Emira Property Fund Forecasts Decreased DPS Amid Challenging Real Estate Market

Emira REIT
  • Emira Property Fund expects a decline in distribution per share (DPS) for the nine months ending 31 March 2023, ranging between 95 and 98 cents per share, a decrease of approximately 18.19% to 20.69% compared to the previous twelve-month period.
  • The projected decrease in DPS is attributed to challenging economic conditions and market dynamics faced by the real estate sector during the specified period, taking into account factors such as rental income, property valuations, and operational costs.
  • Emira Property Fund remains committed to its long-term objectives, monitoring market conditions, and implementing strategies to drive sustainable growth and enhance shareholder value in the dynamic South African real estate market.

Emira Property Fund Limited, a prominent real estate investment trust (REIT) incorporated in South Africa, has announced its projected decrease in distribution per share (DPS) for the nine months ending 31 March 2023. The company expects the DPS to range between 95 and 98 cents per share, representing a decline of approximately 18.19% to 20.69% compared to the DPS recorded for the twelve months ending 30 June 2022.

The release of the trading statement follows the Johannesburg Stock Exchange’s (JSE) requirements, which stipulate that a trading statement must be published as soon as it becomes reasonably certain that the DPS for the upcoming reporting period will differ by at least 15% from the corresponding prior period. While the financial information used to determine this forecast has not yet been reviewed, audited, or reported on by Emira’s auditors, the company believes it has a reasonable basis to provide this estimate to its shareholders and noteholders.

Emira Property Fund utilizes DPS as a key performance metric. The anticipated decline in DPS reflects the challenging economic conditions and market dynamics that affected the real estate sector during the specified nine-month period. Factors such as rental income, property valuations, and operational costs have been taken into account in determining the projected decrease.

Emira Property Fund holds an extensive portfolio encompassing various retail, office, and industrial properties across South Africa. The company is committed to delivering sustainable and growing income returns to its shareholders while maintaining a diversified property portfolio. Emira has earned a reputation as a trusted and reputable player in the South African real estate market, adhering to rigorous governance and regulatory standards.

This announcement underscores Emira’s dedication to transparency and timely dissemination of financial information, aligning with the JSE Listings Requirements. Shareholders and noteholders are encouraged to remain informed about Emira’s financial updates as the company navigates the evolving real estate landscape.

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