Diluted headline earnings per share of 117.96 cents were recorded from 128.94 cents in 2010.

Vacancies decreased from 3.1% at December 2010 and 2.8% at June 2011 to 1.9% at December 2011.

The board said on Wednesday it was confident that growth in distributions of approximately 10% would be achieved for the 2012 financial year. The growth is based on the assumptions that a stable macro-economic environment will prevail, no major corporate failures will occur and that tenants will be able to absorb the recovery of rising utility costs.

The company says significant extensions to meet tenant demand will be undertaken at The Grove, Mvusuludzo Mall Thohoyandou, Circus Triangle Mthatha, Village Mall Kathu and Northam Plaza during 2012.

The extensions will be yield enhancing.

It undertook a number of transactions which are earnings dilutionary in the short term but that are expected to support earnings growth in the long term. These include the disposal of Resilient's holding in Fortress Income Fund Limited-A units, acquisition of properties at yields below the cost of funding and the acquisition of additional units in New Europe Property Investments.