New kid on property block stands proud

Posted On Thursday, 25 August 2005 02:00 Published by eProp Commercial Property News
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Listed property unit trust Emira Property Fund reported solid June year-end results with a 15,9% increase in distributions on an annualised basis.

James TempletonCEO James Templeton said that because Emira had only listed on the JSE in November 2003, it was difficult to compare this year’s results with last year’s seven-month period to June. But if last year’s distributions were annualised, this year’s distribution of 67,55c to unit-holders represented a 15,9% increase.

Templeton said the positive results were due to a combination of reduced vacancies in the property portfolio and yield-enhancing acquisitions made during the period to June last year.

But he said the results for the seven months to June last year were also “abnormally low” because of the delay in transfer of certain properties for the original portfolio at listing.

“We had seven months of results but not all properties contributed to income for the full seven months. Now that all of the original portfolio has contributed for a full 12 months there has been a major increase in distributions,” Templeton said.

First South Securities property analyst Leon Allison  said that the results were “good”.

“There is strong growth but off a low base. I think it’s solid. Management indicated they could achieve sector average growth of between 6% and 7% for next year. I believe they will do marginally better,” said Allison.

Templeton said Emira’s property portfolio — worth R2,3bn — performed well, particularly its retail and industrial properties.

Last modified on Monday, 05 May 2014 17:26

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