Tigere Real Estate Investment Trust’s total comprehensive income nearly doubled to US$2,68 million after the REIT delivered a strong financial performance for the year ended December 31, 2025, driven by strategic acquisitions, high occupancy levels and improved cost efficiencies.
Total comprehensive income stood at US$1,35 million in the same prior year period. Rental revenue increased sharply to US$2,64 million compared to US$1,66 million in 2024. Net property income rose by 61 percent to US$2,73 million during the period under review.
The solid performance resulted in the REIT declaring a quarterly dividend of US$847 250, equivalent to 0,04602 United States cents per unit for the quarter ended December 31, 2025.
“This growth was attributable to the inclusion of Greenfields and Zimre Park Drive Thru in the latter part of Q4; the first full 12-month period with Highland Park Phase 2 included in the portfolio; in-force lease escalations and positive rental reversions following renewals at Highland Park Phase 1 and Chinamano Corner,” Tigere said in its full-year report.
The balance sheet strengthened significantly, with investment property growing by 75,6 percent to US$58,41 million from US$33,26 million, reflecting yield accretive acquisitions completed in the fourth quarter.
Net asset value climbed to US$59,49 million from US$34,03 million, while net asset value (NAV) per unit increased by 1,64 percent to US3,23 cents.
The REIT maintained a solid liquidity position and conservative capital structure, adding no debt during the year under review. Total liabilities declined to US$756 550 from US$2,02 million in the prior year.
Funds from operations per unit grew by 24 percent to US0,1972 cents from US0,1589 cents in 2024. Distributable income per unit rose 23,2 percent to US0,197 cents, while dividend per unit increased by 28,2 percent to US0,228 cents.
“The fund maintained its cost and scale efficiency momentum, as evidenced by an impressive decline in the Operating Expenses Ratio to 16,5 percent against a prior year outturn of 23,2 percent,” the Asset Manager said.
Collection efficiency also improved markedly. Debtors reduced by 61,6 percent to US$52 014, resulting in a collection rate of 97,3 percent compared to 91,3 percent in full year 2024.
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“In accordance with the fund’s stated objectives, the REIT manager remains committed to ensuring consistent and predictable dividend flows,” Tigere stated.
In a statement accompanying its audited results, the trustee confirmed compliance with regulatory requirements.
“The asset manager has managed the scheme in accordance with the Collective Investments Act (Chapter 24:19), the Collective Investment Schemes (Internal Schemes) Rules, 1998 and the Tigere Real Estate Investment Trust Deed.”
Operating in an increasingly stable macroeconomic environment, the Reserve Bank of Zimbabwe has maintained what the report described as a hawkish monetary stance throughout 2025, resulting in exchange rate and inflation stability.
The local currency unit depreciated by a mere 0,6 percent over the year.
Looking ahead, management signalled further expansion plans: “Per the published pre-close statement, we expected to complete the acquisition of four yield-accretive commercial real estate assets in the coming financial year, in accordance with retained pre-emptive rights to acquire these properties on completion.”
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With a strengthened asset base, disciplined cost management and high occupancy, Tigere REIT enters 2026 positioned for continued earnings growth and enhanced unitholder returns.-herald
