#Emira Property Fund @EmiraPropFund achieves 8.8% distribution growth

Emira Property Fund Limited today reported distribution growth of 8.8
% per share for its full-year ended 30 June 2016, meeting its market
guidance with a strong set of results for Emira investors.

Geoff Jennett, CEO of Emira Property Fund, attributes the solid
performance for 2016 to contractual escalations across most of its
portfolio, benchmark-surpassing occupancy levels, tight cost controls,
effective recycling of capital and Emira's strong balance sheet.

Besides posting inflation-beating total distribution growth to deliver
real returns, Emira closed the year with moderate gearing with a
loan-to-value ratio of 35.4% and 93.1% of its interest rate exposure
fixed.

What's more, income from Emira's listed investment in Growthpoint
Properties Australia (GOZ) grew 22% because of increased distributions
from GOZ, the lower dividend withholding tax and the ZAR depreciating
against the AUD.

Commenting on the results, Jennett says: "Emira's revenue increased by
5.6%, during the year because of the effect of past acquisitions as
well as organic portfolio growth. Besides top-line growth, we also
kept expenses contained and improved recoveries of municipal expenses.
In general, we've made good leasing progress and vacancy levels match
or better industry benchmarks."