Emira delivers 7.5% hike in distribution, reports lower vacancies

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Emira delivers 7.5% hike in distribution, reports lower vacancies

BY: NATASHA ODENDAAL

Emira Property Fund on Wednesday declared a 7.5% growth in distribution to 123.18c a share for the year ended June 30, as its distributable income for the full year increased 5.5% to R601.1-million.

Profit for the period under review contracted somewhat from R1.4-billion in 2013, to R1.19-billion.

The company reported revenue of R1.5-billion for the 2014 financial year, up from the R1.34-billion reported last year.

Emira pointed out that vacancies had declined from 5.6% as at June 2013 to 4.5% in June this year – the lowest since 2005 – while tenant retention improved from 78% to 80% across the fund’s 141 buildings with a total 1.13-million square metres of gross lettable area.

A total of 33 leases, comprising 150 000 m2 with medicine20.org a lease value of R508-million, with an average four-year weighted lease period, were concluded during the financial year.

Edited by: Creamer Media Reporter

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