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Audited summarised consolidated financial results for year ended 31 March 2025, dividend declaration, board changes
EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI
ISIN: ZAE000203063
JSE Bond Company Code: EMII
LEI: 3789005E23C6259EAE70
(Approved as a REIT by the JSE)
("Emira" or the "Fund" or the "Company")
AUDITED SUMMARISED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2025,
DIVIDEND DECLARATION AND CHANGES TO THE BOARD AND FUNCTIONS OF DIRECTORS
Nature of business
Emira Property Fund Limited (the "Company") is a Real Estate Investment Trust ("REIT") domiciled in
South Africa and together with all its subsidiaries (the "Group" or the "Fund" or "Emira"), owns a
portfolio of property investments which are sectorally and geographically diversified. Emira continues
to deliver returns throughout the cycles by way of this risk-mitigating diversification strategy.
Commentary
These results are for the year ended 31 March 2025 (the "current reporting period" or "the current
period" or "FY25") and are compared to the year ended 31 March 2024 ("prior year" or the
"comparative year").
Distributable earnings for FY25 is R642,2m compared to R622,1m for the prior year. After taking the
adjustments to reflect the cash backed position into account, Emira's Board of Directors (the "Board")
has declared a final dividend of 61,50 cents per share for the six months to 31 March 2025 (six months
to 31 March 2024: 55,28 cents). The total dividend per share for the year ended 31 March 2025 is
123,89 cents.
During FY25, the Fund's local portfolio underwent a significant transformation, with property disposals
totalling R2,8bn successfully concluded and transferred. Assets to an additional value of R628,3m were
under contract at 31 March 2025 and have either transferred or are progressing toward completion.
The remaining portfolio has been stable and performed in line with expectations. While elevated
vacancy levels and ongoing economic headwinds have created a lag in achieving real rental growth,
recent improvements in the operating environment are encouraging. Reduced load shedding and
increased political clarity following the national elections are contributing to improved business
sentiment, which should support stronger long-term returns.
The Fund's US investments performed in line with expectations, supported by the continued resilience
of the US retail real estate sector. Notably, open-air, value-oriented shopping centres continued to
demonstrate strength, supported by stable occupancy levels and consistent tenant demand, even in
the face of broader economic volatility.
During the current reporting period, Emira successfully concluded both the first and second tranches
of its investment in DL Invest Group S.A. ("DL Invest"). DL Invest is a Luxembourg-headquartered
property company which develops and holds industrial and logistics centres, mixed-use/office centres,
and retail parks across Poland. This strategic move supports Emira's diversification efforts by providing
exposure to the expanding Polish economy, which presents distinct growth drivers and opportunities
compared to South Africa. Poland's economic outlook remains robust, underpinned by strong
consumer spending, ongoing infrastructure development, and favourable macroeconomic
fundamentals.
While interest rates declined at a slower pace than anticipated, the Fund nonetheless benefited from
a reduction in rand-denominated debt, driven by the substantial asset disposals completed during the
year, as well as from lower interest rates on the effective foreign denominated debt associated with
the Polish investments.
Recognising the unpredictability of market conditions, the Company is committed to focusing on
fundamental principles and elements that remain within its control and adhering to the core principles
of real estate.
Changes to the Board and functions of directors
Appointment of CEO
The Emira Board is pleased to advise shareholders that Mr James Peter Anthony Day, currently a non-
executive director of Emira, has been appointed Chief Executive Officer with effect from 1 July 2025.
Mr. Day, who has served as a non-executive director of Emira since 1 October 2023, brings extensive
international and local experience in the listed property sector. His background includes key expertise
in raising and negotiating financing arrangements, along with a strong track record in strategic
execution and transaction structuring.
Prior to this appointment, Mr. Day held senior roles in the property sector both in Australia and South
Africa, most recently serving as Financial Director at Castleview Property Fund Limited. His proven
financial acumen and leadership capabilities position him well to guide Emira in its next phase of
growth and development.
Restructure of the audit and risk committee
The Emira board has appointed Michele Bekkens, an existing non-executive director and member of
the audit and risk committee, as chairman of the audit and risk committee, with effect from 1 August
2025. Existing chairman of the audit and risk committee, Vusi Mahlangu, will step down as chairman
with effect from 1 August 2025 but will remain as a committee member.
Financial summary
The audited summarised consolidated financial results for the year ended 31 March 2025, as
compared to the year ended 31 March 2024 ("comparative period"), are set out below:
• Directly held portfolio revenue, decreased by 8,2% to R1 731 million compared to R1 885 million
for the comparative period;
• Headline earnings per share, increased by 381,0% to 487,50 cents compared to 101.36 cents
(restated) for the comparative period;
• Earnings per share, increased by 379,7% to 493,30 cents compared to 102,85 cents (restated)
for the comparative period;
• Net asset value per share increased by 20,9% to 2 067,3 cents compared to 1 709,6 cents
(restated) for the comparative period;
• Distributable earnings, increased by 3,2% to R642,2 million compared to R622,1 million for the
comparative period; and
• Total dividend declared, increased by 5,9% to 123,89 cents per share compared to 117,02 cents
per share for the comparative period.
Dividend declaration
The Board has approved, and notice is hereby given that a final gross dividend of 61,50 cents per share
has been declared (March 2024: 55,28 cents), payable to the registered shareholders of Emira on
Monday, 23 June 2025. In making its decision on whether to pay out a dividend and the quantum
thereof, the Board has assessed the Company's solvency and liquidity position, considering the
Company's current position together with forecasts.
The issued share capital at the declaration date is 514 233 099 listed ordinary shares. The source of
the dividend comprises net income from property rentals, income earned from the Company's equity-
accounted investments, interest earned on loans receivable and interest earned on cash on deposit.
Please refer to the summarised consolidated statement of profit or loss and other comprehensive
income for further information.
Last day to trade cum dividend Tuesday, 17 June 2025
Shares trade ex-dividend Wednesday, 18 June 2025
Record date Friday, 20 June 2025
Payment date Monday, 23 June 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 18 June 2025
and Friday, 20 June 2025, both days inclusive.
In accordance with Emira's status as a REIT, shareholders are advised that the dividend meets
the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income
Tax Act, No. 58 of 1962 ("Income Tax Act"). Accordingly, qualifying distributions received by local
tax residents must be included in the gross income of such shareholders (as a non-exempt dividend
in terms of section 10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying distribution
is taxable as income in the hands of the shareholder. These qualifying distributions are, however,
exempt from dividend withholding tax in the hands of South African tax resident shareholders,
provided that the South African resident shareholders have provided the following forms to their
Central Securities Depository Participant ("CSDP") or broker, as the case may be in respect of
uncertificated shares, or the transfer secretaries, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be
should the circumstances affecting the exemption change or the beneficial owner cease to be
the beneficial owner, both in the form prescribed by the Commissioner for the South African
Revenue Service. Shareholders are advised to contact their CSDP, broker or the transfer
secretaries, as the case may be to arrange for the abovementioned documents to be submitted
prior to payment of the dividend, if such documents have not already been submitted.
Qualifying dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as ordinary dividends, but which are exempt in terms of the usual dividend exemptions
per section 10(1)(k) of the Income Tax Act. Any distribution received by a non-resident from a REIT
will be subject to dividend withholding tax at 20% unless the rate is reduced in terms of any applicable
agreement for the avoidance of double taxation ("DTA") between South Africa and the country of
residence of the shareholder. Assuming dividend withholding tax will be withheld at a rate of 20%, the
net amount due to non-resident shareholders will be 49,20000 cents per share. A reduced dividend
withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident
shareholder has provided the following forms to their CSDP or broker, as the case may be, in respect
of the uncertificated shares, or the transfer secretaries, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate because of the application of a DTA;
and
b) a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may
be should the circumstances affecting the reduced rate change or the beneficial owner cease to
be the beneficial owner, both in the form prescribed by the Commissioner for the South African
Revenue Service. Non-resident shareholders are advised to contact their CSDP, broker or the
transfer secretaries, as the case may be to arrange for the abovementioned documents to be
submitted prior to payment of the dividend if such documents have not already been submitted,
if applicable.
Local tax resident shareholders as well as non-resident shareholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.
The Company's tax reference number is 9995/739/15/9.
Short form announcement
This short form announcement is the responsibility of the Board, is only a summary of the information
in the audited annual financial statements released on SENS and therefore does not contain full or
complete details. Any investment decisions by investors and/or shareholders should be based as a
whole on consideration of the audited annual financial statements for the year ended 31 March
2025, which were released on SENS and may be downloaded from
https://senspdf.jse.co.za/documents/2025/jse/isse/emie/apr2025.pdf or may be requested via email
from sponsor@questco.co.za.
The audited annual financial statements forthe year ended 31 March 2025 were audited by Moore
Infinity Inc, who expressed an unqualified opinion thereon.
The summarised audited results for the year ended 31 March 2025 can be viewed via the Company's
website at https://emira.co.za/financial-reporting/
Registered office: 1st Floor, Block A, Knightsbridge, 33 Sloane Street, Bryanston, 2191
Bryanston
28 May 2025
Equity and debt sponsor
Questco Corporate Advisory Proprietary Limited
Ground Floor, Block C, Investment Place, 10th Road, Hyde Park, 2196
Date: 28-05-2025 05:41:00
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