Emira sending the right signs — but time to step up
While some fund managers have holdings in Emira’s retail portfolio, many say its office portfolio contains too many old assets
While some fund managers have holdings in Emira’s retail portfolio, many say its office portfolio contains too many old assets. Emira listed on the JSE in November 2003, making it one of the oldest real estate investment trusts on the exchange. Its property portfolio is spread across the office, retail and industrial sectors. It recently spent a fair amount converting its B-and C-grade offices to A-grade offices. It is also converting offices in Rosebank into residential properties, which the Feenstra Group will manage. Emira’s results for the year to June 2017, released in August, did not please investors. The company’s share price fell on the day the results were released and the day after. Emira warned a year ago that its dividend payout would disappoint. It was the first property company to have the courage to do so, but it needs to continue being so open with shareholders. In line with its warning, Emira declared a dividend of 143.18c/share for the year to June 2017, down 2% on...
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