FINANCIAL REPORTS
L2D’s first results fall short of expectations
The company also misses its dividend payout guidance for the year to December
The listing of Liberty Two Degrees (L2D) promised investors exposure to some of the best shopping centres in Africa for the first time, but its maiden year was disappointing. The company, which owns stakes in centres such as Sandton City, Eastgate Shopping Centre and Melrose Arch, missed its dividend payout guidance for the year to December, despite very strong fourth-quarter retail trade, its financial results showed on Monday. Sandton City was the most visited shopping centre in SA during the 2017 festive season, according to research by Lightstone. Yet L2D failed to impress investors with its annual results. Having listed on the main board of the JSE in December 2016, its prelisting forecast was for a dividend per share of 65.07c in its first year. The company managed only 59.22c per share in 2017. It has estimated only 60c per share for the 2018 financial year. "Our first year since listing was marked by numerous operational accomplishments as well as some headwinds, which inclu...
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