Profit for the period under review increased to R82.1 million from R59 million a year ago.

The group declared an interim distribution of 100.60 cents, a 9.93% increase versus the previous comparable period.

Rental revenue came in at R268.2 million from R283.7 million a year ago.

The group said its retail sales growth remained muted. However, it said centres in non-metropolitan areas continued to outperform.

The period's growth in distribution was further supported by the strong performance of the listed property holdings. Vacancies declined marginally from 3.2% to 2.9% as vacant space at The Grove and The Galleria was reduced.

Resilient said it made further progress with its long-term strategy of gradually reducing its listed property holdings and investing the proceeds in the pipeline of new regional mall developments.

"In addition, Resilient was successful in acquiring two existing retail developments, both of which are well located but will require extensive redevelopment in the future," the group said.

Resilient acquired Park Central in Bloemfontein from Murray & Roberts for R73.8 million and at a projected forward yield of 10.5%.

The property group has also agreed to acquire the 20,800m2 GLA mall in the centre of the Mthatha CBD at a forward yield of 9.5% and a cost of R225 million.

The acquisition is subject to the Competition Commission's approval.

Resilient said the 45 000m2 I'langa Mall in Nelspruit opened on schedule in April 2010.

It has agreed to acquire an additional 25% interest in the mall at a forward yield of 8%, which will increase Resilient's undivided share in the mall to 50%.

The acquisition also remains subject to the Competition Commission's approval, it said.

The group also announced that the 33 000m2 Brits Mall was under construction.

The mall is currently 85% let and is scheduled to open in October 2010. Resilient has an 80% interest in the development.

Looking ahead, the group said the second half of the current financial year will be negatively impacted on by increased bank margins on the new facilities, particularly the replacement of the Conduit facility, as well as the relatively low acquisition yield on the 25% additional interest in I'langa Mall.

"The results will be positively impacted on by significantly lower rates achieved on interest rate swaps as well as the attractive yields achieved on the Park Central Bloemfontein acquisition and the Highveld Mall extension," it said.

The company's board expressed confidence that the forecast growth in distributions of approximately 10% for the 2010 financial year will be achieved.