Sandton City, Liberty Two Degrees's flagship retail property asset 'recovered' to reporting turnover being down by just 1.5% in December. Image: Supplied Precinct and retail-focused real estate investment trust (Reit) Liberty Two Degrees (L2D) has stuck to a 100% payout ratio for its financial year ending December 31, 2020, declaring a full-year dividend of 32.33 cents per share on Monday. The fund, which is the part-owner of flagship properties like Sandton City, Eastgate Shopping Centre and Liberty Midlands Mall, saw its full-year distributions plunging 46.5% in 2020 due to the Covid-19 economic fallout. In 2019, it paid out a final dividend of 60.43 cents per share. Despite the pandemic blow to earnings, and consequently distributions, L2D maintained a 100% payout on the back of a strong balance sheet.