Liberty Two Degrees income plummets as South Africans shun its gigantic malls
TRENDING ON THE MONEY SHOW: Jeremy Mansfield gets real about his money and beliefs about it
South Africans unsurprisingly avoided the malls in 2020.
Liberty Two Degrees – owner of some of the swankiest shopping centres in Johannesburg and Cape Town – reported a drop in headline earnings per share to 25.04 cents (from 57.76 cents) for the year to 31 December 2021.
It reported a 45.6% decline in net property income.
Liberty Two Degrees declared a full-year dividend of 32.33 cents per share.
The Money Show's Bruce Whitfield interviewed Amelia Beattie, CEO at Liberty Two Degrees.
We started 2020 out well… As the first case was announced, we had a sharp drop…Amelia Beattie, CEO - Liberty Two Degrees
In Sandton, December was down just 1.5% on 2019… You can’t get it anywhere else. You get it at Sandton City!Amelia Beattie, CEO - Liberty Two Degrees
There’s nothing worse than walking in a mall with every second shop taped up… There’s a long road ahead of us… It was heartbreaking to hear from our smaller tenants… We assist where we can. We have a strong balance sheet… There’s no point in having an empty mall…Amelia Beattie, CEO - Liberty Two Degrees
The shopping mall is not dead! … Ster Kinekor… Movies in some form or the other will always be there... People remain social beings… The online and physical environments will live alongside each other…Amelia Beattie, CEO - Liberty Two Degrees
We must look after what we have first… Until we know where valuations have settled, I will not use our balance sheet to overpay for an asset…Amelia Beattie, CEO - Liberty Two Degrees
Listen to the interview in the audio below.
This article first appeared on CapeTalk : Liberty Two Degrees income plummets as South Africans shun its gigantic malls
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