Emira Property Fund has issued an operational update for the 4 months ended 31^st July 2025, reporting that its directly held local commercial property portfolio has performed in line with expectations for the period with portfolio vacancies having improved to 4.6% (by GLA) (March 2025: 6.4%).

The REIT says that tenant retention remains a priority with 86.6% (by gross rental) of leases maturing during the period renewed. Market rental growth continues to lag its contractual rental escalations with weighted average total reversions for the period at -6.3% (March 2025: -5.6%). Emira’s weighted average lease expiry (WALE) remained stable at 2.8 years (March 2025: 2.8 years) with average annual lease escalations broadly unchanged at 6.4% (March 2025: 6.5%). Portfolio collections versus billings for the period were 95.7%.

The Company’s retail portfolio, comprising 12 assets of mainly grocer-anchored neighbourhood and community shopping centres, recorded an increase in vacancies to 5.1% (March 2025: 4.2%) with the WALE unchanged at 3.1 years and 93.5% (by gross rental) of maturing leases retained during the period. Total weighted average reversions for the period declined to -3.3% (March 2025: -1.2%).

Vacancies in its office portfolio increased to 8.8% (March 2025: 8.4%) with the WALE unchanged at 2.5 years and 84.9% (by gross rental) of maturing leasing in the period retained. Total weighted average reversions for the period improved to -7.8% (March 2025: -9.3%). Emira owns 10 office assets with the majority P- and A-grade.

Emira’s industrial portfolio comprises 19 assets split between single-tenant light industrial and warehouse facilities and multi-tenant, midi- and mini-unit industrial parks. The portfolio’s vacancies improved to 2% (March 2025: 7.9%) due to the RTT Group taking back 15 840m² at RTT Acsa Park which they vacated in the previous financial year. The portfolio’s WALE improved to 2.8 years (March 2025: 2.6 years) and 79.1% (by gross rental) of maturing leases in the period were retained. Total weighted average reversions for the period improved to -7,1% (March 2025: -9,9%).

Emira disposed of one industrial property, HBP Industrial Units, realising gross proceeds of R58,5 million. In addition, disposals of two further properties, with aggregate gross proceeds of R251 million, are unconditional and are expected to transfer by December 2025.

As of the 31^st of July 2025, the REIT’s residential portfolio comprises 2 248 units (March 2025: 3 347) located in Gauteng and Cape Town, with a reduced occupancy rate of 94.4% (by unit) (March 2025: 96.6%). Emira says included in the occupancy rate are the ‘for sale’ sectional title properties where vacancies are generally elevated. Excluding the ‘for sale’ units, the occupancy rate reflected 95.9% (March 2025: 97.2%) with collections versus billings 95.5%. A further 1 097 units were transferred during the period, generating total gross proceeds of R652,2 million. A further 289 units, with aggregate gross proceeds of R147,8 million, are currently under contract and are expected to transfer by December 2025.

In the USA, Emira’s portfolio comprises 11 equity investments in grocery-anchored, open-air centres with vacancies at the end of the period having increased to 6.2% (March 2025: 4.6%) primarily due to the closure of a +-5 000m² store. In August 2025, the Company disposed of its equity interest in University Town Center, realising net proceeds of US$14,5 million before taxes.

The 27^th of August 2025 marked the anniversary of Emira’s 45% equity interest investment in DL Invest, a Luxembourg-headquartered Polish property company. As at 30^th of June 2025, the DL Group’s portfolio comprises 39 income-generating assets (excluding land and developments) valued at approximately €687,5 million. By value, the portfolio comprises industrial assets (67%), retail parks (11%) and mixed-use/office assets (22%).

As at 31^st of August 2025, Emira has acquired 144,183,194 ordinary shares in SA Corporate Real Estate for an aggregate consideration of R420,6 million in a series of on-market transactions.

The REIT currently has unutilised debt facilities of R1 billion together with cash-on-hand of R415,9 million which will be bolstered once the properties currently under contract for disposal transfer. Its loan-to-value (LTV) ratio as at 31^st August 2025 is 37.1% (March 2025: 36.3%).

Its Board expects to release its interim results for the six-months ended 30^th of September 2025 on Wednesday, the 12^th of November 2025.