South African commercial property group Liberty Two Degrees said on Monday its half-year distribution, or part of the profit that will be distributed as dividends, rose 7.4%.
Its distribution per share – the primary measure of profits in real estate investment trusts (REITs) – rose to 18.77 South African cents in the six months ended June 30, from 17.48 cents a year earlier.
The company, like the rest of the property sector in South Africa, had to contend with rising interest rates and high cost of serving debt amid rolling blackouts.
Read: L2D surges over 40% on Liberty Group buyout offer
Its majority owner Standard Bank said last week it would buy out minority shareholders of the company and de-list it to reward shareholders.
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L2D distributed 100% of profits to shareholders, consistent with the previous year. REITs operating in South Africa are required to distribute at least 75% of their profits to shareholders.
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