Emira Property Fund (EMI) H2 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance for FY24, exceeding executive KPI targets and setting higher targets for FY25.

• Distributable income per share increased 11.5% year-over-year to ZAR 1.1903; NAV per share rose 2.2% to ZAR 17.33.

• Completed significant asset disposals, including Enyuka JV and major property sales, supporting liquidity and diversification.

• Fully consolidated and integrated Transcend, increasing residential exposure to 15.5% of total assets.

• Maintained high collection rates (99.9%) and strong tenant retention (81%).

Financial highlights

• Distributable income per share for the 12-month period was ZAR 1.1903; full year dividend per share was ZAR 1.1702, up 20.9% year-over-year.

• Net asset value per share increased by 2.2% to ZAR 17.33.

• Loan-to-value ratio improved to 42.4%; interest cover ratio at 2.3x, above covenant.

• Debt reduced from ZAR 6.9 billion to ZAR 6.4 billion, aided by disposal proceeds; undrawn debt facilities of ZAR 1 billion.

• Net finance costs rose to ZAR 543.6 million due to higher interest rates and full-year Transcend consolidation.

Outlook and guidance

• FY25 distributable income per share target set at ZAR 1.2043, marginally above FY24; target DPS for FY25 is ZAR 1.2043 per share.

• Proceeds from disposals will be used for further diversification, with a focus on offshore opportunities.

• Anticipates continued strong liquidity, with ZAR 2.4 billion in disposal proceeds expected in the next six months.