PRESSR: Emira’s capital recycling supports half-year gains

About this update from Emira Property Fund Ltd.

MEDIA RELEASE FROM EMIRA PROPERTY FUND13 November 2025Emira’s capital recycling supports half-year gainsEmira Property Fund JSE:EMI reported a stable set of results for the six months ended 30 September 2025 reflecting consistent strategic execution and disciplined capital allocation toward higher-yielding, value-accretive opportunities.Emira declared a cash-backed final dividend of 64.40cps, 3.2% higher than the prior half year. Its net asset value per share increased 1.4% over the six-month period that saw the company make measurable progress on each of its key objectives and deliver improved operational metrics. The half-year results indicate that Emira continues delivering long-term value for all stakeholders.James Day, CEO of Emira Property Fund, credits the positive results to the steady outperformance of Emira’s South African assets, supported by a stable and gradually improving environment, driven by steady interest rates, reduced load shedding and moderate inflation. Additionally, its US portfolio remains robust, and Emira’s strong entry into the Polish real estate market is yielding returns.Emira is a South African Real Estate Investment Trust (REIT) with a diversified portfolio across sectors and geographies. In South Africa, it holds direct commercial – retail, industrial, office – and residential property portfolios. It also recently acquired stake in listed REIT SA Corporate Real Estate. Internationally, Emira invests indirectly through equity interests alongside specialist co-investors. In the US, it holds influential stakes, ranging between 45% and 49%, in 10 dominant, grocery-anchored centres with US-based partner The Rainier Group. In Poland, Emira has a 45% equity stake in DL Invest, a Luxembourg-headquartered developer and long-term investor in industrial and logistics centres, mixed-use offices, and retail parks located across Poland.“Our diversified portfolio of direct and indirect property investments supports resilient returns across market cycles. Emira continues to be well-capitalised with a prudently managed financial position, and our capital recycling strategy continues to strengthen the balance sheet,” says Day.Interest cover improved to 2.7 times and the loan-to-value ratio improved to 35.6% from 36.3% over the six months. In October 2025, GCR reaffirmed Emira’s long-term and short-term credit ratings of A(ZA) and A1(ZA) res...

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