JSE-listed Emira Property Fund on Wednesday reported distribution growth per participatory interest (PI) of 9% for the six months ended December 31.
CEO James Templeton credited the results to the fund’s acquisitions, contractual rental escalations on the bulk of its portfolio, significant leasing progress made during the period and stringent cost control.
In the six months under review, Emira’s net asset value (NAV) increased by 14% year-on-year to R16.50 per PI, while its distributable income grew by 13% year-on-year to R33-million.
“Our investors have shown significant support for Emira, so it is gratifying that they are now being rewarded with above average total returns. Emira’s operational performance is the best it has been in a long time.
“Our like-for-like net property income growth of 8.6% is a fantastic achievement. We’re delivering excellent progress in all key areas of the business and have solid strategies in place to continue this performance,” said Templeton.
He expected Emira to achieve similar levels of distribution growth for the full financial year.