Emira Property Fund Declares Dividend Amidst Challenging Market, Validates Diversification Strategy

• Emira Property Fund declares a final dividend of 30.35 cents per share for the nine months ended March 31, 2023.
• The company’s distributable earnings for the period amounted to R558.0 million, reflecting a decrease compared to the previous year.
• Emira’s strong operational performance, despite challenging market conditions, validates its sectoral and geographic diversification strategy.

Emira Property Fund Limited has announced its audited condensed financial results for the nine months ended March 31, 2023. The company’s strong operational performance, despite challenging market conditions, has led to the declaration of a dividend. Emira’s Board of Directors approved a final dividend of 30.35 cents per share for the three months to March 31, 2023, representing a decrease compared to the previous reporting period.

Emira Property Fund Limited, a diversified real estate investment company with assets in South Africa and the United States, released its audited condensed financial results for the nine-month period ending March 31, 2023. Despite facing a challenging operating environment, the company achieved a robust operational performance, outperforming its budget expectations. Emira’s portfolio, which includes direct property holdings as well as equity investments in property owning companies, showcased the benefits of its sectoral and geographic diversification strategy.

During the nine-month reporting period, Emira’s distributable earnings reached R558.0 million, showing a decrease from the previous year’s R673.9 million. Although the financial variances are not directly comparable due to the change in the reporting period, the company’s performance remains strong, validating its diversification strategy.

Emira’s direct portfolio revenue experienced a decline of 11.2%, reaching R1,308 million compared to R1,474 million in the comparative period. Headline earnings per share also saw a significant drop of 38.45%, amounting to 98.62 cents, while earnings per share decreased by 14.63% to 171.07 cents. However, net asset value per share increased by 4.16% to 1,696.4 cents.

Emira’s balance sheet remains healthy, with the value of its US investments benefiting from the weaker Rand. The company temporarily experienced an elevated loan-to-value ratio due to strategic initiatives related to Transcend. However, as these initiatives conclude, the ratio is expected to trend down in the new financial year.

Taking into consideration the company’s solvency and liquidity position, Emira’s Board of Directors has approved a final gross dividend of 30.35 cents per share. The dividend will be payable to registered shareholders on July 10, 2023. Shareholders are advised that this dividend qualifies as a “qualifying distribution” for tax purposes.