Canal Walk, Rosebank Mall owner forced to delay results as Covid-19 hits staff

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Canal Walk owner Hyprop expects decreased earnings due negative rent reversions.
Canal Walk owner Hyprop expects decreased earnings due negative rent reversions.
Photo: FOTO24

Property group Hyprop Investments has been forced to delay publishing its results for the year to end-June after Covid-19 hit key staff.  

"Hyprop's audited results for the year have been delayed and will be released on or before 17 September 2021 due to members of the Hyprop team being affected by Covid-19," the company said.

Hyprop is South Africa's largest listed specialised shopping centre Real Estate Investment Trust (REIT), and owns Hyde Park Corner, Rosebank Mall, Canal Walk and Cape Gate, among other malls.

In a trading update, Hyprop said that its distributable income per share is expected to be between 326 and 346 cents per share, which is between 34% and 30% lower than in the previous period.

The company said it had been hurt by negative rent reversions. A rental reversion rate shows whether expiring leases that were renewed in the past six months had higher or lower rental rates than before. A negative rental reversion rate confirms that rental rates were lower.

Previously Hyprop said it had a negative reversion rate of 22.7% in the six months to 31 December 2020, reducing its monthly rental income by approximately R5 million.

Further, the property group said the higher interest costs - after it converted dollar-denominated debt to rand-denominated debt also had an impact on distributable income per share. The company issued an additional 53 million shares being issued between January 2021 and May 2021.

The property group said a further announcement regarding its payout per share would be made once the board has decided an appropriate settlement for the period.

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