Emira’s sale of Enyuka part of reason for fall in distributable earnings
Emira has taken full control of Transcend Residential Property Fund after concluding a cash deal to lift its stake from 68.15% to 100%
Emira Property Fund has seen a decline in its distributable earnings despite reporting greater net property income, as it felt the effect of its sale of unlisted rural retail owner Enyuka Property Fund, lower income from its US investments and elevated interest rates.
The real estate investment trust (Reit), valued at about R4.6bn on the JSE, reported on Thursday in its results for the six months to end-September that its net property income rose 10.7% to R507.4m. However, distributable earnings declined 18% year on year to R310.6m and distributable income per share by the same margin to 59.44c...
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