Emira reports stellar results, reshapes portfolio with global expansion and solid growth

Top Highlights

• Full-year dividend up 5.9% to 123.89cps; net asset value per share up 20.9%
• R2bn redeployed into Poland, with international assets now 38% of the portfolio
• New CEO appointed: James Day to take the helm from 1 July 2025

Emira Property Fund (JSE: EMI) has reported strong financial results for the year ended 31 March 2025, marked by disciplined capital management, a strategic global pivot, and healthy operational performance. The company declared a final dividend of 61.50cps, taking the full-year total to 123.89cps, up 5.9% year-on-year. Distributable income per share rose by 4.9%, and net asset value per share surged 20.9%.

CFO Greg Booyens (pictured) highlighted that Emira completed a major portfolio restructure without compromising its balance sheet. The company exited R2.8bn in non-core South African assets, reallocating R2bn into Polish real estate, and reducing debt. Its international exposure now stands at 38%, split between the U.S. (16.6%) and Poland (21.2%).

In Poland, Emira invested in DL Invest, securing a 45% equity stake. The Polish portfolio includes 39 completed properties, 67% of which are industrial/logistics assets, with a 3.1% vacancy and 5.5 years WALE. In the U.S., the company reported R235.1m in distributable income, maintaining stable performance across 11 grocery-anchored retail centres.

Back home, Emira’s 63-property SA portfolio is valued at R9.96bn. Occupancy across sectors improved, with office vacancies reduced to 8.4%, industrial to 0.5%, and residential at 97.2%. R177.2m was invested in upgrades and energy efficiency projects to enhance asset resilience and appeal.

Credit ratings were reaffirmed by GCR at A(ZA) long-term and A1(ZA) short-term with a stable outlook. The loan-to-value ratio improved to 36.3%, and interest cover rose to 2.5x.

In a major leadership update, Emira appointed James Day as CEO, effective 1 July 2025. Currently a non-executive director, Day brings deep global and local property sector expertise, previously serving as Financial Director at Castleview Property Fund.

With a robust foundation and clear strategic direction, Emira is poised for continued growth and value creation.