Grayprop headline earnings for the year ended September came in almost flat yesterday at 30,7c from 30,2c the second disappointing earnings growth performance in a row.

The group said distributable income for the year ending September next year was expected to come in 'substantially the same as this year'.

This would translate to a three-year phase of minimal to no growth in headline earnings.

The results under review were produced during a busy year in which the group concluded significant disposal transactions and commissioned major refurbishment in some properties.

Grayprop MD, John Rainier, said capital expenditure approved during the year added up to a total of R150m while sale transactions came to R220m.

Properties lined for refurbishment include the Blue Route Mall in Cape Town, the Randburg Waterfront in Johannesburg, Northmead Mall in Benoni and Southgate Mall south of Johannesburg