Story audio is generated using AILighthouse Properties lifted distributable earnings by 9.7% in the six months to end-June, as its Spanish acquisitions increasingly fed through into earnings, with Espacio Mediterraneo delivering a full six-month contribution and Alcala Magna adding a further two months of income.The Malta-domiciled group said tenant sales rose 7.9% across Spain, Portugal and France, with footfall up 3%, while rental collections stayed firm at 98.7% of billings. Like-for-like net property income from the direct property portfolio rose 4.5%.The stronger performance has also prompted Lighthouse to raise its distribution guidance for the 2026 financial year. The group now expects to pay about 3 euro cents a share, up from its previous guidance of 2.95c, lifting anticipated growth from 6.9% to 8.7%.Operationally, the group continued to improve occupancy, concluding new leases and renewals during the period and securing positive rental reversions. Its EPRA vacancy rate edged lower after the integration of Zara and the introduction of Lefties at H2O.Revenue rose 10.7% to €77m (about R1.43bn), while HEPS increased to 1.52 euro cents. The group’s loan-to-value ratio remained broadly stable at 35.9%.CEO Justin Muller relocated from Amsterdam to Madrid in August, bringing senior leadership closer to the group’s Iberian operations, the group saidSpain, which accounts for the largest share of Lighthouse’s property portfolio, remained a key driver of performance. Like-for-like net property income (NPI) increased 5.6%, while tenant sales rose 7.7%, with footfall also increasing and vacancy remaining low.Portugal also delivered a solid performance against a relatively stronger economic backdrop, with GDP growing 2.5% in the second quarter, ahead of the wider eurozone. Lighthouse’s Portuguese portfolio recorded growth in like-for-like NPI, while tenant sales increased 9.5% and the portfolio was effectively fully let. France was the outlier, with GDP expanding by just 0.2% in the second quarter. Despite the weaker economic backdrop, Lighthouse’s French portfolio delivered 6.6% growth in like-for-like NPI, while tenant sales also increased strongly.The group said its existing portfolio continued to provide opportunities for growth through tenant renewals, expansions, new brands and selective reconfigurations, which it expects to support distributions as these projects are completed and stabilise.Changes in leadership include David Swarts succeeding Kobus van Biljon as CFO in June and Laurian McGonigal taking over from Eddie McDonald as COO in July. CEO Justin Muller relocated from Amsterdam to Madrid in August, bringing senior leadership closer to the group’s Iberian operations, the group said.Business Day