Online Reporter
Nelson Gahadza
Business Reporter
PFUMA Fund Real Estate Investment Trust (REIT) recorded a 48 percent increase in income in the second quarter ended June 30, 2026, driven by stronger rental collections and investment income from its recent US$25 million capital raise.
Total income rose to US$1.53 million during the quarter, up from the previous quarter, while distributable income per unit increased 39 percent quarter-on-quarter, according to the fund’s abridged unaudited financial statements.
The performance comes as Pfuma accelerates deployment of capital into its development pipeline while maintaining high occupancy levels across its existing property portfolio.
Pfuma is listed on the Victoria Falls Stock Exchange (VFEX), the country’s United States dollar-denominated securities exchange, providing investors with exposure to income-generating property assets through a listed real estate investment vehicle.
The fund said the operating environment remained supportive during the period, with year-on-year United States dollar-denominated inflation at 3.1 percent in June.
It said relative exchange-rate stability and disciplined monetary policy had supported predictable pricing and consistent rental collections.
“The operating environment remained supportive, characterised by subdued inflation, exchange-rate stability and resilient demand for quality income-generating properties,” said Mr Pardon Katerere, on behalf of the Trustee.
Pfuma attributed the quarterly growth in income to a longer trading period, stronger variable rentals from fast-moving consumer goods, fuel and energy tenants, as well as investment income earned from the capital raise before the funds were deployed into the development pipeline.
The fund said US$8.7 million had been deployed into pipeline developments during the quarter as it seeks to combine recurring income from its existing portfolio with value-accretive development projects.
Occupancy remained strong at 98.7 percent, with only 203 square metres vacant at its Hogerty Hill property, which has a total gross lettable area of 16,107 square metres.
Pfuma said demand remained firm for retail and mixed-use developments, while warehousing and hospitality properties were emerging as potential growth areas, supported by infrastructure development and increased tourism activity.
For the quarter, the REIT generated net distributable income of US$656,366 and declared a dividend of US$623,548, representing 95 percent of distributable income.
The dividend translates to 0.132 US cents per unit, compared with US$446,719, or 0.0948 US cents per unit, declared for the quarter ended 31 March.
Cumulative dividends for the first two quarters of the year therefore stand at US$1.07 million, equivalent to 0.227 US cents per unit.
The fund said developments in Kwekwe and Ruwa were targeted for completion in the fourth quarter of 2026, while projects in Chivhu and Enterprise were scheduled for completion in the first and second quarters of 2027, respectively.
Pfuma also confirmed the completion, after the reporting period, of its acquisition of the Cork Road property, with a separate announcement made in line with VFEX listing requirements.
Mr Katerere said the fund would remain focused on executing its development pipeline while preserving occupancy levels and protecting income from its existing portfolio.
“Pfuma remains committed to disciplined capital deployment, maintaining strong occupancy levels and delivering sustainable cash returns to unitholders, while pursuing opportunities for long-term value creation,” he said.
