Hyprop's operating income rose 82% to R152,5m and turnover increased 86% to R252,6m. Headline earnings jumped 18% to 78,6c.

The company's borrowings amounted to R1bn equating to 45% of the value of the fund's portfolio on the open market at the end of June.

Hyprop MD Pieter Prinsloo attributed the results to "the retail portfolio's strong performance on the back of lower interest rates and upbeat consumer confidence".

Hyprop reduced vacancies in its retail portfolio 29% from year-end, with vacant space in June making up only 5,2% of the portfolio's total area measured in square metres.

"The combination of proactive tenant management and the centres' prime locations enabled us to cut vacancies by letting more than 4,500m² to new tenants," MD Prinsloo said.

He said the increase in shoppers and the ongoing flood of new tenant requests prompted Hyprop to extend two of its A-Grade centres.

The R30m extension to Hyde Park shopping centre was completed during the period and the R86m extension to The Glen's shopping centre is under way.

Hyprop said its commercial portfolio "fared satisfactorily" despite slow demand for office space.