Tigere Real Estate Investment Trust has posted robust growth for the half-year ended 30 June 2026, underpinned by new asset acquisitions, positive rental reversions and tighter cost management as the Trust positions for Zimbabwe’s infrastructure build-up ahead of IATF 2029.
The unaudited abridged financial statements, authorized for issue on 16 July 2026, were prepared in accordance with International Financial Reporting Standards, the Collective Investments Act [Chapter 24:19], the Collective Investment Schemes (Internal Schemes) Rules, 1998 and the Tigere REIT Deed.
Rental revenue grew 97.0% year-on-year to USD 2.17 million, while Net Property Income increased 84.7% to USD 2.23 million. The growth was driven by the inclusion of Greenfields Retail Centre and Zimre Park Drive-Thru acquired in Q4 2025, positive rental reversions of 7.0%, and in-force escalations of 5.31% across the portfolio. On a like-for-like basis, rental revenue still grew 3.6% year-on-year despite redevelopment-led vacancies at Highland Park Phase 1.
Total comprehensive income for the period was USD 990,155, compared to USD 1.93 million in the prior comparable period which included a USD 365,685 fair value gain. Distributable income before exchange movements stood at USD 991,402. Profitability per unit remained strong. Basic and diluted earnings per unit were 0.0925 US cents. Distributable Income Per Unit and DPU increased by 13.3% and 14.5% respectively, supporting growth in unitholder wealth. Net Asset Value (NAV) per unit rose 0.1% to US 3.24 cents, and Funds From Operations per unit grew 13.0% to US 0.11 cents.
Total assets increased to USD 60.51 million from USD 60.25 million at 31 December 2025. Investment property fair value closed at USD 58.45 million following additions of USD 24.78 million for capitalised works, offset by disposals. Cash and cash equivalents rose to USD 1.75 million from USD 1.06 million at year-end. Net cash generated from financing activities was USD 22.83 million, primarily from new units issued, while USD 2.0 million was paid in dividends. Net cash used in investing activities was USD 24.78 million. The Trust maintained a zero loan-to-value ratio, with no borrowings on the portfolio. Trade receivables net of provisions fell 49.8% over six months to USD 152,032, giving a debtors-to-rental-revenue ratio of 4.3% against an internal benchmark of 5%.
Occupancy remained high at 97% during the period, with committed occupancy at 100%. Vacancies were linked to ongoing redevelopment and completion of works at the Greenfields asset, with tenants expected to commence trading in the second half of 2026.
Operational efficiency improved following the scale benefits of new assets. Operating expenses to total assets declined year-on-year from 0.6% to 0.5%, while the administrative cost-to-income ratio dropped to 14.1% from 19.3%. The drop is attributed to greater negotiating leverage and capping of fund-level corporate expenses.
The Manager notes a positive property market outlook supported by new development activity, strong demand for quality retail space from international entrants, and growth in blue-chip hardware tenants tied to the country’s construction boom. Inflation eased during the period, with ZiG inflation falling to 4.7% and USD inflation to 3.1%. The IMF projects 5% GDP growth for Zimbabwe in 2026.
For the second half of 2026, Tigere is considering five diversified transactions: Electrosales Zvishavane, Design Quarter and Parkade, Cardinals Corner, Kadoma Retail Centre Phase 1, and Gweru Retail Centre Phase 1.
The REIT Manager has declared a quarterly dividend of USD 1,003,210, equivalent to 0.05449 US cents per unit, for the quarter ended 30 June 2026. While cash remains the default, unitholders will be offered a scrip option to reinvest distributions through additional units. Proceeds retained will fund the yield-accretive acquisition of Electrosales Zvishavane in Q3 2026. Further details will be issued around 20 July 2026.
The Asset Manager, represented by Brett Abrahamse, confirmed the scheme was managed in line with regulatory requirements. The Trustee, represented by Paidamwoyo Mberikwazvo, assessed the Trust as a going concern and noted there were no contingent assets or liabilities for the period.
