Listed in 2003 as a property unit trust (“PUT”) under the Collective Investments Scheme Control Act (“CISCA”), Emira (the rated entity) became a Trust REIT on 1 July 2013, and converted to a Corporate REIT with effect from 1 July 2015. Emira is internally managed, but outsources property management Eris Property Management, Broll Property Group and Feenstra Group.
The outlook is Stable.
GCR expects portfolio quality to continue to be anchored by strong occupancy levels, competitive rental rates and escalations, while pressure on recurring margins is expected to be mitigated by contributions from the burgeoning international portfolio. GCR also expects the financial profile to be managed in line with moderately conservative gearing levels, with a sustained improvement in the debt maturity profile.