Its distributable income per share - the primary measure of profits in real estate investment trusts (REITs) - fell to 104.64 South African cents in the year ended March 31 from 107.61 cents a year earlier.

In South Africa, the company is not only contending with rising interest rates that put additional pressure on financing debt, but rolling blackouts which are driving up operational costs in an effort to keep the lights on across its assets.

Investec Property Fund, which owns properties in South Africa and Europe, distributed 95% of profits to shareholders, the same percentage as the previous year.

REITs operating in South Africa are required to distribute at least 75% of profits to shareholders.

"The South African macroeconomic backdrop remains muted, and the property sector faces many challenges... (The South African portfolio) is expected to deliver low growth that is reflective of the operating environment," the company, which has 79 properties in its South African portfolio, said in a statement.

(Reporting by Tannur Anders; editing by Jan Harvey and Jason Neely)