Burstone reported a 2.2% increase in distributable income per share, driven by a rebound in the South African property market and improving underlying real estate performance across its diversified portfolio.Operationally, South Africa delivered improved leasing dynamics and reduced vacancy, while Europe remained under pressure with earnings falling amid higher vacancy levels. Australia, meanwhile, showed early-stage momentum as industrial assets gained traction, lifting investment income to R27m from R1m.The growth was supported by a stable earnings base, with South Africa remaining the dominant contributor at about 80% of group earnings, anchored by stronger like-for-like net operating income growth of 4.2%, improved vacancies of 2.7% and a portfolio revaluation uplift of about 5% for the year to end-March.HEPS more than doubled to 39.75c while net asset value remained broadly stable at R11.79 per share, reflecting valuation gains offset by noncash movements.“Burstone’s diversified business model provides resilience in a volatile global environment, underpinned by a strong real estate platform, diversified assets, broad geographic exposure and recurring fee income while global uncertainty, high rates and inflation persist, improving South African sentiment supports growth,” said the group.It said its performance was underpinned by disciplined capital management and strategic balance sheet actions, including R4.4bn in new third-party equity commitments secured during the period. This expanded its deployment capacity into about R10bn-R12bn of real estate opportunities, strengthening both earnings visibility and fee income growth.During the year, Burstone established its European Light Industrial (ELI) platform with Hines, which committed €130m (R2.456bn) in equity. The group plans to co-invest about 20% in the platform and will oversee investments and asset management using its existing European operations. The first €34m worth of acquisitions is close to completion, with more deals under review.The group maintained a 90% payout ratio, with dividends per share rising in line with distributable earnings to 94.24c per share. It declared a final dividend of 47.12c per share.Regarding its balance sheet, Burstone reported net debt of R6.6bn and a loan-to-value ratio of 39.6%, compared with 36.3% previously, with the increase driven by capital expenditure, offshore deployment and asset recycling.Fee income emerged as a growth lever, rising to R131m and now contributing 15.5% of group earnings. This was boosted by expanded fund and asset management activity in Europe and Australia, including the European management platform generating R111m and growing external assets under management.Looking ahead, Burstone signalled sustained positive momentum into the 2027 financial year, which will be driven by strengthened capital partnerships, a growing fee base and expanded equity under management.The group said its dividend per share growth guidance of 7%-9% and distributable income per share growth of 4%-6% remain intact, supported by resilient underlying real estate fundamentals and continued expansion across its core markets.