Emira set to halt slippage

Emira Property Fund’s distribution growth will return to positive territory in its 2018 financial year, according to CEO Geoff Jennett, despite increased vacancies in its office portfolio, an oversupply of offices in SA, rising municipal costs and negative rental reversions.

Emira reported a dividend per share of 68.93c for the half-year to December, 2% down on the comparable six months.

Emira is a medium capitalisation, diversified, JSE-listed real estate investment with a mixed portfolio of office, retail and industrial properties. Its assets comprise 142 properties valued at R13.3bn. Emira is also internationally diversified through its direct interest in Growthpoint Properties Australia, of which it owns 4.9%.

Emira warned the market in June 2016 that its income growth would shrink during the financial year to June 2017.