Lighthouse Properties has reported a 7.5% increase in distributable earnings to 2.76 euro cents per share, driven by the full-year contribution from four Iberian malls acquired after the group exited its investment in Hammerson.
The property fund, headquartered in Malta, said earnings growth was further driven by additional expansion in the Iberian market, though this was partly offset by a €1.7m (R32.5m) hit linked to the refinancing of borrowings secured by its Forum Coimbra asset, the group said in its results for the year to end-December.
HEPS rose to 3.10 euro cents, from 2.22 euro cents previously.
The Iberian portfolio, which makes up 87.1% of the group’s direct property assets, comprises only prime malls anchored by leading retailers such as Primark and Zara flagship stores. The assets have proven resilient and are well positioned to benefit further as retailers consolidate into top-performing locations, it said.
“With Iberia’s economic backdrop and consumer dynamics remaining supportive, we expect continued momentum in sales, footfall and net property income in the financial year 2026, with further upside as recently committed projects start generating full income,” the group said.
Growth will be driven mainly from within the portfolio, with major redevelopments at Forum Coimbra and Espai Gironès, alongside tenant consolidation and upgrades at Salera and H2O, expected to support meaningful net property income growth through 2026 and 2027.
The board declared a final distribution of 1.4478 euro cents per share for the 2025 year, including 100% of distributable earnings for the second half.
Lighthouse CFO Jacobus van Biljon will step down and be replaced by David Swarts, who joins from Growthpoint Properties in April and takes over as CFO in June.
Meanwhile, COO Eddie McDonald will retire, with Laurian McGonigal appointed to succeed him from July, following a handover period in Malta. Both appointments have cleared fit and proper assessments, the company said.
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