L2D posts distribution of 30c per share in its maiden results
Real estate investment trust (Riet) Liberty Two Degrees (L2D) on Monday declared a distribution of 30c per share in the six months to end-June. L2D, which listed on the JSE in November 2016, owns portions of some of SA’s most iconic properties, including Sandton City and Eastgate. Net rental income for the review period leapt to R177.55m from R28.64m, while portfolio vacancy rate dropped to 3.3% from 4.6%. "The performance of the L2D assets is underpinned by the quality of the portfolio," the company said in a statement. "In spite of the tough economic environment and the resultant impact on the consumer, the portfolio remains resilient." Operating costs were 30.3% of contractual rental income in what the company said reflected the robust management of costs in tough economic conditions. L2D’s net asset value per share was up 3.1% to R9.94.