Listed property loan stock company Octodec Investments, which has big shopping centre interests, yesterday reported its distributions for the year to August had surged 19,7% to 106,2c from 88,7c the previous year.

MD Jeffrey Wapnick said Octodec had "strong demand" at all its shopping centres. Killarney Mall in Johannesburg was "enjoying the benefit" of recent renovations.

Five shopping centres in the Johannesburg and Pretoria areas made up nearly 70% of the company's property portfolio.

The rest consisted of a light industrial component in the Pretoria and Johannesburg areas, as well as central business district office properties.

Octodec, with market capitalisation of more than R2,1bn, delivered a total return of 59% for the year. Wapnick said favourable renewal of leases and strict expense control contributed to strong distributions growth.

"Net rental income, before taking into account properties acquired and developed, recorded an increase of 15%," he said.

Wapnick said the company was confident it would keep growing earnings as the property outlook remained positive.