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Audited Summarised Consolidated Financial Results for the year ended 31 March 2026, Dividend Declaration
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 2026,
DIVIDEND DECLARATION
Highlights
• Dividend per share 129,01c (up 4,1%)
• Distributable income per share 129,53c (up 3,7%)
• Net asset value per share 2 094,9c (up 1,3%)
• Commercial vacancies improved to 4,1%
• Residential occupancy (stabilised portfolio) improved to 97,9%
• Loan to value improved to 30,2%
• Property disposals concluded: Transferred R1,3bn
To be transferred R1,1bn
• US Investment disposals: Transferred USD64,8m
To be transferred USD14,2m
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 direct and indirect investments in property which are sectorally and geographically
diversified. Through this risk-mitigating diversification strategy Emira continues to deliver returns
throughout the cycles.
In South Africa, the Fund directly owns a portfolio of properties diversified across the retail, industrial,
office and residential sectors, which it segregates between the Commercial Portfolio (the retail,
industrial and office properties) and the Residential Portfolio (the residential properties) respectively.
The Fund's indirect property investments comprise equity investments in property owning companies
alongside specialist third-party co-investors, as well as strategic investments in JSE-listed REITs. This
includes Emira's 6,93% equity interest in SA Corporate Real Estate Limited ("SA Corporate"), a
diversified JSE-listed REIT with a balanced and defensive property portfolio focused primarily on the
retail, industrial, and residential sectors. Acquired during the current reporting period, this investment
aligns with Emira's strategy of investing in high quality assets at attractive valuations.
The Fund's broader indirect property investments provide it with offshore exposure to the United
States of America (the "USA" or "US") and Poland. In the USA, Emira has equity interests in six grocery-
anchored dominant value-oriented power centres in partnership with US-based The Rainier
Companies. In Poland, Emira has a 45% equity interest in DL Invest Group S.A. ("DL Invest"), a
Luxembourg-headquartered property company which develops and holds industrial and logistics
centres, mixed-use/office centres, and retail parks across Poland.
Commentary
These results are for the year ended 31 March 2026 (the "current reporting period" or "the current
period" or "FY26") and are compared to the year ended 31 March 2025 ("prior year" or the
"comparative year").
Distributable income for FY26 is R648,1m compared to R642,2m 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 64,61 cents per share for the six months to 31 March 2026 (six months
to 31 March 2025: 61,50 cents). The total dividend per share for the year ended 31 March 2026 is
129,01 cents (31 March 2025: 123,89 cents).
Financial summary
The audited summarised consolidated financial results for the year ended 31 March 2026, as
compared to the year ended 31 March 2025 ("comparative period"), are set out below:
• Directly held portfolio revenue, decreased by 15,7% to R1 459 million compared to R1 731
million for the comparative period;
• Headline earnings per share, decreased by 58,2% to 160,74 cents compared to 384,42 cents for
the comparative period;
• Earnings per share, decreased by 68,7% to 154,35 cents compared to 493,30 cents for the
comparative period;
• Net asset value per share increased by 1,3% to 2 094,9 cents compared to 2 067,3 cents for the
comparative period;
• Distributable income per share increased by 3,7% to 129,53 cents compared to 124,89 cents for
the comparative period; and
• Total dividend declared, increased by 4,1% to 129,01 cents per share compared to 123,89 cents
per share for the comparative period.
Dividend declaration
The Board has approved, and notice is hereby given that a final gross dividend of 64,61 cents per share
has been declared (2025: 61,50 cents), payable to the registered shareholders of Emira on Monday,
22 June 2026. 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 500 388 138 listed ordinary shares. The source of
the dividend comprises net income from property rentals, income earned from the Company's
investments in property companies, interest earned on loans receivable and interest earned on cash
on deposit. Please refer to the summarised consolidated statement of comprehensive income for
further information.
Last day to trade cum dividend Monday, 15 June 2026
Shares trade ex-dividend Wednesday, 17 June 2026
Record date Friday, 19 June 2026
Payment date Monday, 22 June 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 17 June 2026
and Friday, 19 June 2026, 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 51,68800 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 has been prepared in accordance with the JSE Listings Requirements
and is the responsibility of the Board. It 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 2026, which were released
on SENS and may be downloaded from:
https://senspdf.jse.co.za/documents/2026/jse/isse/emie/Mar26.pdf
or may be requested via email from sponsor@questco.co.za.
The audited annual financial statements forthe year ended 31 March 2026 were audited by Moore
Infinity Inc., who expressed an unqualified opinion thereon.
The summarised audited results for the year ended 31 March 2026 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
27 May 2026
Equity and debt sponsor
Questco Corporate Advisory Proprietary Limited
Ground Floor, Block C, Investment Place, 10th Road, Hyde Park, 2196
Date: 27-05-2026 03:30:00
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