Diversified landlord Emira Property Fund, which has recently bulked up its interest in SA's residential sector, says while tough economic conditions are expected to continue, it's still seeing opportunities for apartment sales in a high-interest-rate environment.
The group reported on Thursday that distributable income per share fell 18% to R310.6 million in its six months to end-September, while it cut its dividend just over 7% to 61.74c.
Higher borrowing costs, tenant bankruptcies in the US, as well as disposals of high-yielding assets all weighed on the group, but CEO Geoff Jennett said there had been improvements as well.