Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — H1 2024 Earnings Presentation
143 slides from Emira Property Fund's earnings presentation, November 2023
Slide 1: Emira Property Fund Interim Results 30 September 2023
EMIRA PROPERTY FUND INTERIM RESULTS 30 SEPTEMBER 2023
Slide 2: Agenda
EMIRA PROPERTY FUND INTERIM RESULTS 2023 Overview Business unit approach Outlook Past successes Summary Key metrics Distribution statement 1
Slide 3: Geoff Jennett, CEO
EMIRA PROPERTY FUND INTERIM RESULTS 2023 2 Geoff Jennett CEO
Slide 4: Past Successes
OVERVIEW EMIRA PROPERTY FUND OVERVIEW INTERIM RESULTS 2023 PAST SUCCESSES — Enyuka — The Bolton — GOZ/US — Transcend 3
Slide 5: Enyuka
OVERVIEW EMIRA PROPERTY FUND ENYUKA INTERIM RESULTS 2023 — JV with One began in 2016 — R575m of lower LSM/rural retail assets (15) — Assets (22) increased to R1.7bn, high yielding — Time to recycle out or change direction 4 — Partners offered to buy us out (R640m) — Average income yield 13.1% — 7 ye
Slide 6: The Bolton
OVERVIEW EMIRA PROPERTY FUND THE BOLTON INTERIM RESULTS 2023 — Recognised the office market challenges — Converted office to residential — JV with Feenstra (2018) — Completed value R210m — Yielding R16m-R19m pa 5 — Sectionalise and selling off (73% sold) — Capital uplift to a net R280m value — Best
Slide 7: GOZ / The US
OVERVIEW EMIRA PROPERTY FUND GOZ / THE US INTERIM RESULTS 2023 — Sold out of GOZ, over valued, no control — Offshore diversification › Exposure to economy and tenants different to SA › Undervalued asset subsector › Right partners with skin in the game 6 — 12 assets, equity value USD150m, great partn
Slide 8: Transcend
OVERVIEW EMIRA PROPERTY FUND TRANSCEND INTERIM RESULTS 2023 — Value type residential properties servicing — General offer to shareholders in 2022, low to middle segment increased to 68% stake — Well managed by IHS with aspirations to expand — Scheme of arrangement now implemented, 100% ownership and
Slide 9: The Comparison and Diversification
OVERVIEW EMIRA PROPERTY FUND OVERVIEW INTERIM RESULTS 2023 PAST SUCCESSES THE COMPARISON DIVERSIFICATION — Enyuka — 6 months Sep 23 — Very important vs 6 months Dec 22 — The Bolton — Tool to reduce risk — No Inani income accrual — GOZ/US — Focus on increasing liquidity — Disposal of high yielding —
Slide 10: Key Metrics
OVERVIEW EMIRA PROPERTY FUND KEY METRICS INTERIM RESULTS 2023 Distributable income Disposals Vacancies LTV Enyuka sale 4.1% 41.2% per share (DIPS) 59.44c Bolton unit sales (44.0%) (72.45c) TPF unit sales -18.0% 1 Monte Carlo Tenant retention 80.1% 9 NAV Collections (gross rental) Dividend per share
Slide 11: Summary Distribution Statement
OVERVIEW EMIRA PROPERTY FUND SUMMARY DISTRIBUTION STATEMENT R’000 Dec 22 Sep 23 Variance % INTERIM RESULTS 2023 Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Enyuka 42 808 35 758 (16.5) US 105 381 113 750 7.9 Corporate/Other (31 327) (43 035) (37.4) Funding (233 7
Slide 12: Commercial
EMIRA PROPERTY FUND 11 INTERIM RESULTS 2023
Slide 13: Distribution Statement
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Dec 22 Sep 23 Dividend Dividend Variance R’000 payable payable % INTERIM RESULTS 2023 Direct Portfolio Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Indirect Portfolio Enyuka 42 808 35 758 (16.5) US 1
Slide 14: Key Portfolio Metrics: Commercial Portfolio
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2023 (VS 31 MARCH 2023) Commercial Portfolio INTERIM RESULTS 2023 Properties Vacancies Urban Retail 70 (71) R9.7bn 4.1% (4.7%) Vacancy remained on similar levels (R9.7bn) Office sector Remains difficult due to slow econom
Slide 15: Key Portfolio Metrics: Reversions and Lease Expiry
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2023 (VS 31 MARCH 2023) Commercial Portfolio INTERIM RESULTS 2023 Weighted average rent reversions Lease expiry profile by gross rental Loadshedding -5.1% (-8.4%) Rolled over 5.6% Year 1 (2H FY24) 12.4% — Although a decre
Slide 16: Key Portfolio Metrics: Commercial Portfolio
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS: COMMERCIAL PORTFOLIO at 30 September 2023 INTERIM RESULTS 2023 CLEAN ENERGY WATER EFFICIENCY BIODIVERSITY — An additional 5 PV farms of — A 60Kℓ rainwater harvesting — 150 trees were planted at three 1.5MW to be installed by the project
Slide 17: Balance Sheet
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND BALANCE SHEET R’000 Mar 23 Sep 23 % Ch Direct Portfolio 12 191 12 112 (0.6) Commercial Portfolio 9 752 9 795 0.4 INTERIM RESULTS 2023 Residential Portfolio 2 438 2 317 (5.0) Indirect Portfolio Enyuka 639 — — Transcend — — (100) US 2 703 2 852 5.5 Loans receiv
Slide 18: Valuation Summary: Commercial Portfolio
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VALUATION SUMMARY: COMMERCIAL PORTFOLIO Mar 23 Sep 23 Valuation (Rm)^ 9 676 9 718 INTERIM RESULTS 2023 Number of properties 71 70 % of the portfolio valued externally 100% 100% Valuation rate (R/m²) — Retail 16 872 17 000 — Office 18 223 18 316 — Industrial 5
Slide 19: Residential
EMIRA PROPERTY FUND 18 INTERIM RESULTS 2023
Slide 20: Distribution Statement
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Dec 22 Sep 23 Dividend Dividend Variance R’000 payable payable % INTERIM RESULTS 2023 Direct Portfolio Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Indirect Portfolio Enyuka 42 808 35 758 (16.5) US
Slide 21: Key Portfolio Metrics: Residential Portfolio
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2023 (VS 31 MARCH 2023) Residential Portfolio INTERIM RESULTS 2023 Properties Number of units Average rent per unit 21 (23) 4 063 (4 315) R6 136 (R6 158) 20 Value Vacancies Average value per unit R2.3bn (R2.4bn) 3.4% (2.
Slide 22: Balance Sheet
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND BALANCE SHEET R’000 Mar 23 Sep 23 % Ch Direct Portfolio 12 191 12 112 (0.6) Commercial Portfolio 9 752 9 795 0.4 INTERIM RESULTS 2023 Residential Portfolio 2 438 2 317 (5.0) Indirect Portfolio Enyuka 639 — — Transcend — — (100) US 2 703 2 852 5.5 Loans recei
Slide 23: Enyuka
22 EMIRA PROPERTY FUND INTERIM RESULTS 2023
Slide 24: Distribution Statement
ENYUKA EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Dec 22 Sep 23 Dividend Dividend Variance R’000 payable payable % INTERIM RESULTS 2023 Direct Portfolio Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Indirect Portfolio Enyuka 42 808 35 758 (16.5) US 105 381 113 750
Slide 25: Balance Sheet
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND BALANCE SHEET R’000 Mar 23 Sep 23 % Ch Direct Portfolio 12 191 12 112 (0.6) Commercial Portfolio 9 752 9 795 0.4 INTERIM RESULTS 2023 2 2 (5.0 Residential Portfolio 438 317 ) Indirect Portfolio Enyuka 639 — — Transcend — — (100) US 2 703 2 852 5.5 Loans rece
Slide 26: US
25 EMIRA PROPERTY FUND INTERIM RESULTS 2023
Slide 27: Distribution Statement
US EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Dec 22 Sep 23 Dividend Dividend Variance R’000 payable payable % INTERIM RESULTS 2023 Direct Portfolio Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Indirect Portfolio Enyuka 42 808 35 758 (16.5) US 105 381 113 750 7.9
Slide 28: Key Portfolio Metrics: US Portfolio
US EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2023 (VS 31 MARCH 2023) US Portfolio INTERIM RESULTS 2023 Properties Vacancies Lease expiry profile (rental) 3.6% Rolled over 0.0% 12 Year 1 (2H FY24) Year 2 (FY25) 1.1% 6.6% (2.6%) (12) Year 3 (FY26) 11.7% Largest tenants vacated by SF: Y
Slide 29: Balance Sheet
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND BALANCE SHEET R’000 Mar 23 Sep 23 % Ch Direct Portfolio 12 191 12 112 (0.6) Commercial Portfolio 9 752 9 795 0.4 INTERIM RESULTS 2023 Residential Portfolio 2 438 2 317 (5.0) Indirect Portfolio Enyuka 639 — — Transcend — — (100) US 2 703 2 852 5.5 Loans receiv
Slide 30: Corporate
29 EMIRA PROPERTY FUND INTERIM RESULTS 2023
Slide 31: Distribution Statement
CORPORATE EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Dec 22 Sep 23 Dividend Dividend Variance R’000 payable payable % INTERIM RESULTS 2023 Direct Portfolio Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Indirect Portfolio Enyuka 42 808 35 758 (16.5) US 105 381 113
Slide 32: Funding
EMIRA PROPERTY FUND 31 INTERIM RESULTS 2023
Slide 33: Distribution Statement
FUNDING EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Dec 22 Sep 23 Dividend Dividend Variance R’000 payable payable % INTERIM RESULTS 2023 Direct Portfolio Commercial Portfolio 408 543 408 740 0.0 Residential Portfolio 55 581 85 079 53.1 Indirect Portfolio Enyuka 42 808 35 758 (16.5) US 105 381 113 75
Slide 34: Balance Sheet
FUNDING EMIRA PROPERTY FUND BALANCE SHEET R’000 Mar 23 Sep 23 % Ch Direct Portfolio 12 191 12 112 (0.6) Commercial Portfolio 9 752 9 795 0.4 INTERIM RESULTS 2023 Residential Portfolio 2 438 2 317 (5.0) Indirect Portfolio Enyuka 639 — — Transcend — — (100) US 2 703 2 852 5.5 Loans receivable 349 269
Slide 35: Emira Loan-to-Value Bridge
FUNDING EMIRA PROPERTY FUND EMIRA LOAN-TO-VALUE BRIDGE INTERIM RESULTS 2023 46 78 1.0 44 0.8 68 0.4 (0.2) (1.9) (0.2) (0.1) (0.4) 42 44.0 43.4 42.5 42.8 (2.0) 41.2 34 40 Mar 23 Div pmt Enyuka Property US investment CCIRS & FEC IRS ECL - Other Distributable income Sep 23 FY23 final disposal revaluati
Slide 36: Debt Expiry Profile
FUNDING EMIRA PROPERTY FUND DEBT EXPIRY PROFILE (RM) INTERIM RESULTS 2023 1 400 1 200 1 000 800 600 400 200 0 Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend 35 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 202
Slide 37: Interest Rate Hedging Profile
FUNDING EMIRA PROPERTY FUND INTEREST RATE HEDGING PROFILE (RM) INTERIM RESULTS 2023 800 700 600 500 400 300 200 100 -0 36 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026 Sep 2026 Emira Transcend EMIRA TRANSCEND 71.3% hedged debt 54.5% hedged debt 1.6 years weighted average duration to expiry 1.1 years
Slide 38: Other
EMIRA PROPERTY FUND 37 INTERIM RESULTS 2023
Slide 39: Balance Sheet
OTHER EMIRA PROPERTY FUND BALANCE SHEET R’000 Mar 23 Sep 23 % Ch Direct Portfolio 12 191 12 112 (0.6) Commercial Portfolio 9 752 9 795 0.4 INTERIM RESULTS 2023 Residential Portfolio 2 438 2 317 (5.0) Indirect Portfolio Enyuka 639 — — Transcend — — (100) US 2 703 2 852 5.5 Loans receivable 349 269 (2
Slide 40: Dividend Per Share (Cents)
OTHER EMIRA PROPERTY FUND DIVIDEND PER SHARE (CENTS) 0.0 (1.3) 1.6 (0.3) (5.3) (0.4) 1.0 90 INTERIM RESULTS 2024 80 1.1 1.6 70 66.43 3.8 61.74 60 (1.1) (1.3) (0.3) (4.1) (2.3) (1.2) (0.4) (0.5) 50 Net property income September 2023 Enyuka US Held properties Taxation December 2022 Admin costs Admin c
Slide 41: Net Asset Value Per Share (Cents)
OTHER EMIRA PROPERTY FUND NET ASSET VALUE PER SHARE (CENTS) INTERIM RESULTS 2023 1 750 33 1 (56) 1 696 16 1 703 1 (16) 31 1 700 78 30 66 1 650 (4) 1 600 1 666 1 628 1 628 1 550 7 1 500 40 Mar 23 Change in treasury Investment US investments CCIRS and FEC IRS derivatives Expected credit loss Other/IFR
Slide 42: Geoff Jennett, CEO
EMIRA PROPERTY FUND 41 INTERIM RESULTS 2023 Geoff Jennett CEO
Slide 43: Outlook: The Comparison
OUTLOOK EMIRA PROPERTY FUND THE COMPARISON INTERIM RESULTS 2023 42 — No Inani income accrual — Lower US DIPS but strong divs — Next reporting, 12 months to Mar — Enyuka high yielding disposal — Higher interest rates 24 vs 9 months to Mar 23
Slide 44: Outlook: Diversification
OUTLOOK EMIRA PROPERTY FUND DIVERSIFICATION INTERIM RESULTS 2023 43 — Very important — Tool to reduce risk — Continued focus on increasing liquidity
Slide 45: Outlook: Future
OUTLOOK EMIRA PROPERTY FUND FUTURE INTERIM RESULTS 2023 44 — Expect DIPS to be slightly below the Exec KPI target of — Continue our cycles of evaluating and assessing best 118.49c for full year to Mar 24 use for capital
Slide 46: Appendix
45 EMIRA PROPERTY FUND INTERIM RESULTS 2023
Slide 47: Operations: Number of Properties
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND NUMBER OF PROPERTIES INTERIM RESULTS 2023 120 104 97 94 100 91 80 79 77 80 74 60 40 20 0 JUN 18 JUN 19 JUN 20 JUN 21 JUN 22 DEC 22 MAR 23 SEP 23 NUMBER OF PROPERTIES PER SECTOR 46 40 36 34 33 30 24 23 21 20 20 20 20 17 17 17 10 0 OFFICE
Slide 48: Sectorial Spread by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND SECTORIAL SPREAD OF PROPERTIES BY GLA AND VALUE (%) INTERIM RESULTS 2023 GLA SPLIT PER SECTOR (%) MAR 2023 GLA SPLIT PER SECTOR (%) SEPT 2023 VALUE SPLIT PER SECTOR (%) MAR 2023 VALUE SPLIT PER SECTOR (%) SEP 2023 762 779m2 757 199m2 R9
Slide 49: Geographical Spread of Buildings by Number
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER INTERIM RESULTS 2023 40 35 32 32 32 30 25 20 17 17 17 15 48 12 11 11 10 10 9 8 5 1 1 1 1 1 1 0 JOHANNESBURG PRETORIA WESTERN CAPE KWAZULU-NATAL* BLOEMFONTEIN MPUMALANGA * Disposal: 1 Monte Carl
Slide 50: Geographic Spread by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHIC SPREAD OF PROPERTIES BY GLA AND VALUE (%) INTERIM RESULTS 2023 GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD BY GLA (%) MAR 2023 BY GLA (%) SEP 2023 BY VALUE (%) MAR 2023 BY VALUE (%) SEP 202
Slide 51: Average Value of Properties per m² and Property
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND AVERAGE VALUE OF PROPERTIES PER M² AND PROPERTY INTERIM RESULTS 2023 AVERAGE VALUE PER m² 20 000 0.5% 0.8% 15 000 18 439 18 223 18 316 16 544 16 872 17 000 1.2% 10 000 12 457 12 685 12 835 1.3% 5 000 5 756 5 838 5 912 0 OFFICE URBAN RET
Slide 52: Office Sector Exposure: Quality Improvement
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND OFFICE SECTOR EXPOSURE OF PROPERTIES – QUALITY IMPROVEMENT INTERIM RESULTS 2023 NUMBER OF PROPERTIES AVERAGE VALUE PER PROPERTY (Rm) GRADE OF OFFICE PORTFOLIO BY VALUE GRADE OF OFFICE PORTFOLIO BY VALUE (%) JUN 2011 (%) SEP 2023 51 2011
Slide 53: Residential: Geographical Spread of Buildings
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER INTERIM RESULTS 2023 20 18 17 17 16 16 14 12 10 8 52 6 5 4 4 3 2 2 2 2 0 JOHANNESBURG* PRETORIA WESTERN CAPE** * Disposal: Stone Arch ** Disposal: De Velde DEC 22 MAR 23 SEP 23
Slide 54: Residential: Spread by Value and Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHICAL SPREAD OF PROPERTIES BY VALUE AND UNIT (%) INTERIM RESULTS 2023 GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY VALUE (%) GEOGRAPHICAL SPREAD BY VALUE (%) MAR 2023 – 4 315 UNITS SEP 2
Slide 55: Average Value of Properties per Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND AVERAGE VALUE OF PROPERTIES PER UNIT INTERIM RESULTS 2023 571 000 570 341 570 000 569 000 568 000 567 398 567 000 566 000 565 078 54 565 000 564 000 563 000 562 000 RESIDENTIAL DEC 22 MAR 23 SEP 23
Slide 56: Vacancy Profile per Sector by GLA
ANNEXURE – OPERATIONS: TOTAL PORTFOLIO EMIRA PROPERTY FUND VACANCY PROFILE PER SECTOR BY GLA (%) INTERIM RESULTS 2023 20% 18.2 18% 16% 14.9 14% 12.5 12.0 12% 11.6 10% 7.8 8% 6.4 55 5.9 6.1 6% 4.6 4.8 4.7 3.9 4.1 4% 3.4 3.6 3.4 3.1 3.2 3.3 3.4 2.7 3.0 2.4 2.6 2.6 2.5 2.6 2.1 2% 0.6 0% OFFICE URBAN RE
Slide 57: Vacancy Profile per Sector and Grade by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VACANCY PROFILE PER SECTOR AND GRADE BY GLA (%) INTERIM RESULTS 2023 35% 30% 28.8 25.3 25% 21.1 21.5 21.7 19.7 20% 15.8 15% 13.6 12.1 12.2 11.4 10.7 10.7 10.9 56 10.4 10% 9.3 5.8 5.9 6.1 4.8 4.7 5% 3.9 4.1 3.4 3.6 3.4 3.1 3.2 3.0 2.4 2.
Slide 58: Vacancy Loss by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VACANCY LOSS BY GROSS RENTAL (%) INTERIM RESULTS 2023 16% 13.9 14% 12.8 12% 10.6 9.9 9.7 10% 8% 6.1 6.1 6% 57 4.7 4.7 4.2 4% 3.7 3.6 3.3 3.2 2.8 2.7 2.8 2.8 2.2 2.4 2.3 2.2 1.9 2% 0.5 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 2
Slide 59: Vacancy Loss per Sector and Grade
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VACANCY LOSS PER SECTOR AND GRADE BY GROSS RENTAL (%) INTERIM RESULTS 2023 30% 27.0 25% 22.2 20.6 20.8 20% 18.7 15% 13.0 12.1 9.9 10.1 58 10% 9.1 9.1 6.1 6.1 4.7 4.7 4.2 5% 3.6 3.2 3.3 3.2 2.8 2.8 2.8 2.2 2.4 2.7 2.3 2.2 1.9 0.5 0% PRIM
Slide 60: Tenant Retention
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT RETENTION (%) INTERIM RESULTS 2023 100% Hundreds 88 86 83 83 84 82 81 79 80 80 79 80% 77 78 77 77 76 76 72 60% 40% 59 GROSS RENTALS m² NO. OF LEASES DEC 19 DEC 20 DEC 21 DEC 22 MAR 23 SEP 23 FY24: Expiries of 110 999m² equals 249
Slide 61: Tenant Retention per Sector
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT RETENTION PER SECTOR BY GROSS RENTAL (%) INTERIM RESULTS 2023 100% 91 92 89 88 88 88 88 85 86 81 82 81 82 81 79 79 80 80% 78 77 70 62 63 60 60 60 60% 40% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 DEC 21 DEC 22 MAR 23 SEP
Slide 62: Major Lease Renewals by Gross Rental: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE RENEWALS BY GROSS RENTAL: FY24 Property Sector Tenant Lease end GLA (m2) Status 9 Long Office Dept of Public Works Jun 26 4 444 Renewed – 3 years INTERIM RESULTS 2023 Technohub Industrial Kawari Wholesalers Jun 28 6 580 R
Slide 63: Major Lease Expiries by Gross Rental: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY24 Property Sector Tenant Lease end GLA (m2) Status Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Finalising lease terms – 3 years INTERIM RESULTS 2023 9 Long Offices Dept Of Public
Slide 64: Major Lease Expiries by GLA: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GLA: FY24 Property Sector Tenant Lease end GLA (m2) Status Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Finalising lease terms – 3 years INTERIM RESULTS 2023 Technohub Industrial Kawari Wholesalers
Slide 65: Major Lease Expiries by Gross Rental: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY25 Property Sector Tenant Lease end GLA (m2) Status RTT ACSA Park Industrial RTT Group Dec 24 46 673 Busy with negotiations – 5 years INTERIM RESULTS 2023 Tenant vacated – replacement tenant –
Slide 66: Major Lease Expiries by GLA: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GLA: FY25 Property Sector Tenant Lease end GLA (m2) Status RTT ACSA Park Industrial RTT Group Dec 24 46 673 Busy with negotiations – 5 years INTERIM RESULTS 2023 RTT Continental Industrial RTT Group Dec 24 12
Slide 67: Weighted Reversions Total by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED REVERSIONS TOTAL BY GROSS RENTALS INTERIM RESULTS 2023 Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 15 177 150.88 137.57 -8.8% Urban Retail 21 503 171.82 167.34 -2.6% Industrial 51 44
Slide 68: Weighted Reversions Renewals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED REVERSIONS RENEWALS BY GROSS RENTALS INTERIM RESULTS 2023 Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 10 987 148.89 140.55 -5.6% Urban Retail 18 865 173.79 169.43 -2.5% Industrial 43
Slide 69: Weighted Reversions New Leases
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED REVERSIONS NEW LEASES BY GROSS RENTALS INTERIM RESULTS 2023 Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 4 190 155.74 129.74 -16.7% Urban Retail 2 638 157.76 152.37 -3.4% Industrial 8
Slide 70: Weighted Average Lease Escalations
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED AVERAGE LEASE ESCALATIONS (%)* INTERIM RESULTS 2023 8% 7.8 7.5 7.5 7.4 7.3 7.2 7.1 7.1 7.0 7% 6.9 6.8 6.8 6.7 6.6 6.6 6.6 6.6 6.6 6.5 6.5 6.4 6.3 6.3 6.3 6% 5% 69 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 DEC 21
Slide 71: Weighted Average Lease Expiry (WALE)
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED AVERAGE LEASE EXPIRY (WALE) (YEARS) INTERIM RESULTS 2023 4.0 4.0 3.8 3.6 3.5 3.5 3.5 3.3 3.2 3.2 3.0 3.0 2.9 2.8 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2.6 2.5 2.5 2.5 2.4 2.4 2.0 2.0 2.0 2.0 2.0 2.0 1.8 1.5 1.5 70 1.0 1.0 0.5 0.5 00.0 OF
Slide 72: Lease Expiry Profile by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE BY GROSS RENTAL (%) INTERIM RESULTS 2023 60% 55% 50% 45.8 45.9 44.2 45% 39.5 40% 37.6 35% 30% 26.0 25.7 25.1 25% 22.9 22.2 20.6 21.4 20% 18.1 18.4 71 17.4 15% 12.4 11.6 11.0 9.5 10% 8.1 5.6 3.4 5% 2.0 2.0 3.1 0.1 0.
Slide 73: Lease Expiry Profile: Offices
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE — OFFICES BY GROSS RENTAL (%) INTERIM RESULTS 2023 60% 55% 51.2 50% 45% 42.1 41.0 39.7 40% 36.8 35% 30.8 30% 27.1 27.6 25% 23.8 23.9 21.2 20.4 72 20% 18.0 16.5 14.2 14.4 15% 10.7 10.2 9.5 10% 8.2 4.6 4.1 5% 0.2 0.0
Slide 74: Lease Expiry Profile: Urban Retail
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE — URBAN RETAIL BY GROSS RENTAL (%) INTERIM RESULTS 2023 60% 55% 53.3 53.7 50% 44.5 45% 40.8 41.2 40% 35% 29.4 30% 28.1 24.7 25% 21.7 73 20% 16.7 17.7 16.7 17.4 15.1 14.5 15% 13.6 10.1 10% 6.0 6.1 7.1 7.8 5% 3.8 2.7
Slide 75: Lease Expiry Profile: Industrial
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE — INDUSTRIAL BY GROSS RENTAL (%) INTERIM RESULTS 2023 60% 55% 50% 45% 40.5 40% 35.8 34.5 33.3 35% 33.1 29.4 28.9 30% 26.9 27.5 25.9 26.6 25% 21.0 20.0 21.0 20% 74 16.8 14.6 14.3 14.6 15% 11.3 9.1 10% 6.5 5% 3.8 2.0
Slide 76: Leases Concluded
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASES CONCLUDED: LEASE COMMENCEMENT 1 APRIL 2023+ INTERIM RESULTS 2023 New Renewal Total Number of leases 55 142 197 Offices 20 35 55 Urban Retail 17 61 78 Industrial 18 46 64 Total m² 15 120 73 003 88 124 Offices 4 190 10 987 15 177 U
Slide 77: Emira Net Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND EMIRA NET RENTALS (Excluding vacancies, parking, store-rooms, kiosks, ATMs, mezzanines) No. of Occupied Avg Net Rental INTERIM RESULTS 2023 Sector Buildings GLA (m²) (R/m²) Office: P-Grade 4 53 040 166.04 Office: A-Grade 14 70 441 153.2
Slide 78: Tenant Grading by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT GRADING — BY GLA (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 77 INTERIM RESULTS 2023 Hundreds 70% 24 60% 52 49 50% 40% 35 27 30% 24 20% 12 14 14 61 11 10% 0% 77 A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grad
Slide 79: Tenant Grading by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT GRADING — BY GROSS RENTAL (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 75 INTERIM RESULTS 2023 Hundreds 20 70% 58 60% 55 50% 40% 31 30% 15 21 21 20% 12 13 14 65 10% 0% 78 A Grade Office Urban Retail Industrial B Grade C Grade A Gra
Slide 80: Tenant Exposure by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT EXPOSURE BY GLA (%) INTERIM RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) RTT GROUP 8.2 PICK N PAY 6.1 31 MASSMART 3.7 PEPKOR 2.6 Top 10 tenants SHOPRITE CHECKERS 2.4 Other tenants 79
Slide 81: Tenant Exposure by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT EXPOSURE BY GROSS RENTAL (%) INTERIM RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) PICK N PAY 4.9 RTT GROUP 4.5 29 MASSMART 4.2 PEPKOR 3.4 Top 10 tenants KING PRICE INSURANCE 3.0 Othe
Slide 82: Potential New Major Capex Projects
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND POTENTIAL NEW MAJOR CAPEX PROJECTS INTERIM RESULTS 2023 Major projects being considered Type m² Value (Rm) Construction time Quagga Shopping Centre – refurbishment and new entrance Urban Retail N/A 29 12 months The Market Square Shoppin
Slide 83: Top Properties by Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TOP 10 PROPERTIES BY VALUE INTERIM RESULTS 2023 Property Node Classification GLA (m2) Major Tenants Wonderpark Pretoria North Retail – Regional 91 038 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²), Shop
Slide 84: Environmental: Reporting
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENVIRONMENTAL — REPORTING INTERIM RESULTS 2023 EMIRA’S APPROACH TO REPORTING CARBON DISCLOSURE PROJECT SCIENCE-BASED TARGETS — Emira is aligned with the relevant — In line with the TCFD Framework, Emira participates — Emira’s science-ba
Slide 85: Environmental: Energy
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENVIRONMENTAL — ENERGY Emira’s total energy consumption breakdown (%) 100% 92.5 90.4 INTERIM RESULTS 2023 90% 78.0 75.1 76.3 80% 70% 60% 50% 40% 30% 20% 13.9 15.8 13.6 7.9 8.1 9.1 10.1 10% 6.5 1.0 1.7 0% Grid electricity Renewable elect
Slide 86: Environmental: Water, Waste and Biodiversity
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENVIRONMENTAL — WATER, WASTE AND BIODIVERSITY INTERIM RESULTS 2023 WATER WASTE BIODIVERSITY — Focus on sustainable water supply to our properties — UN SDGs Goal 12 is part of Emira’s commitment — The climate and biodiversity crises are
Slide 87: Allocation of Total Assets
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ALLOCATION (%) — TOTAL ASSETS INTERIM RESULTS 2023 Mar 23 Sep 23 US 17.5 17.5% 19.2 19.2% OFFICE 18.9 19.7 URBAN RETAIL 31.9 33.3 INDUSTRIAL 11.6 78.4% 12.0 80.8% 86 RESIDENTIAL 15.8 15.5 LAND 0.2 0.3 RURAL RETAIL (ENYUKA) 4.1 4.1% 0 0.
Slide 88: Disposals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND DISPOSALS INTERIM RESULTS 2023 GLA Book value Sale price Net exit yield Effective Property Location Sector (m²) (Rm) (Rm) (%) Date 1 Monte Carlo Road Durban Industrial 5 551 23.8 37.0 ± 6.8 17 Jul 23 87
Slide 89: Financials
88 EMIRA PROPERTY FUND INTERIM RESULTS 2023
Slide 90: Like-for-Like Growth: Commercial Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND PERIOD-ON-PERIOD LIKE-FOR-LIKE GROWTH: COMMERCIAL PORTFOLIO 13% INTERIM RESULTS 2023 9.5% 8% 4.6% 3% 1.3% 1.6% 0.6% -2% -7% (9.0%) 89 -12% REVENUE (RENTAL INCOME) PROPERTY EXPENSES NET OF RECOVERIES NET PROPERTY INCOME DEC 22 SEP 23 Revenue Property expenses
Slide 91: Cost-to-Income Ratio: Commercial Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND COST-TO-INCOME RATIO (%): COMMERCIAL PORTFOLIO INTERIM RESULTS 2023 50% 44.9% 45.4% 45% 43.9% 40% 35% 30% 27.1% 26.8% 26.1% 25% 20% 90 15% 10% 5% 0% GROSS NET DEC 22 MAR 23 SEP 23
Slide 92: Cost-to-Income Ratio: Residential Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND COST-TO-INCOME RATIO (%): RESIDENTIAL PORTFOLIO INTERIM RESULTS 2023 50% 44.1% 44.6% 45% 43.0% 40% 38.4% 37.4% 37.8% 35% 30% 25% 20% 91 15% 10% 5% 0% GROSS NET DEC 22 MAR 23 SEP 23
Slide 93: Property Expense Analysis: Commercial
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND PROPERTY EXPENSE ANALYSIS (%): COMMERCIAL PORTFOLIO INTERIM RESULTS 2023 MUNICIPAL CHARGES 61 60 SECURITY EXPENSES 8 7 SERVICE CONTRACTS 7 6 CONSUMABLES * 6 7 MAINTENANCE AND 5 REFURBISHMENTS 4 PROPERTY MANAGEMENT FEE 5 5 RENT AND LEVIES PAID 3 3 92 ADMINIST
Slide 94: Property Expense Analysis: Residential
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND PROPERTY EXPENSE ANALYSIS (%): RESIDENTIAL PORTFOLIO INTERIM RESULTS 2023 MUNICIPAL CHARGES 48 36 PROPERTY MANAGEMENT FEE 15 15 MAINTENANCE AND 11 REFURBISHMENTS 12 RENT AND LEVIES PAID 8 6 BAD DEBTS 6 6 SECURITY EXPENSES 5 6 STAFF RELATED EXPENSES 3 5 93 AD
Slide 95: Reconciliation of Cash Generated from Operations to Distributable Income
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND RECONCILIATION OF CASH GENERATED FROM OPERATIONS TO DISTRIBUTABLE INCOME Nine-months ended R’000 31 Mar 2023 Net cash flow from operating activities (as per statement of cash flows) 58 132 INTERIM RESULTS 2023 Items in cash flow from operating activities, bu
Slide 96: Foreign Income: Weighted Average Hedged Rate
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND FOREIGN INCOME: WEIGHTED AVERAGE HEDGED RATE PER REPORTING PERIO D INTERIM RESULTS 2023 Nominal Forward rate Period (USD’000) against ZAR Mar 24 4 291 17.52 Sep 24 4 123 17.94 Mar 25 3 901 18.57 Sep 25 3 891 18.80 Mar 26 3 184 19.75 Sep 26 2 984 20.44 Mar 27
Slide 97: Valuation Parameters: Commercial Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND VALUATION PARAMETERS: COMMERCIAL PORTFOLIO INTERIM RESULTS 2023 MAR 2023 SEP 2023 Direct property portfolio RETAIL OFFICE IND TOTAL RETAIL OFFICE IND TOTAL Number of properties 17 20 34 71 17 20 33 70 GLA (m²) 292 623 161 029 309 127 762 778 292 606 161 013
Slide 98: Valuation Parameters: Residential Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND VALUATION PARAMETERS: RESIDENTIAL PORTFOLIO INTERIM RESULTS 2023 Direct property portfolio MAR 2023 SEP 2023 Number of properties 23 21 Number of units 4 315 4 063 Valuation (Rm) 2 438 2 317 Average value per property (R’000) 106 110 Valuation value per unit
Slide 99: Debt Mix Analysis
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT MIX ANALYSIS INTERIM RESULTS 2023QA Currency ZAR USD Total Income producing assets (Rm) 12 305 2 852 15 157 Total facilities (Rm) 5 991 5 991 Reclassified as foreign debt through CCIRS (Rm) (1 381) 1 381 — Adjusted total facilities (Rm) 4 610 1 381 5 99
Slide 100: Debt Funding Cost
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT FUNDING COST (EMIRA) INTERIM RESULTS 2023 Mar 2023 Sep 2023 Average Average Fixed Average Average Fixed all-in rate fixed rate duration all-in rate fixed rate duration % % years % % years ZAR 9.51 6.81 1.6 10.01 7.22 1.7 USD 2.45 2.45 1.7 2.72 2.72 1.2
Slide 101: Debt Covenants
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT COVENANTS [EMIRA] INTERIM RESULTS 2023 Amount drawn Transaction LTV, Corporate LTV Value of (incl accrued Transaction LTV including derivatives covenant Transaction ICR Corporate ICR security/ Amount Amount interest + Lender properties available Drawn d
Slide 102: Debt Facilities by Source
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT FACILITIES BY SOURCE: EMIRA (Rm) INTERIM RESULTS 2023 2 500 2 000 1 500 1 000 101 500 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn
Slide 103: Loan to Value Calculation
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND LOAN TO VALUE CALCULATION: EMIRA GROUP INTERIM RESULTS 2023 Rm Net interest-bearing debt 6 246 Non-current portion 4 512 Current portion 1 453 Add back: Unamortised debt raising fees 9 Add: Net derivative liabilities/(assets) 256 Add: ESA and BEE SPV's debt
Slide 104: Loan to Value: Look Through
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND LOAN TO VALUE: LOOK THROUGH INTERIM RESULTS 2023 Proportionally consolidate equity-accounted investments As reported US Adjusted Rm Rm Rm Net interest-bearing debt 6 246 3 669 9 914 Non-current portion 4 512 4 004 8 516 Current portion 1 453 1 453 Add back:
Slide 105: Interest Cover Ratio Calculation
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND INTEREST COVER RATIO CALCULATION: EMIRA Measure 1 Measure 2 R'000 R'000 Profit before finance costs 390 245 390 245 Adjustments INTERIM RESULTS 2023 Exclude: Allowance for future rental escalations (4 202) (4 202) Amortisation of lease costs and tenant insta
Slide 106: Segmental Loan-to-Value and Interest Cover Ratios
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND SEGMENTAL LOAN-TO-VALUE AND INTEREST COVER RATIOS INTERIM RESULTS 2023 Indirect investments (equity accounted) Emira Group Transcend US Accounting treatment n/a Subsidiary Equity accounted Equity held (%) n/a 68.2 46.7 – 49.6 Loan-to-value ratio (%) 41.2 34.
Slide 107: Cross-Currency Interest-Rate Swap Exposure
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND CROSS-CURRENCY INTEREST-RATE SWAP EXPOSURE INTERIM RESULTS 2023 Weighted Weighted average average Weighted initial interest Interest average Foreign CCIRS vs Nominal Nominal exchange rate USD rate ZAR duration assets Foreign USD'000 R'000 rate (fixed) (float
Slide 108: DMTN: Programme Terms
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: PROGRAMME TERMS Issuer Emira Property Fund Limited INTERIM RESULTS 2023 Short-term unsecured A1 (ZA) (stable outlook — Oct 2023) National scale ratings Long-term unsecured A (ZA) (stable outlook — Oct 2023) (Global Credit Rating Co, “GCR”) Long-term se
Slide 109: DMTN: Treasury Guidelines
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: TREASURY GUIDELINES Topic Guidelines Achieved INTERIM RESULTS 2023 Staggered maturity dates with ideally no more than 1/3 of total interest-bearing debt maturing Maturities within any one financial year and a minimum of 1.5 years weighted average durat
Slide 110: DMTN: Security Arrangements
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURITY ARRANGEMENTS INTERIM RESULTS 2023 Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement DEBT ISSUER GUARANTOR TRUSTEE Acting on behalf of EMIRA Group 1 Noteholders PROPERTY FUND Freestone Mortgage 1
Slide 111: DMTN: Secured Property Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO INTERIM RESULTS 2023 Current position R’000 Value of secured portfolio 569 000 Notes in issue Existing — EPF023 130 000 — EPF018 100 000 230 000 110 LTV — actual (%) 40.7 LTV — covenant (%) 60.0
Slide 112: DMTN: Secured Property Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO OFFICES INDUSTRIAL INTERIM RESULTS 2023 — Albury Park — 1 Medical Road — Hamilton House — 14-16 Boston Circle — Industrial Village Rustivia URBAN RETAIL — Springfield Retail Centre — The Tramshed 111 * Emira has the ability t
Slide 113: DMTN: Number of Properties per Sector
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO INTERIM RESULTS 2023 NUMBER OF PROPERTIES PER SECTOR – MAR 23 VS SEP 23 18 17 16 14 12 11 10 8 7 6 112 4 3 3 3 2 2 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL MAR 23 SEP 23
Slide 114: DMTN: GLA and Value Split per Sector
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO INTERIM RESULTS 2023 GLA SPLIT PER SECTOR (%) MAR 2023 GLA SPLIT PER SECTOR (%) SEP 2023 VALUE SPLIT PER SECTOR (%) MAR 2023 VALUE SPLIT PER SECTOR (%) SEP 2023 R1.3bn R612m 113 Urban Retail 24 Urban Retail 48 Urban Retail 38
Slide 115: DMTN: Geographical Spread
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO INTERIM RESULTS 2023 GEOGRAPHICAL SPREAD BY GLA (%) GEOGRAPHICAL SPREAD BY GLA (%) GEOGRAPHICAL SPREAD BY VALUE (%) GEOGRAPHICAL SPREAD BY VALUE (%) MAR 2023 SEP 2023 MAR 2023 SEP 2023 114 Johannesburg 45 Johannesburg 34 Joha
Slide 116: DMTN: Average Value per m² and Property
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO INTERIM RESULTS 2023 AVERAGE VALUE PER m² R/m² 15 000 12 767 13 688 12 608 11 427 9 730 10 000 8 073 5 669 5 184 5 000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL MAR 23 SEP 23 115 AVERAGE VALUE PER PROPERTY (Rm) 200 +7% 171 172 1
Slide 117: DMTN: Vacancy Profile and Escalations
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO INTERIM RESULTS 2023 VACANCY PROFILE BY GLA (%) 25% 20% 18.1 15% 10% 5% 3.0 2.9 3.5 1.2 1.5 1.1 0.0 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL MAR 23 SEP 23 116 ESCALATIONS (%) 8% 6.9 7.0 6.8 6.7 6.5 6.4 6.5 6.5 6% 4% 2% 0% OFFI
Slide 118: DMTN: Lease Expiry Profile by Gross Rental
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL (%) INTERIM RESULTS 2023 45% 42.0 42.5 40% 35% 30% 24.7 25% 20.7 20% 18.7 17.3 14.2 15% 117 10% 9.0 5.1 5% 2.4 3.4 0.0 0% Vacated Expiries rolled over Year 1 (2H FY24) Year 2 (FY25) Year 3
Slide 119: Major Lease Expiries by Gross Rental: FY24
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND 5 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY24 INTERIM RESULTS 2023 Property Sector Tenant Lease end GLA (m²) Status Break clause has been exercised, and tenant Hamilton House Office Hennes and Mauritz Feb 24 633 vacated 31 October 2023 Busy with negotiations
Slide 120: Major Lease Expiries by Gross Rental: FY25
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND 5 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY25 INTERIM RESULTS 2023 Property Sector Tenant Lease end GLA (m²) Status Springfield Retail Centre Urban Retail Food Lover’s Market Jun 24 2 752 Busy with negotiations – 10 years Springfield Retail Centre Urban Retai
Slide 121: DMTN: Top Tenants per Property
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO Top tenants per property by gross rental INTERIM RESULTS 2023 1 Medical Road iMvula Healthcare Logistics 14-16 Boston Circle Bidvest Data Albury Park Villioti Fashion Institute, Network Space, Bouwers Inc, Scarab IT Solutions
Slide 122: US Offshore
121 EMIRA PROPERTY FUND INTERIM RESULTS 2023
Slide 123: US Portfolio Summary
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO SUMMARY INTERIM RESULTS 2023 Properties Vacancies (By GLA) Lease expiry profile (GLA) 9 of 12 Properties 12 Total Year 1 (2H FY24) Year 2 (FY25) 0.7% 4.6% > 95% leased (12) 3.6% Year 3 (FY26) 12.2% (vs 2.6% – Mar 23) Year 4 (FY27) 12.5% Portfol
Slide 124: US Thesis: Recap
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US THESIS — RECAP INTERIM RESULTS 2023 — First world economy — Undervalued subsector, focusing on open-air power centres with grocer component and value offering — Diversified, credit-quality tenant base — Asset by asset approach, with co-investment partner
Slide 125: US Co-Investment Strategy
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US CO-INVESTMENT STRATEGY INTERIM RESULTS 2023 — Dallas, Texas based — Over USD2.5 billion in commercial — 32 professional staff real estate investments closed across 22 states — Over 100 years collective experience — Unanimous decision making between — USD
Slide 126: US Geographical Exposure
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US GEOGRAPHICAL EXPOSURE INTERIM RESULTS 2023 Ohio Indiana Missouri Kentucky 125 Oklahoma Georgia Dallas Texas KEY States with owned assets Florida Owned asset location Rainier HQ
Slide 127: US Portfolio: The US Economic Environment
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO INTERIM RESULTS 2023 The US economic environment — GDP still growing in real terms* › Retailers have reported seeing lower discretionary spend from consumers, as they begin exhibiting "recessionary" spending › Real GDP increased at an annual ra
Slide 128: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Woodlands Square (Florida) Moore Plaza (Texas) San Antonio Crossing (Texas) INTERIM RESULTS 2023 University Town Center (Oklahoma) Belden Park Crossings (Ohio) 32 East (Ohio) 127
Slide 129: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Wheatland Towne Crossing (Texas) Truman’s Marketplace (Missouri) Newport Pavilion (Kentucky) INTERIM RESULTS 2023 Stony Creek Marketplace (Indiana) Dawson Marketplace (Georgia) Summit Woods Crossing (Missouri) 128
Slide 130: US Portfolio: Acquisition Details
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO INTERIM RESULTS 2023 Belden Park Moore Stony Creek Woodlands Truman’s San Antonio Property Crossing 32 East Plaza Marketplace Square Marketplace Crossing ACQUISITION DATE 17 Oct 17 19 Jan 18 18 Jan 18 28 Mar 18 26 Oct 18 21 Dec 18 27 Feb 19 PUR
Slide 131: US Portfolio: Acquisition Details
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO INTERIM RESULTS 2023 Wheatland University Dawson Newport Summit Woods Property Towne Center Town Center Marketplace Pavilion Crossing Total ACQUISITION DATE 29 Mar 19 24 Jun 19 03 Feb 20 16 Jun 21 11 May 2022 PURCHASE PRICE (USD) 32 200 000 63
Slide 132: US Portfolio: Property Details
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Belden Park Moore Stony Creek Property Crossing 32 East Plaza Marketplace INTERIM RESULTS 2023 LOCATION North Canton, Ohio Cincinnati, Ohio Corpus Christi, Texas Noblesville, Indiana GLA (SF) 484 360 188 912 377 985 204 811 VACANCY % BY GLA (SF
Slide 133: US Portfolio: Property Details
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Woodlands Truman’s San Antonio Wheatland Property Square Marketplace Crossing Towne Center INTERIM RESULTS 2023 LOCATION Tampa, Florida Grandview, Missouri San Antonio, Texas Dallas, Texas GLA (SF) 315 084 309 130 145 819 206 854 VACANCY % BY G
Slide 134: US Portfolio: Property Details
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO University Dawson Newport Summit Woods Property Town Center Marketplace Pavilion Crossing Total INTERIM RESULTS 2023 LOCATION Norman, Oklahoma Dawsonville, Atlanta Newport, Kentucky Lee’s Summit, Missouri GLA (SF) 416 466 353 270 336 907 545 20
Slide 135: Valuation Parameters: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND VALUATION PARAMETERS: US PORTFOLIO INTERIM RESULTS 2023 Direct property portfolio Sep 2023 Mar 2023 Number of properties 12 12 GLA (SF) 3 884 802 3 884 802 Valuation (USDm) 697.5 698.6 Average value per property (USDm) 58.13 58.22 Valuation rate (USD/SF) 17
Slide 136: US Portfolio: Leasing
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO — LEASING INTERIM RESULTS 2023 Weighted Weighted Area expiry rental new lease rental Ave duration Increase/decrease No. (SF) (USD/SF P.A.) (USD/SF P.A.) (years) (%) REVERSIONS Renewals 27 273 639 14.43 15.23 5.1 5.5% New leases 2 38 918 13.04 1
Slide 137: US Lease Expiry Profile by GLA
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO — LEASE EXPIRY PROFILE BY GLA (SF)(%) INTERIM RESULTS 2023 70% 66.4 64.8 60% 58.8 50% 40% 30% 136 20% 13.5 13.1 12.2 13.9 11.6 12.5 10% 8.2 3.6 4.7 4.6 4.9 2.5 2.6 0.0 0.0 0.0 0.4 0.7 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4
Slide 138: US Lease Expiry Profile by Rental
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO — LEASE EXPIRY PROFILE BY RENTAL (%) INTERIM RESULTS 2023 69.2 70% 64.1 60.1 60% 50% 40% 30% 137 20% 14.6 13.0 11.3 11.4 12.8 11.7 10% 9.0 6.8 7.8 6.6 0.0 0.0 0.0 0.1 0.0 0.0 0.4 1.1 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 Y
Slide 139: US Tenant Exposure by Rental
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US TENANT EXPOSURE BY RENTAL INTERIM RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 5.7 Ulta Beauty Inc. 3.6 32 Burlington 3.5 Kohl's 3.4 Top 10 tenants AMC Theatres 3.3 Other tenants 138 Michaels 2
Slide 140: US Tenant Exposure by GLA
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US TENANT EXPOSURE BY GLA (SF) INTERIM RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 8.3 Kohl's 6.8 Burlington 4.8 Hobby Lobby and Mardell 4.2 43 Top 10 tenants Lowe's Companies Inc. 3.6 Other tena
Slide 141: Major Lease Expiries by Rental: FY24
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY RENTAL: FY24 Property Tenant Lease end GLA (m2) Status Woodlands Square Bealls Dec 23 84 146 Renewed – 5 year extension INTERIM RESULTS 2023 Newport Pavilion Dick’s Sporting Goods Jan 24 45 000 Renewed – 5 year extension Wheatland
Slide 142: Major Lease Expiries by Rental: FY25
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY RENTAL: FY25 Property Tenant Lease end GLA (m2) Status Summit Woods Crossing Office Depot Oct 24 22 844 Expected to renew INTERIM RESULTS 2023 Belden Park Crossings Cost Plus World Market Jan 25 18 000 Expected to renew Newport Pa
Slide 143: Forward-Looking Statements
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND FORWARD-LOOKING STATEMENTS This results presentation contains certain forward-looking statements relating to the financial performance and position of the Group. All forward-looking statements are solely based on the views and considerations of the director