Liberty Two Degrees has posted a big decline in 2020 earnings, but says shoppers are returning to its malls across South Africa after they were left empty during the hard lockdown last April. And while numbers were still down on 2019, the landlord says customers spent more when they visited.
For 2020 as a whole, foot count across its portfolio of centres, which also includes Eastgate, Melrose Arch, Midlands Mall and Botshabelo Mall, was 30% down from 2019. However, the total amount of money spent by customers was just 20% lower, indicating increased spending per customer. Revenue at the centres also recovered, with turnover across its portfolio down 9% in the final quarter of 2020 from a year earlier, and Sandton City’s just 1.5% lower.
Still, the real estate investment trust has reported a significant decline in full-year earnings, with a commensurate reduction in its distribution to shareholders. Headline earnings per share declined by 57% to 25.04c and it lowered its distribution per share by 47% to 32.33c.