• Net property income nearly doubled to USD 1,182,201 in Q1 2026, driven by sustained tenant turnovers and foot traffic across the portfolio
  • Tigere declared an interim dividend of USD 1,002,207, equivalent to 0.0544 US cents per unit, marking a clear increase from the prior comparable period.
  • Tigere expects to complete four yield-accretive commercial real estate acquisitions in 2026, further enhancing its portfolio and income growth

Harare-  Tigere Real Estate Investment Trust has once again set the pace among Zimbabwe's listed REITs, delivering a standout first quarter performance that reflects its dominance over smaller and newer peers Revitus Property Opportunities REIT and Eagle Real Estate Investment Trust.

In the trading update for the period ended 31 March 2026, Tigere declared an interim dividend of USD 1,002,207 equivalent to 0.0544 US cents per unit  marking a clear increase from the prior comparable period's 0.0474 US cents per unit. Net property income nearly doubled to USD 1,182,201 from USD 535,632 in the first quarter of 2025, while net asset value held steady at USD 59.35 million against USD 59.49 million at the end of December 2025.

The total number of units in issue expanded significantly to 1.841 billion, reflecting the impact of prior yield-accretive acquisitions that have broadened the investor base without diluting core income momentum. 

By contrast, Revitus Property Opportunities REIT, Tigere's closest ZSE-listed peer with a broader property opportunities mandate, has historically shown more modest income growth and lacked the retail-specific tenant momentum that has driven Tigere's consistent quarterly USD payouts and 97 percent occupancy levels.

Revitus contributed to the overall REIT market capitalisation surge of 160 percent in 2025 but trailed Tigere on key per-unit metrics such as distributable income and dividend growth, where Tigere posted 23 percent and 28 percent increases respectively for the full year 2025. 

Eagle Real Estate Investment Trust, the VFEX-listed newcomer that debuted in the second quarter of 2025 as Zimbabwe's first fully USD-denominated REIT, has focused on tourism and hospitality assets. While it has met initial occupancy projections, it continues to lag Tigere's established track record of dividend consistency, portfolio scale and proven inflation-hedging performance.

Eagle's smaller, development-oriented portfolio has yet to match Tigere's retail and commercial resilience amid external cost pressures such as the 35 percent and 39 percent rises in diesel and petrol prices during the quarter. 

Tigere's asset manager attributed the strong Q1 results to sustained tenant turnovers and foot traffic across a strategically positioned portfolio that continues to shield performance from macroeconomic volatility.

The REIT now expects to complete the acquisition of four additional yield-accretive commercial real estate assets in 2026 under retained pre-emptive rights, while advancing asset management and redevelopment initiatives at Highland Park designed to further lift annual distributable income per unit and optimise the existing book.

The update also highlighted improving supply-demand alignment in warehousing, retail and hospitality sub-sectors, supported by new pipeline developments and key infrastructure projects along Mutare Road, the Bulawayo-Victoria Falls Road and the Harare-Chirundu Highway.

These tailwinds are expected to benefit the broader REIT sector through 2026, yet Tigere's early-mover advantage, active acquisition pipeline and superior income growth position it as the clear benchmark. 

With the Zimbabwean REIT market now exceeding USD 100 million in aggregate scale and Tigere itself having entered the ZSE Top 10 by market capitalisation earlier in the year, the fund's latest results reinforce its leadership in delivering reliable, inflation-protected USD returns while peers remain in catch-up mode on scale, occupancy stability and expansion execution.

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