Emira Property Fund has posted its interim financial results for the six months ended 30^th September 2025, reporting a 1.9% increase in its distributable income per share to 64.83 cents when compared to September 2024.

The REIT’s earnings per share decreased 66.10% to 98.55 cents per share with its headline earnings per share decreasing by 53.8% to 93.90 cents per share when compared to September 2024.

In SA, the Company owns a direct portfolio of properties across the retail, industrial, office, and residential sectors with international exposure, through indirect property investments in the USA, in 10 grocery-anchored power centres held together with its US-based partner, The Rainier Companies. In Poland, Emira holds a 45% equity stake in DL Invest Group S.A which develops and holds industrial and logistics centres, mixed-use/office centres, and retail parks.

It’s directly held portfolio revenue decreased 22.1% to R727,7 million compared to September 2024 with its commercial portfolio’s vacancies having decreased to 3.8% from 6.4% as at March 2025. The REIT’s residential portfolio’s occupancy current sits at 98.3% (March 2025: 97.2%).

Property disposals in SA concluded during the period amounted to R746,3 million (transferred) with R405,7 million (to be transferred) and in the USA, US$14,5 million (transferred) and US$31,8 million (to be transferred).

During the reporting period, Emira acquired a 6.4% interest in SA Corporate Real Estate Limited.

The REIT declared distributable earnings of R324,5 million, down from R332,5 million in 2024’s comparable period. The number of Emira’s shares in issue reduced to approximately 5,8 million following the cancellation of 14,6 million shares acquired through its share repurchase programme. Emira says it has applied for the delisting and cancellation of a further 315 000 shares, acquired during its current reporting period, which will reduce its number of shares in issue to approximately 5,5 million.

After considering the adjustments to reflect its cash backed position, its Board of Directors declared an interim dividend of 64.60 cents per share (September 2024: 62.39 cents per share), equating to a period-on-period increase of 3.2%.

Its NAV per share increased 1.4% from March 2025 with its LTV ratio currently sitting at 35.6%, an improvement on March 2025’s 36.3%.