Emira achieves positive turnaround
Emira Property Fund on Wednesday reported distribution growth of 3.5% for the six-month period ended 31 December 2012‚ representing a significant improvement in growth prospects from its final distribution for the year to June 2012.
Its total return to investors was 19% for the period‚ during which Emira’s net asset value increased by 4.4% to 1249 cents per participatory interest (PI).
James Templeton‚ CEO of Emira‚ attributed the positive performance to multifaceted progress‚ including improved leasing‚ with portfolio occupancy levels sailing over 92% for the first time since 2009.
He also noted savings on property management fees and lower funding costs supported by restructured debt among Emira’s other performance boosting achievements for the period.
“These results mark a turnaround for Emira. We’ve been aggressive in every area of our business and delivered improvement in every metric‚” says Templeton. “We simultaneously improved our property portfolio composition‚ enhanced our buildings and delivered superior management efficiencies with tight cost and credit controls‚ which contributed positively to performance.”
This has also improved the outlook for Emira’s distribution growth. “We are confident that Emira’s distributions for the full year will grow at similar levels to that achieved for the half year‚” said Templeton.
