Sep 21
Full year 2023 earnings released: EPS: R4.32 (vs R4.07 in FY 2022) Full year 2023 results: EPS: R4.32 (up from R4.07 in FY 2022). Revenue: R4.37b (up 43% from FY 2022). Net income: R1.52b (up 13% from FY 2022). Profit margin: 35% (down from 44% in FY 2022). Revenue is expected to fall by 9.0% p.a. on average during the next 2 years compared to a 3.0% decline forecast for the Retail REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • May 27
Hyprop Investments Limited to Report Fiscal Year 2023 Results on Sep 21, 2023 Hyprop Investments Limited announced that they will report fiscal year 2023 results on Sep 21, 2023 Price Target Changed • May 23
Price target increased by 11% to R38.19 Up from R34.36, the current price target is an average from 2 analysts. New target price is 30% above last closing price of R29.40. Stock is down 16% over the past year. The company posted earnings per share of R4.07 last year. Announcement • Jan 24
Eskom Pension and Provident Fund acquired an unknown additional stake in Hyprop Investments Limited (JSE:HYP). Eskom Pension and Provident Fund acquired an unknown additional stake in Hyprop Investments Limited (JSE:HYP) on January 23, 2023. Eskom Pension and Provident Fund now owns a 5.1% stake in Hyprop Investments Limited.
Eskom Pension and Provident Fund completed the acquisition of an unknown additional stake in Hyprop Investments Limited (JSE:HYP) on January 23, 2023 Announcement • Dec 18
Hyprop Investments Limited Announces Board and Committees Changes Shareholders and noteholders are advised that Gavin Tipper, the Chairman of the board of directors of Hyprop Investments Limited ("the Board"), has indicated that he will retire from the Board with effect from 31 December 2022. Gavin has accepted an appointment as the CEO of Arise, an investment firm in sub-Saharan Africa. Spiros Noussis, an independent non-executive director, will succeed Gavin as the Chairman of the Board. Spiros is a Chartered Accountant with considerable experience in the property sector in South Africa, Central and Eastern Europe and the United Kingdom. He was formerly the joint CEO of NEPI Rockcastle N.V., which owns a portfolio of dominant retail shopping centres in Central and Eastern Europe. Spiros's knowledge of the property market and the understanding of the group he has gained since joining the board, position him well to chair the Board. Shareholders and noteholders are further advised that, with effect from 31 December 2022, Gavin will step down as chairman of the Nomination and Investment committees, Spiros will assume the chair of these committees. Richard Inskip will chair the Remuneration Committee, post the recent retirement of Stewart Shaw-Taylor. Annabel Dallamore, an independent non-executive director, will be appointed as a member on both the Nomination and Remuneration committeeswith effect from 31 December 2022. Recent Insider Transactions Derivative • Dec 07
CEO & Director exercised options to buy R212k worth of stock. On the 1st of December, Morné Wilken exercised options to buy 6k shares at a strike price of around R34.80, costing a total of R219k. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. Since June 2022, Morné has owned 341.31k shares directly. Company insiders have collectively bought R527k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Nov 16
Price target increased to R37.04 Up from R33.06, the current price target is an average from 2 analysts. New target price is 5.5% above last closing price of R35.10. Stock is up 3.8% over the past year. The company posted earnings per share of R4.07 last year. Announcement • Nov 10
Sesfikile Capital Proprietary Limited on behalf of a client acquired an unknown minority stake in Hyprop Investments Limited (JSE:HYP). Sesfikile Capital Proprietary Limited on behalf of a client acquired an unknown minority stake in Hyprop Investments Limited (JSE:HYP) on November 9, 2022. Sesfikile Capital Proprietary Limited on behalf of its clients holds 5.03% stake in Hyprop Investments Limited.
Sesfikile Capital Proprietary Limited on behalf of a client completed the acquisition of an unknown minority stake in Hyprop Investments Limited (JSE:HYP) on November 9, 2022. Announcement • Oct 31
Hyprop Investments Limited, Annual General Meeting, Nov 25, 2022 Hyprop Investments Limited, Annual General Meeting, Nov 25, 2022, at 10:00 South Africa Standard Time. Agenda: To consider Election of directors appointed to the Board during the year; to consider Re-Election of directors; to consider Appointment of the members of the Audit and Risk Committee; to consider Re-appointment of External Auditor; to consider General authority to issue shares for cash; to consider Endorsement of the remuneration policy; to consider Endorsement of the remuneration implementation report; and to consider other matters. Upcoming Dividend • Oct 26
Upcoming dividend of R2.94 per share Eligible shareholders must have bought the stock before 02 November 2022. Payment date: 08 November 2022. Trailing yield: 8.1%. Lower than top quartile of South African dividend payers (9.0%). Lower than average of industry peers (9.7%). Price Target Changed • Oct 14
Price target increased to R37.09 Up from R31.57, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R36.84. Stock is up 9.5% over the past year. The company posted earnings per share of R4.07 last year. Announcement • Oct 01
Hyprop Investments Limited to Report Fiscal Year 2022 Results on Sep 29, 2022 Hyprop Investments Limited announced that they will report fiscal year 2022 results on Sep 29, 2022 Reported Earnings • Sep 30
Full year 2022 earnings released Full year 2022 results: Net income: (up R811.6m from FY 2021). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the REITs industry in South Africa. Price Target Changed • Sep 30
Price target increased to R33.85 Up from R31.57, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of R34.37. Stock is up 6.9% over the past year. Announcement • Jun 30
Hyprop Investments Limited Announces Executive Changes Stewart Shaw-Taylor, who is due to retire by rotation at Hyprop Investments Limited's 2022 annual general meeting, has informed the board of directors of the Company that he does not intend to offer himself for re-election at that meeting. He will remain as a non-executive director and a member of the board committees on which he serves until the annual general meeting. Richard Inskip has been appointed as an independent non-executive director with effect from 1 July 2022. Richard has 35 years of experience as a Senior Executive /Board Director in the Retail and Retail Financial Services industries. While he was based in South Africa for the majority of his career, he has worked in the United Kingdom, Australia and multiple African countries. Richard was previously the Chief Operating Officer of the Massmart Group. Hyprop has reconstituted its Board committees with effect from 1 July 2022 as follows: 1. The Audit and Risk Committee will continue to comprise Mr. T Mokgatlha (Chairman), Mr. S Shaw-Taylor, Ms. Z Jasper, Ms. A Dallamore; 2. The Nomination Committee will comprise Mr. G Tipper (Chairman), Mr. S Shaw-Taylor, and new appointments Messrs S Noussis and R Inskip; 3. The Remuneration Committee will comprise Mr. S Shaw-Taylor (Chairman), Mr. G Tipper, and new appointments Messrs S Noussis and R Inskip. Mr. T Mokgatlha is stepping down from the Remuneration and Nomination committees due to other commitments and the Board thanks him for the contribution he made; 4. The Social and Ethics Committee will comprise Ms N Mandindi (Chairperson), Messrs B Till and M Wilken, and new appointment Ms. Mzobe; and 5. The Investment Committee will comprise Mr. G Tipper (Chairman), Messrs S Shaw-Taylor, K Ellerine, S Noussis, M Wilken, W Nauta, and new appointments Mr. L Dotwana and Ms. B Mzobe. Ms. A Dallamore will step down as a member of the committee but will attend meetings where information technology matters are considered. Announcement • Apr 12
Allan Gray Proprietary Limited on behalf of client acquired an unknown stake in Hyprop Investments Limited (JSE : HYP). Allan Gray Proprietary Limited on behalf of client acquired an unknown stake in Hyprop Investments Limited (JSE : HYP) on April 11, 2022. Pursuant to the transaction, Allan Gray’s clients now hold an aggregate of 15.0457% stake in Hyprop Investments.
Allan Gray Proprietary Limited on behalf of client completed the acquisition of an unknown stake in Hyprop Investments Limited (JSE : HYP) on April 11, 2022. Announcement • Feb 19
Hyprop Investments Limited to Report First Half, 2022 Results on Mar 17, 2022 Hyprop Investments Limited announced that they will report first half, 2022 results on Mar 17, 2022 Price Target Changed • Jan 18
Price target increased to R35.57 Up from R32.70, the current price target is an average from 4 analysts. New target price is 5.3% below last closing price of R37.57. Stock is up 39% over the past year. The company posted a net loss per share of R2.97 last year. Upcoming Dividend • Oct 13
Inaugural dividend of R3.37 per share Eligible shareholders must have bought the stock before 20 October 2021. Payment date: 25 October 2021. The company last paid an ordinary dividend in September 2019. The average dividend yield among industry peers is 9.5%. Price Target Changed • Oct 07
Price target increased to R32.70 Up from R30.03, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R32.69. Stock is up 77% over the past year. Price Target Changed • Aug 17
Price target increased to R30.03 Up from R27.54, the current price target is an average from 4 analysts. New target price is 20% above last closing price of R25.00. Stock is up 33% over the past year. Price Target Changed • Jun 15
Price target increased to R29.60 Up from R27.54, the current price target is an average from 4 analysts. New target price is 6.1% above last closing price of R27.89. Stock is up 20% over the past year. Announcement • Feb 09
Primegrowth Retail Property Proprietary Limited signed a sale agreement to acquire a 33.33% stake in Atterbury Value Mart from Hyprop Investments Limited (JSE:HYP). Primegrowth Retail Property Proprietary Limited signed a sale agreement to acquire a 33.33% stake in Atterbury Value Mart from Hyprop Investments Limited (JSE:HYP) on February 8, 2021. Combined consideration of all three transactions is ZAR 1.1 billion. Consideration will be paid in cash on the transfer date. In related transactions, Twin City Trading 2 Proprietary Limited and Atterbury Mile Proprietary Limited, each concluded separate sale agreements to acquire a 33.33% stake each in Atterbury Value Mart from Hyprop Investments Limited. Atterbury Value Mart reported a net operating income of ZAR 107.1 million for the financial year ended June 30, 2020. Transaction is subject to Primegrowth Retail Property Proprietary Limited, Twin City Trading 2 Proprietary Limited and Atterbury Mile Proprietary Limited obtaining senior debt finance of at least ZAR 150 million; the Competition Authorities approving the disposal; Hyprop and Atterbury Mile concluding a vendor loan agreement (and related security agreements), and a step-in rights agreement and an intercreditor agreement (including with the senior lenders to Atterbury Mile); Primegrowth Retail Property Proprietary Limited, Twin City Trading 2 Proprietary Limited and Atterbury Mile Proprietary Limited concluding a co-ownership agreement in respect of Atterbury Value Mart and Hyprop concluding an agreement with the general manager of Atterbury Value Mart to retain his services. The net proceeds from the disposal will be used to reduce debt and will result in Hyprop’s see-through loan to value ratio at June 30, 2020 of 41.4% reducing by 1.9% to 39.5%. Is New 90 Day High Low • Dec 04
New 90-day high: R31.52 The company is up 85% from its price of R17.05 on 04 September 2020. The South African market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R50.95 per share. Announcement • Nov 19
Truffle Asset Management Proprietary Limited on behalf of clients acquired an unknown stake in Hyprop Investments Limited (JSE:HYP). Truffle Asset Management Proprietary Limited on behalf of clients acquired an unknown stake in Hyprop Investments Limited (JSE:HYP) on November 18, 2020. As a result of the transaction, Truffle’s clients now holds in the aggregate 5.22% stake in Hyprop’s total ordinary shares in issue.
Truffle Asset Management Proprietary Limited on behalf of clients completed the acquisition of an unknown stake in Hyprop Investments Limited (JSE:HYP) on November 18, 2020. Is New 90 Day High Low • Nov 10
New 90-day high: R24.00 The company is up 26% from its price of R19.05 on 12 August 2020. The South African market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R51.53 per share. Is New 90 Day High Low • Oct 24
New 90-day high: R22.99 The company is up 7.0% from its price of R21.39 on 24 July 2020. The South African market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R51.28 per share. Announcement • Oct 07
Fairtree Asset Management Proprietary Limited on behalf of its clients acquired 5.5% stake in Hyprop Investments Limited (JSE:HYP). Fairtree Asset Management Proprietary Limited on behalf of its clients acquired 5.5% stake in Hyprop Investments Limited (JSE:HYP) on October 6, 2020. After the transaction, clients of Fairtree Asset Management hold in the aggregate 5.5451% of Hyprop’s total ordinary shares in issue.
Fairtree Asset Management Proprietary Limited on behalf of its clients completed the acquisition of 5.5% stake in Hyprop Investments Limited (JSE:HYP) on October 6, 2020. Announcement • Sep 26
Hyprop in Talks to Sell Rosebank Mall Hyprop Investments Limited (JSE:HYP) in talks to sell Rosebank Mall. Retail landlord seeks to raise cash and strengthen its balance sheet Property WriterRetail specialist landlord Hyprop Investments is in talks with private buyers to acquire two of its malls in Johannesburg, in an effort to raise cash and to strengthen its balance sheet. Hyprop Chief Executive Officer Morné Wilken said at a presentation on September 22, 2020 that the company had received offers for two of its local centres. Wilken said that Hyprop had received offers, which were close to the book value of the shopping centres. But he did not name the centres. However, Business Day confirmed on September 23, 2020 that the centres are Hyde Park Corner and Rosebank Mall. The group has stakes worth about ZAR 2.4 billion invested in malls in sub-Saharan African, which it also wants to sell. Reported Earnings • Sep 23
Full year earnings released Over the last 12 months the company has reported total losses of R3.40b, with earnings decreasing by R3.56b from the prior year. Total revenue was R3.10b over the last 12 months, down 3.6% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Is New 90 Day High Low • Sep 23
New 90-day low: R15.56 The company is down 36% from its price of R24.15 on 25 June 2020. The South African market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R34.11 per share. Announcement • Sep 22
Hyprop Investments Limited Announces Change to the Board of Directors Hyprop Investments Limited announced that Louis Norval, who is due to retire by rotation at Hyprop's 2020 annual general meeting, has informed the board of directors ("the board") that he does not intend to offer himself for re- election at that meeting, but will remain as a non-executive director until the annual general meeting. Announcement • Sep 17
Hyprop Investments Limited to Report Fiscal Year 2020 Results on Sep 21, 2020 Hyprop Investments Limited announced that they will report fiscal year 2020 results on Sep 21, 2020 
