Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — FY2020 Earnings Presentation
127 slides from Emira Property Fund's earnings presentation, September 2020
Slide 1: Results for the year ended 30 June 2020
EMIRA PROPERTY FUND RESULTS FOR THE YEAR ENDED 30 JUNE 2020
Slide 2: Agenda
EMIRA PROPERTY FUND 1 ▪ Overview » Our Story » Metrics ▪ Financials » Distribution statement » Balance sheet Agenda ▪ Portfolio » Direct ▪ Investments » Residential » Enyuka » Recycling » US » Rebalancing ▪ Outlook RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 3: Overview
EMIRA PROPERTY FUND 2 Overview GEOFF JENNETT CEO RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 4: Navigating stormy waters requires clear guiding principles
EMIRA PROPERTY FUND 3 Navigating stormy waters requires clear guiding principles. RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 5: The Emira Way – guiding principles
EMIRA PROPERTY FUND 4 The Emira Way – guiding principles Balanced and diversified portfolio, local and offshore, Partnerships and co-investing direct and indirect Resilience Clear purpose Inyamazela Vasbyt RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 6: Emira purpose
EMIRA PROPERTY FUND 5 Emira purpose BEING GREAT IN THE PROVISION OF GREAT REAL ESTATE Tenants Staff and service providers Safety Remote working Discounts/deferments PPE Sharing burden, making plans Full salaries and payments Community and environment Capital providers 30% to Solidarity Fund (R1m) De
Slide 7: Key metrics
EMIRA PROPERTY FUND 6 Key metrics AT 30 JUNE 2020 Distributable Acquisitions Vacancies LTV income per share US 4.1% 43.0% 128,36c (151,34c) -15.2% +USD13.2m Tenant retention ICR Disposals 80% 3.0x Offices R64m NAV 1 530c (1 791c) Covid-19 steps Dividend per share -14.6% GOZ discounts/deferrals 104,3
Slide 8: Financials
EMIRA PROPERTY FUND 7 Financials GREG BOOYENS CFO RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 9: Distribution statement
EMIRA PROPERTY FUND 8 Distribution statement JUN 19 JUN 20 COVID Distributable Cashflow Dividend Variance R’000 Pre-COVID Adjustments earnings adjustments payable % Direct portfolio Revenue 1 698 802 1 571 883 (69 923) 1 501 960 (48 683) 1 453 277 (14.5) Property expenses (639 018) (631 709) (20 080
Slide 10: Dividend per share (cents)
EMIRA PROPERTY FUND 9 Dividend per share (cents) (45.6) (1.0) (7.7) 0.6 (0.8) 7.5 160 151.34 150 140 130 3.7 120 0.8 14.8 13.2 27.4 2.6 110 104.36 13.4 5.5 2.2 0.6 4.0 4.3 100 0.6 0.4 7.8 14.7 0.8 90 Enyuka USA AUD interest GOZ USD interest June 2019 Transcend Net ZAR finance costs Capatalised inter
Slide 11: Balance sheet
EMIRA PROPERTY FUND 10 Balance sheet R’000 JUN 19 JUN 20 % CH Investment properties 10 942 10 248 (6.3) Indirect investments Enyuka 681 643 (5.5) Transcend } Indirect local 574 506 (11.9) GOZ 760 – >(100.0) USA } Indirect offshore 1 065 1 630 53.0 Loans receivable 456 415 (8.9) Other assets 327 422
Slide 12: Valuation summary
EMIRA PROPERTY FUND 11 Valuation summary Direct property portfolio JUN 2019 JUN 2020 Valuation (Rm) ^ 10 942 10 207 Number of properties 80 79 Valuation rate (R/m²) – Retail 16 831 15 780 – Office 20 722 20 067 – Industrial 5 643 5 345 Valuation inputs – Average discount rate (%) * 14.1 14.2 – Avera
Slide 13: LTV: Dec 2019 vs Jun 2020 (%)
EMIRA PROPERTY FUND 12 LTV: Dec 2019 vs Jun 2020 (%) 44 43.0 42 40 38 36 35.1 34 32 30 31 Dec 19 BEE Scheme Investment GOZ Transcend USA Enyuka Loan receivable Derivatives/FX 30 Jun 20 consolidation property disposal fair value acquisition + fair fair value impairment fair value fair value value RES
Slide 14: Debt funding mix (Rm)
EMIRA PROPERTY FUND 13 Debt funding mix (Rm) 450 400 350 300 250 200 150 100 50 - SEP 20 NOV 20 NOV 20 FEB 21 MAR 21MAR 21MAY 21MAY 21 JUL 21 SEP 21 DEC 21 JUL 22 JUL 22 SEP 22 SEP 22 NOV 22 NOV 22MAR 23MAY 23 JUN 23 JUN 23 JUN 23 SEP 23 SEP 23 DEC 23 APR 23 JUL 24 DEC 25 FACILITY CAPITAL BALANCE CA
Slide 15: Interest rate swap profile
EMIRA PROPERTY FUND 14 Interest rate swap profile 1 200 1 000 800 600 400 200 - JUN 22 DEC 22 JUN 23 DEC 23 JUN 24 DEC 24 JUN 25 DEC 25 Hedged Weighted average Weighted average debt duration to expiry all in interest rate 83.0% 3.2 years 7.45% RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 16: Net asset value per share (cents)
EMIRA PROPERTY FUND 15 Net asset value per share (cents) 1 850 1 791 19 1 800 78 1 750 1 700 61 1 713 1 650 7 (171) (4) 1 600 (4) (5) (5) 26 1 550 (127) (10) 1 530 (49) 31 1 500 1 499 1 450 1 400 JUN 19 BEE Scheme Investment Enyuka Transcend GOZ USA USA Foreign Revaluation Expected Dividend Change i
Slide 17: What's available?
EMIRA PROPERTY FUND 16 What’s available? R2.4bn R619m R95m Cash Debt capacity Unencumbered properties Balance sheet Liquidity Refinance options RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 18: Directly held SA portfolio performance
EMIRA PROPERTY FUND 17 DIRECTLY HELD SA PORTFOLIO PERFORMANCE ULANA VAN BILJON COO RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 19: The anchor is a symbol of stability
EMIRA PROPERTY FUND 18 The anchor is a symbol of stability; it provides steadiness, balance and support in turbulent times. RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 20: COVID-19
EMIRA PROPERTY FUND 19 COVID-19 ▪ Pandemic and different levels of lockdown had a serious impact ▪ Key focus of Emira was to implement the required hygiene on SA’s economy and safety measures ▪ Retail: Consumers under severe pressure, changes in consumer ▪ Emira's guiding principle during the crisis
Slide 21: Key portfolio metrics
EMIRA PROPERTY FUND 20 Key portfolio metrics AT 30 JUNE 2020 Good operational Vacancies (by GLA) Rent reversions Lease expiry profile by gross rental results despite Year 1 26.8% Year-end 4.1% -5.1% fund › The challenges relating to COVID- -5.7% renewals Year 2 18.6% 12 months average 3.7% 19 and wo
Slide 22: Vacancy per sector (%)
EMIRA PROPERTY FUND 21 Vacancy per sector (%) 8% 7.1 6.9 7% 6% 5.3 5% 3.8 4.1 4.1 4% 3.2 3.4 3.6 3% 2.0 2.3 2% 1.3 1% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL (SAPOA 12.3%) (SAPOA 4.8%) (SAPOA 5.0%) Jun 2020 Mar 2020 Dec 2019 JUN 18 JUN 19 JUN 20 SOLID RESULT AT 30 JUNE 2020 INDUSTRIAL BUILDINGS WITH
Slide 23: Major lease expiries by gross rental: FY20
EMIRA PROPERTY FUND 22 10 Major lease expiries by gross rental: FY20 PROPERTY TENANT LEASE END GLA (m2) STATUS Isando (20 Anvil Road) The Beverage Company Sep 19 12 250 Renewed – 3 years Boundary Terraces Professional Provident Society Dec 19 2 748 Renewed – 5 years Randridge Mall Dischem Oct 19 2 0
Slide 24: Major lease expiries by gross rental: FY21
EMIRA PROPERTY FUND 23 10 Major lease expiries by gross rental: FY21 PROPERTY TENANT LEASE END GLA (m2) STATUS Menlyn Corporate Park SA Local Government Oct 20 7 025 Finalising lease terms – 7 years Menlyn Corporate Park Santam Nov 20 4 524 Busy with negotiations – 5 years Arjo Wiggins – Kalideck Ju
Slide 25: Key portfolio metrics – environmental responsibility
EMIRA PROPERTY FUND 24 Key portfolio metrics AT 30 JUNE 2020 Environmental responsibility Environmental responsibility › Clear energy production › Water › 6 PV farms – energy savings of 6 832m kWh › 16 projects, included water efficiency, rain and ground water harvesting › 2 PV farms to be completed
Slide 26: In summary
EMIRA PROPERTY FUND 25 In summary › The current operating environment › Increased e-commerce activity and fast › Tenant retention key focus is unusual and fluid, changing constantly tracked shift to online shopping › Letting strategies and incentives adjusting to › Businesses continue to be under st
Slide 27: Investments
EMIRA PROPERTY FUND 26 Investments GEOFF JENNETT CEO RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 28: Investments
EMIRA PROPERTY FUND 27 Investments Transcend Enyuka › 34.9% stake › Our joint venture in lower LSM › Listed value-orientated residential REIT retail with One Prop › -8.99% 1H20 Distributable Income (27.89c) › 24 properties › 12.1c interim dividend › R1.7bn asset value › NAV per share R8.81 › 53.3% L
Slide 29: Transcend – residential
EMIRA PROPERTY FUND 28 Transcend – residential › Mezz loan R103m (R143m) › Portfolio of 23 properties › IHS, excellent team › 4 687 units › Board seat › 4.7% vacancy › Recycling at surplus to book values › 94.6% collections › Managing liquidity RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 30: Enyuka – lower LSM retail
EMIRA PROPERTY FUND 29 Enyuka – lower LSM retail VACANCY RENT REVERSIONS WALE 4.6% (VS 3.4%) +5.0% (VS +2.1%) 3.0 YEARS (VS 2.9 YEARS) TENANT RETENTION BY GROSS RENTAL LIKE-FOR-LIKE GROWTH 78.9% (VS 83.3%) -4.6% (VS +6.0%) RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 31: Recycling – Northpoint acquisition
EMIRA PROPERTY FUND 30 Recycling – Northpoint acquisition (Brackenfell, CT) › 16 415m² › Multi-tenanted › Conditions Precedent Remaining: › R108m › Wale 1.74 years » Provision of occupancy certificates before 31 Dec 2020 › R6 579/m² › Yield 10.55% » Completion of remedial work › W.Ave rental R64.34/
Slide 32: US portfolio summary
EMIRA PROPERTY FUND 31 US portfolio summary Properties 10th Acquisition 10 Dawson Marketplace, Georgia 3 February 2020 Portfolio value USD493.05m Purchase Price Emira Equity Average property value USD79.4m USD13.2m USD49.3m GLA WALE 366 677 SF 8.9 years Average value per SF USD167.64 PSF Vacancies (
Slide 33: Outlook
EMIRA PROPERTY FUND 32 Outlook GEOFF JENNETT CEO RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 34: Outlook
EMIRA PROPERTY FUND 33 Outlook › Solid operations, doing basics right › Dividend payments from cash portion › Persevering › Diversified and balanced of profits » Emira way, guiding principles › Liquid and solvent, balance sheet strength › Because of uncertainty, not giving » Our purpose guidance for
Slide 35: Solid ship in stormy waters
EMIRA PROPERTY FUND 34 Solid ship in stormy waters RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 36: Thank you
EMIRA PROPERTY FUND 35 Thank you RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 37: Annexures – Operations
EMIRA PROPERTY FUND 36 Annexures OPERATIONS RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 38: Number of properties
EMIRA PROPERTY FUND 37 Number of properties 160 145 144 140 135 120 104 100 80 79 80 60 40 20 0 JUN 15 JUN 16 JUN 17 JUN 18 JUN 19 JUN 20 NUMBER OF PROPERTIES PER SECTOR – 2019 VS 2020 40 38 38 30 21 20 20 20 20 10 1 1 0 OFFICE URBAN RETAIL INDUSTRIAL RESIDENTIAL 2019 2020 * 1059 Francis Baard trans
Slide 39: Sectorial spread by GLA and value (%)
EMIRA PROPERTY FUND 38 Sectorial spread by GLA of direct properties and value (%) 2019 GLA SPLIT PER SECTOR (%) 0.8m m² 2020 GLA SPLIT PER SECTOR (%) 0.8m m² (EXCL. THE BOLTON) (INCL. THE BOLTON) 0 2 38 38 42 41 NUMBER OF PROPERTIES – 2019 21 20 19 0 URBAN RETAIL 39 1059 Francis Baard transferred 20
Slide 40: Geographic spread by no. of buildings
EMIRA PROPERTY FUND 39 Geographic spread by no. of buildings: 2019 vs 2020 40 38 38 35 30 25 20 17 17 15 12 11 11 11 10 5 1 1 1 1 0 JOHANNESBURG PRETORIA WESTERN CAPE KWAZULU-NATAL BLOEMFONTEIN MPUMALANGA JUN 19 JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 41: Geographic spread by value and GLA (%)
EMIRA PROPERTY FUND 40 Geographic spread by value (%) and GLA (%) GEOGRAPHICAL SPREAD BY VALUE (%) 2019 GEOGRAPHICAL SPREAD BY VALUE (%) 2020 8 2 2 8 2 1 16 35 35 16 8 21 JOHANNESBURG 38 37 PRETORIA 16 35 WESTERN CAPE KWAZULU-NATAL GEOGRAPHICAL SPREAD BY GLA (%) 2019 GEOGRAPHICAL SPREAD BY GLA (%) 2
Slide 42: Average value per m² and sector
EMIRA PROPERTY FUND 41 Average value per m² and sector AVERAGE VALUE PER m² R/m² 25 000 -3.2% 20 000 -6.2% 20 722 20 067 -5.5% 15 000 16 831 15 780 10 000 12 953 12 244 5 000 5 643 5 345 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL 2019 2020 AVERAGE VALUE PER PROPERTY Rm 300 +7% -6.1% 250 -1.8% 264 248 20
Slide 43: Office sector exposure – quality improvement
EMIRA PROPERTY FUND 42 Office sector exposure – quality improvement NUMBER OF PROPERTIES AVERAGE VALUE PER PROPERTY Average (Rm) per property (Rm) value 20 52 52 2011 2020 73 161 173 GRADE OF OFFICE PORTFOLIO BY VALUE (%) 2011 GRADE OF OFFICEGRADE OF OFFICE PORTFOLIO PORTFOLIO BY VALUE BY VALUE (%)
Slide 44: Office sector exposure of total portfolio – by value
EMIRA PROPERTY FUND 43 Office sector exposure of total portfolio – by value (%) 35 35 30 30 30 30 25 25 20 20 17 15 15 10 10 5 5 2 0 0 2011 2020 2011 2020 B-GRADE % A- AND P-GRADE % Focus on A- and P-grade properties RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 45: Vacancy profile per sector and grade – by GLA
EMIRA PROPERTY FUND 44 Vacancy profile per sector and grade – by GLA (%) 18% 16.4 16% 14% 12.0 12% 10.4 10% 8.5 8.6 8% 6.3 6% 5.0 3.8 4.1 4.1 4% 3.4 3.6 3.2 2.7 2.3 2.0 2.3 2% 1.3 0% OFFICE P OFFICE A OFFICE B * URBAN RETAIL INDUSTRIAL TOTAL (SAPOA 11.6%) (SAPOA 9.5%) (SAPOA 14.9%) (SAPOA 4.8%) (SAP
Slide 46: Vacancy loss by gross rental (%)
EMIRA PROPERTY FUND 45 Vacancy loss by gross rental (%) 7% 6.0 6% 5.4 5% 4.3 4.1 4% 3.7 3.2 3.2 3.3 3.0 3% 2.1 2% 1.5 1.4 1% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 18 JUN 19 JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 47: Vacancy loss by sector and grade
EMIRA PROPERTY FUND 46 Vacancy loss by sector and grade – by gross rental (%) 16% 13.9 14% 12% 11.5 10% 8% 6.8 6% 4.8 3.8 4.1 4% 3.7 3.2 3.2 3.3 3.0 1.9 2.1 2% 1.5 1.4 0% PRIME + OFFICE A OFFICE B * URBAN RETAIL INDUSTRIAL TOTAL JUN 18 JUN 19 JUN 20 * Only 2 buildings for 2019 and 2020. RESULTS FOR
Slide 48: Major lease expiries by GLA: FY20
EMIRA PROPERTY FUND 47 10 Major lease expiries by GLA: FY20 PROPERTY TENANT LEASE END GLA (m2) STATUS Isando (20 Anvil Road) The Beverage Company Sep 19 12 250 Renewed – 3 years Tenant vacated Epping Warehouse (WGA) Transpaco Aug 19 5 480 (Re-let to Rare Woods – 5 years) Steiner Services Bidvest Ser
Slide 49: Major lease expiries by GLA: FY21
EMIRA PROPERTY FUND 48 10 Major lease expiries by GLA: FY21 PROPERTY TENANT LEASE END GLA (m2) STATUS Menlyn Corporate Park SA Local Government Oct 20 7 025 Finalising lease terms – 7 years Arjo Wiggins – Kalideck Jun 21 6 907 Busy with negotiations – 5 years Mahogany Ridge Mitek Mitek Industries Ja
Slide 50: Tenant retention (%)
EMIRA PROPERTY FUND 49 Tenant retention (%) 100% 85 84 80 80 81 78 80% 75 70 70 60% 40% 20% 0% GROSS RENTALS m² NO. OF LEASES JUN 18 JUN 19 JUN 20 Expiries of 200 352m2 equals 527 leases or R24.7m gross rentals per month RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 51: Lease expiry profile by gross rental (%)
EMIRA PROPERTY FUND 50 Lease expiry profile by gross rental (%) 40% 37.1 36.6 35% 34.1 30% 26.8 26.3 25% 24.3 20.9 20.0 20% 18.6 17.4 16.7 14.8 15% 10% 5% 2.3 0.6 0.6 0.9 0.7 1.3 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/06/20) (FY21) (FY22) (FY23) (FY24+) JUN 18 JUN 19 JUN 20
Slide 52: Lease expiry profile – offices
EMIRA PROPERTY FUND 51 Lease expiry profile – offices by gross rental (%) 40% 35% 33.7 31.6 29.8 30% 27.8 27.5 27.6 25% 24.2 21.6 20.8 20.0 20% 16.3 15.5 15% 10% 5% 1.6 0.4 0.5 0.8 0.3 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/06/20) (FY21) (FY22) (FY23) (FY24+) JUN 18 JUN
Slide 53: Lease expiry profile – urban retail
EMIRA PROPERTY FUND 52 Lease expiry profile – urban retail by gross rental (%) 50% 45.4 45.6 44.3 45% 40% 35% 30% 25% 21.2 20.2 20% 17.5 18.0 18.4 15.9 15.4 15.0 15% 13.7 10% 5% 2.5 3.1 0.7 1.0 1.6 0.5 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/06/20) (FY21) (FY22) (FY23) (FY24
Slide 54: Lease expiry profile – industrial
EMIRA PROPERTY FUND 53 Lease expiry profile – industrial by gross rental (%) 45% 42.1 40% 35% 30.7 30.2 29.3 30% 27.3 25.2 25% 23.7 23.3 20% 18.7 19.0 15% 13.4 13.2 10% 5% 0.8 0.7 1.0 1.4 0.0 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/06/20) (FY21) (FY22) (FY23) (FY24+) JUN
Slide 55: Reversions total (gross rentals)
EMIRA PROPERTY FUND 54 Reversions total (gross rentals) AVG. AVG. NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 25 884 151.46 148.25 -2.1 Urban retail 41 044 189.61 176.41 -7.0 Industrial 73 369 59.76 57.12 -4.4 Total Jun 20 140 297 114.69 108.83 -5.1 Total Jun 19 217 280 91
Slide 56: Reversions renewals (gross rentals)
EMIRA PROPERTY FUND 55 Reversions renewals (gross rentals) AVG. AVG. NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 22 605 149.15 146.10 -2.0 Urban retail 33 421 191.08 175.79 -8.0 Industrial 57 955 60.15 57.34 -4.7 Total Jun 20 113 982 116.29 109.67 -5.7 Total Jun 19 190 426
Slide 57: Reversions new leases (gross rentals)
EMIRA PROPERTY FUND 56 Reversions new leases (gross rentals) AVG. AVG. NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 3 279 167.33 163.09 -2.5 Urban retail 7 623 183.15 179.14 -2.2 Industrial 15 414 58.28 56.27 -3.4 Total Jun 20 26 316 107.82 105.17 -2.5 Total Jun 19 25 758 8
Slide 58: Properties excluded from like-for-like
EMIRA PROPERTY FUND 57 Properties excluded from like-for-like The following are excluded from FY20 numbers: Purchases › None Land › 1 West land, Quagga land, Knightsbridge land, Portion 180 of the farm Brakfontein (Discovery) Disposals › 7 Naivasha Road, Western Woods Office Park, Bradenham Hall, Ea
Slide 59: Leases concluded: Emira portfolio FY20
EMIRA PROPERTY FUND 58 Leases concluded: Emira portfolio FY20 NEW RENEWAL TOTAL Number of leases 118 250 368 Total m² 41 072 130 395 171 467 Average lease duration (years) 3.0 2.5 2.6 Lease value (Rm) 175.5 520.6 696.1 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 60: Weighted average lease expiry (WALE)
EMIRA PROPERTY FUND 59 Weighted average lease expiry (WALE) Total Portfolio 2.7 years Office 2.3 years Urban retail 3.5 years Industrial 2.3 years 2.9 years December 2019 and 3.0 years June 2019 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 61: Escalations (%)
EMIRA PROPERTY FUND 60 Escalations (%) 10% 9% 7.9 7.9 8% 7.7 7.6 7.5 7.5 7.5 7.3 7.2 7.3 7.3 7.0 7% 6% 5% 4% 3% 2% 1% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 18 JUN 19 JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 62: Emira net rentals
EMIRA PROPERTY FUND 61 Emira net rentals (EXCL. VACANCIES, PARKING, STORE-ROOMS, KIOSKS, ATMS, MEZZANINES) NO. OF OCCUPIED AVG NET RENTAL SECTOR BUILDINGS GLA (m²) (R/m²) Office: P-Grade 4 61 685 174.33 Office: A-Grade 14 73 915 160.37 Office: B-Grade 2 12 622 121.21 Urban retail 20 291 072 144.24 I
Slide 63: Tenant grading – by GLA (%)
EMIRA PROPERTY FUND 62 Tenant grading – by GLA (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 75 Hundreds 70% 20 60% 54 50 50% A B C 60 40% 30 30% 27 23 20 20% 16 12 13 10% 0% OFFICE URBAN RETAIL INDUSTRIAL GRADING “A” LARGE NATIONAL TENANTS, LARGE LISTED TENANTS, GOVERNMENT AND MAJOR FRANCHISES “B” NAT
Slide 64: Tenant grading – by gross rental (%)
EMIRA PROPERTY FUND 63 Tenant grading – by Gross Rental (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 72 Hundreds 17 70% 60 60% 53 50% 40% A B C 64 19 30% 27 25 22 20% 16 13 12 10% 0% OFFICE URBAN RETAIL INDUSTRIAL GRADING “A” LARGE NATIONAL TENANTS, LARGE LISTED TENANTS, GOVERNMENT AND MAJOR FRANCHISE
Slide 65: Tenant exposure by GLA
EMIRA PROPERTY FUND 64 Tenant exposure by GLA TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE – TOP TEN TENANTS (%) RTT GROUP 7.6 PICK N PAY 6.0 MASSMART 3.4 29 SHOPRITE CHECKERS 2.3 PEPKOR 2.0 WOOLWORTHS 1.8 DEVLAND 1.7 71 BIDVEST GROUP 1.6 THE BEVERAGE COMPANY 1.6 OTHER TENANTS TOP 10 TE
Slide 66: Tenant exposure by gross rental
EMIRA PROPERTY FUND 65 Tenant exposure by gross rental TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE – TOP TEN TENANTS (%) MASSMART 4.8 PICK N PAY 4.3 25 RTT GROUP 3.7 PEPKOR 2.7 SA LOCAL GOVERNMENT 2.0 KING PRICE INSURANCE 2.0 SHOPRITE CHECKERS 1.9 75 MR PRICE GROUP 1.4 EDCON 1.3 OTHER
Slide 67: Massmart, Edcon exposure
EMIRA PROPERTY FUND 66 Directly held SA property portfolio – Massmart, Edcon exposure MASSMART EDCON % of total gross rental 4.8% 1.3% % of total GLA 3.4% 1.0% Total number of leases 3 6 Trading brands 1 Makro 1 Game 1 Edgars 1 Builders Express 5 Jet WALE 3.8 years 3.8 years › CNA sold by Edcon to A
Slide 68: Edcon business rescue update
EMIRA PROPERTY FUND 67 Edcon business rescue update EMIRA THE FOSCHINI GROUP (JET) RETAILABILITY (EDGARS) % of total gross rental 0.5% 0.7% % of total GLA 0.4% 0.5% Total number of leases 4 1 Trading brands 4 Jet 1 Edgars WALE 4.0 years 3.8 years ENYUKA THE FOSCHINI GROUP (JET) RETAILABILITY (EDGARS
Slide 69: Potential new major capex projects
EMIRA PROPERTY FUND 68 Potential new major capex projects (NOT COMMITTED) MAJOR PROJECTS BEING CONSIDERED TYPE m² VALUE (Rm) CONSTRUCTION TIME Quagga extension Urban Retail 4 805 140 18 months Highway Business Park midi units Industrial 7 133 52 20 months The Colony tenant mix changes Urban Retail 1
Slide 70: Environmental – energy
EMIRA PROPERTY FUND 69 Environmental – energy BACKUP POWER CLEAN ENERGY PRODUCTION ENERGY EFFICIENCY › 65% of Emira’s directly held SA portfolio › Emira has completed 6 PV farms that save 6 832 › Energy efficiency projects continue across the has generator back-up power. 216kWh/year and removed 6 53
Slide 71: Environmental – water, waste & biodiversity
EMIRA PROPERTY FUND 70 Environmental – water, waste & biodiversity WATER WASTE BIODIVERSITY › Emira invested in 16 water sourcing projects › Waste continues to be a specific focus for › Emira submitted its first Biodiversity Performance which included water efficiency, rain and ground the Fund. Decl
Slide 72: Environmental – reporting
EMIRA PROPERTY FUND 71 Environmental – reporting SCIENCE BASED TARGETS CARBON DISCLOSURE PROJECT PROPERTY RESILIENCE TRACKING › A revised target from a 2 degrees Celsius Target › Completed its 9th submission to CDP for › Each property is tracked and scored for to a 1.5 degree Celsius is being invest
Slide 73: Top ten properties by value
EMIRA PROPERTY FUND 72 Top ten properties by value PROPERTY NODE CLASSIFICATION GLA (m2) MAJOR TENANTS Wonderpark Shopping Centre Pretoria North Regional Shopping centre 90 916 Pick n Pay (12 867m²), Game (5 292m²),Checkers (4 709m²), Woolworths (4 642m²), Edgars (3 998m²), Virgin Active (3 508m²),
Slide 74: Enyuka
EMIRA PROPERTY FUND 73 Enyuka JUN 19 JUN 20 Number of properties 22 24 GLA of properties 120 915m² 156 298m² Property portfolio value R1.15bn R1.66bn Average value per m² R9 483 R10 592 Average value per property R52m R69m LTV (excluding shareholder loans) 32.3% 53.3% Vacancy profile by GLA * 3.4% 4
Slide 75: Annexures – Financials
EMIRA PROPERTY FUND 74 Annexures FINANCIALS RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 76: Like-for-like growth net property income (pre COVID-19)
EMIRA PROPERTY FUND 75 Year-on-year like-for-like growth net property income (STATIC PORTFOLIO – PRE COVID-19 ADJUSTMENTS) 12% 9.9% 10% 8.5% 8% 6% 5.7% 3.8% 4% 3.1% 2% 0.8% 0% REVENUE PROPERTY EXPENSES NET PROPERTY INCOME JUN 19 JUN 20 REVENUE PROPERTY EXPENSES CONTRACTUAL ESCALATIONS, REVERSIONS IN
Slide 77: Like-for-like growth net property income (as reported)
EMIRA PROPERTY FUND 76 Year-on-year like-for-like growth net property income (STATIC PORTFOLIO – AS REPORTED) 15% 11.8% 9.9% 10% 5.7% 5% 3.1% 0% -0.9% -5% -10% -9.1% -15% REVENUE PROPERTY EXPENSES NET PROPERTY INCOME JUN 19 JUN 20 REVENUE PROPERTY EXPENSES CONTRACTUAL ESCALATIONS, COVID-19 DISCOUNTS
Slide 78: Cost-to-income ratio % (before concessions)
EMIRA PROPERTY FUND 77 Cost-to-income ratio % (BEFORE RENTAL CONCESSION ADJUSTMENTS) 40.0% 40% 37.2% 36.8% 35% 30% 25% 21.3% 20% 15.3% 15.5% 15% 10% 5% 0% GROSS NET JUN 18 JUN 19 JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 79: Cost-to-income ratio % (after concessions)
EMIRA PROPERTY FUND 78 Cost-to-income ratio % (AFTER RENTAL CONCESSION ADJUSTMENTS) 50% 45% 43.3% 40% 37.2% 36.8% 35% 30% 25% 23.6% 20% 15.3% 15.5% 15% 10% 5% 0% GROSS NET JUN 18 JUN 19 JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 80: Property expense analysis (%)
EMIRA PROPERTY FUND 79 Property expense analysis (%) MUNICIPAL CHARGES 69 65 BAD DEBTS 3 8 SECURITY EXPENSES 8 7 SERVICE CONTRACTS 6 6 LEASING EXPENSES 3 4 MAINTENANCE + REFURBISHMENTS 4 3 RENT AND LEVIES PAID 4 3 ADMINISTRATION EXPENSES 0 2 CONSUMABLES 1 1 MARKETING EXPENSES 1 1 STAFF EXPENSES 1 0
Slide 81: Foreign income: weighted average hedged rate
EMIRA PROPERTY FUND 80 Foreign income: Weighted average hedged rate per reporting period USA Forward rate against ZAR: USD Dec 20 R15.14 Jun 21 R15.40 Dec 21 R15.87 Jun 22 R16.32 Dec 22 R16.93 Jun 23 R17.50 Dec 23 R18.09 June 24 R18.52 Dec 24 R19.32 Jun 25 R20.40 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 82: Valuation parameters: segmental
EMIRA PROPERTY FUND 81 Valuation parameters: segmental JUN 2019 JUN 2020 Direct property portfolio RETAIL OFFICE IND RES TOTAL RETAIL OFFICE IND RES TOTAL Number of properties 20 21 38 1 80 20 20 38 1 79 GLA (m²) 313 317 166 026 342 639 – 821 982 313 698 160 237 342 508 – 816 443 Valuation (Rm) 5 28
Slide 83: Debt mix analysis
EMIRA PROPERTY FUND 82 Debt mix analysis CURRENCY ZAR USD TOTAL Income producing assets (Rm) 11 833 1 630 13 463 Total facilities (Rm) 5 586 – 5 586 Reclassified as foreign debt through CCIRS (Rm) (1 266) 1 266 – Adjusted total facilities (Rm) 4 320 1 266 5 586 Drawn facilities including accrued int
Slide 84: Debt funding cost
EMIRA PROPERTY FUND 83 Debt funding cost JUN 2020 Average all-in rate Average fixed rate Fixed duration % % years ZAR 8.70 7.12 2.8 USD 2.43 2.43 4.5 Total 7.45 5.99 3.2 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 85: Debt covenants: Emira
EMIRA PROPERTY FUND 84 Debt covenants: Emira Amount drawn Transaction LTV, (incl accrued Transaction LTV including derivatives Corporate LTV covenant Transaction ICR Corporate ICR Value of Amount Amount interest + Lender properties available Drawn derivatives) Prescribed Actual Prescribed Actual Pre
Slide 86: Debt facilities by source
EMIRA PROPERTY FUND 85 Debt facilities by source 2 000 33% 1 800 1 600 27% 1 400 1 200 Rm 1 000 800 13% 13% 600 9% 400 4% 4% 200 - Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam Investec Bank DMTN programme Drawn Undrawn RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 87: Loan to value calculation: Emira Group
EMIRA PROPERTY FUND 86 Loan to value calculation: Emira Group Rm Net interest bearing debt 5 770 Non-current portion 3 308 Current portion 1 681 Add back: Unamortised debt raising fees 5 Add: Net derivative liabilities / (assets) 680 Add: ESA and BEE SPV's debt 190 (95) Income producing assets 13 40
Slide 88: Loan to value: look through
EMIRA PROPERTY FUND 87 Loan to value: look through Proportionally consolidate equity accounted investments As reported Enyuka Transcend USA Adjusted Rm Rm Rm Rm Rm Net interest bearing debt 5 770 429 459 2 785 9 444 Non-current portion 3 308 453 485 3 058 7 304 Current portion 1 681 1 681 Add back:
Slide 89: Interest cover ratio calculation: Emira Group
EMIRA PROPERTY FUND 88 Interest cover ratio calculation: Emira Group Measure 1 Measure 2* R'000 R'000 Profit before finance costs (368 379) Adjustments Exclude: Allowance for future rental escalations (13 466) (13 466) Amortisation of lease costs and tenant installations 14 696 14 696 Net fair value
Slide 90: Segmental loan-to-value and interest cover ratios
EMIRA PROPERTY FUND 89 Segmental loan-to-value and interest cover ratios Indirect investments (equity accounted) Emira Group USA Enyuka Transcend Accounting treatment n/a Equity accounted Equity accounted Equity accounted Equity held (%) n/a 46.7-49.6 49.9 34.9 Loan-to-value ratio (%) 43.0 60.9 53.3
Slide 91: Cross currency interest rate swap exposure
EMIRA PROPERTY FUND 90 Cross currency interest rate swap exposure Weighted Initial Interest Interest average Foreign CCIRS vs Nominal Nominal exchange rate USD rate ZAR duration assets Foreign USD'000 R'000 rate (fixed) (floating) to expiry USD'000 assets US investment 72 974 990 429 13.57 2.43 3m J
Slide 92: DMTN: Programme terms
EMIRA PROPERTY FUND 91 DMTN: Programme terms Issuer Emira Property Fund Limited National scale ratings Short-term unsecured A1 (ZA) (stable outlook) (Global Credit Rating Co, “GCR”) Long-term unsecured A (ZA) (stable outlook) Long-term secured AA (ZA) (negative outlook) Programme size R5 billion (R3
Slide 93: DMTN: Treasury guidelines
EMIRA PROPERTY FUND 92 DMTN: Treasury guidelines Topic Guidelines Achieved Maturities Staggered maturity dates with ideally no more than 1/3 of total interest-bearing debt maturing ✓ within any one financial year and a minimum of 1.5 years weighted average duration to expiry Hedging strategy 80% – 1
Slide 94: DMTN: Security arrangements
EMIRA PROPERTY FUND 93 DMTN: Security arrangements Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement ISSUER DEBT GUARANTOR TRUSTEE Acting on behalf of Group 1 Noteholders Emira Property Fund Freestone Mortgage (including its Bond SPV Series 1 (RF) sub
Slide 95: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 94 DMTN: Secured property portfolio (LOAN TO VALUE) Current position R’000 Value of secured portfolio 1 262 300 Notes in issue Existing – EPF007 70 000 – EPF016 130 000 – EPF017 200 000 – EPF018 100 000 500 000 LTV – actual (%) 39.7 LTV – covenant (%) 40.0 RESULTS FOR THE YEAR EN
Slide 96: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 95 DMTN: Secured property portfolio Offices Industrial › Albury Park › 14-16 Boston Circle › Hamilton House › Greenfields › Lone Creek › HBP Industrial Units › Industrial Village Rustivia Urban retail › Isando (20 Anvil Road) › Ben Fleur Shopping Centre › Johnson & Johnson › Spri
Slide 97: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 96 DMTN: Secured property portfolio NUMBER OF PROPERTIES PER SECTOR 18 17 16 14 12 10 10 8 6 4 4 3 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 98: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 97 DMTN: Secured property portfolio 2020 VALUE SPLIT PER SECTOR (%) R1.26 bn 2020 GLA SPLIT PER 2020SECTOR (%) PER SECTOR (%) GLA SPLIT 34 30 30 30 URBAN RETAIL 47 OFFICE INDUSTRIAL 59 59 59 11 11 11 19 2020 GEOGRAPHICAL SPREAD BY VALUE (%) 2020 GEOGRAPHICAL SPREAD BY GLA (%) 12
Slide 99: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 98 DMTN: Secured property portfolio AVERAGE VALUE PER m² R/m² 15 000 13 949 12 278 10 000 8 025 4 731 5 000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 AVERAGE VALUE PER PROPERTY R’m 200 148 150 100 78 74 44 50 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 RESULTS FOR THE YEAR
Slide 100: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 99 DMTN: Secured property portfolio VACANCY PROFILE BY GLA (%) 8% 6.5 6% 4.4 3.8 4% 2.9 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 ESCALATIONS (%) 10% 8.2 8.1 7.7 8% 6.9 6% 4% 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 101: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 100 DMTN: Secured property portfolio LEASE EXPIRY PROFILE BY GROSS RENTAL (%) 35% 29.7 30% 25.7 25% 21.3 19.4 20% 15% 10% 5% 2.6 1.3 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/06/20) (FY21) (FY22) (FY23) (FY24+) JUN 20 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 102: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 101 DMTN: Secured property portfolio 5 MAJOR LEASE EXPIRIES BY RENTAL: FY21 PROPERTY TENANT LEASE END GLA (m²) STATUS Hamilton House Switchless Dec 20 1 567 Expecting to renew – 3 years Finalising lease terms with replacement Johnson & Johnson Johnson & Johnson Sept 20 3 472 tena
Slide 103: DMTN: Secured property portfolio
EMIRA PROPERTY FUND 102 DMTN: Secured property portfolio (TOP TENANTS PER PROPERTY BY GROSS RENTAL) 14-16 Boston Circle Bidvest Data Albury Park Network Space, Aegis Media Central Services, (AMCS), Bouwers Intellectual Property Attorney Ben Fleur Shopping Centre Checkers, Misty Creek Spur, Woolworth
Slide 104: Annexures – US Offshore + Disposals
EMIRA PROPERTY FUND 103 Annexures US OFFSHORE + DISPOSALS RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 105: US thesis – recap
EMIRA PROPERTY FUND 104 US thesis – recap ▪ 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 partners ▪ Oct 2017 start ▪ USD yields >10.5% ▪
Slide 106: US co-investment strategy
EMIRA PROPERTY FUND 105 US co-investment strategy ▪ Dallas, Texas based ▪ 18 professional staff ▪ 4 principals ▪ Over 100 years collective experience ▪ USD1.4bn of assets and over 5 million of square feet under management ▪ Over USD2bn in commercial real estate investments closed ▪ Unanimous decisio
Slide 107: US geographic exposure
EMIRA PROPERTY FUND 106 US geographic exposure Ohio Indiana Missouri Oklahoma Georgia Dallas Key: Texas States with owned assets Florida Owned asset location 10th asset location Rainier HQ RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 108: US portfolio
EMIRA PROPERTY FUND 107 US portfolio The US economic environment COVID-19 Steps taken › Infection levels and restrictions varied from state-to-state › Strict cash flow and liquidity management › Significant federal response and support › Relief provided mostly in the form of deferrals › “V”-shaped r
Slide 109: US portfolio
EMIRA PROPERTY FUND 108 US portfolio Woodlands Square (Florida) Moore Plaza (Texas) San Antonio Crossing (Texas) University Town Center (Oklahoma) Belden Park Crossings (Ohio) 32 East (Ohio) RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 110: US portfolio
EMIRA PROPERTY FUND 109 US portfolio Wheatland Towne Crossing (Texas) Truman’s Marketplace (Missouri) Stony Creek Marketplace (Indiana) Dawsons Marketplace (Georgia) RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 111: Dawson Marketplace, Dawsonville, Georgia
EMIRA PROPERTY FUND 110 Dawson Marketplace Dawsonville, Georgia 3 FEB 2020 PURCHASE PRICE GLA OCCUPANCY EMIRA INVESTMENT EQUITY CASH YIELD USD79.4M 366 677ft2 97.8% USD13.22m ±USD11.09% YIELD PAD SITES WALE EQUITY STAKE 7.43% ±9.85 acres 9.3 years 49.60% across 9 sites RESULTS FOR THE YEAR ENDED JUN
Slide 112: US Portfolio
EMIRA PROPERTY FUND 111 US Portfolio PROPERTY BELDEN PARK CROSSING 32 EAST MOORE PLAZA STONY CREEK MARKETPLACE WOODLANDS SQUARE ACQUISITION DATE 17 Oct 17 19 Jan 18 18 Jan 18 28 Mar 18 26 Oct 18 PURCHASE PRICE (USD) 67 000 000 29 100 000 70 646 000 32 800 000 64 000 000 EMIRA INVESTMENT (USD) 8 400
Slide 113: US Portfolio
EMIRA PROPERTY FUND 112 US Portfolio TRUMAN’S SAN ANTONIO WHEATLAND UNIVERSITY DAWSON PROPERTY MARKETPLACE CROSSING TOWNE CENTER TOWN CENTER MARKETPLACE TOTAL ACQUISITION DATE 24 Dec 18 24 Feb 19 29 Mar 19 24 Jun 19 03 Feb 20 PURCHASE PRICE (USD) 30 650 000 20 480 000 32 200 000 63 000 000 79 400 00
Slide 114: US Portfolio
EMIRA PROPERTY FUND 113 US Portfolio WOODLANDS PROPERTY BELDEN PARK CROSSING 32 EAST MOORE PLAZA STONY CREEK MARKETPLACE SQUARE LOCATION Tampa, North Canton, Ohio Cincinnati, Ohio Corpus Christi, Texas Noblesville, Indiana Florida GLA (SF) 484 360 188 912 377 048 204 814 314 699 VACANCY % BY GLA 3.4
Slide 115: US Portfolio
EMIRA PROPERTY FUND 114 US Portfolio WHEATLAND UNIVERSITY PROPERTY TRUMAN’S MARKETPLACE SAN ANTONIO CROSSING TOWNE CENTER TOWN CENTER DAWSON MARKETPLACE TOTAL LOCATION Grandview, San Antonio, Dallas, Texas Norman, Oklahoma Dawsonville, Atlanta Missouri Texas GLA (SF) 308 209 141 081 206 874 348 877
Slide 116: Valuation parameters: US Portfolio
EMIRA PROPERTY FUND 115 Valuation parameters: US Portfolio Direct property portfolio JUN 2020 TOTAL Number of properties 10 GLA (ft²) 2 941 151 Valuation ($m) 493.05 Average value per property ($m) 49.31 Valuation Rate ($/ft²) 167.64 % of the portfolio valued externally ^ Valuation inputs Average di
Slide 117: US Portfolio – leasing
EMIRA PROPERTY FUND 116 US Portfolio – leasing AREA AVE EXPIRY RENTAL AVE NEW LEASE RENTAL AVE DURATION INCREASE/DECREASE 2 2 2 NO. (FT ) (USD/FT P.A) (USD/FT P.A) (YEARS) (%) REVERSIONS Renewals 54 596 652 * 12.49 12.74 6.24 1.9 New leases (with reversions) 2 20 249 10.87 13.79 10.01 26.87 TOTAL –
Slide 118: US Portfolio – lease expiry profile by GLA
EMIRA PROPERTY FUND 117 US Portfolio – Lease expiry profile by GLA (%) JUN 20 70.00 60.46 60.00 50.00 40.00 30.00 20.00 14.50 10.00 8.49 5.24 5.59 5.58 0.14 0.00 VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/06/20) (FY21) (FY22) (FY23) (FY24) (FY25+) RESULTS FOR THE YEAR ENDED
Slide 119: US tenant exposure by GLA
EMIRA PROPERTY FUND 118 US Tenant exposure by GLA TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE – TOP TEN TENANTS (%) TJX COMPANIES 8.7 HOBBY LOBBY AND MARDEL 5.3 BURLINGTON 5.1 ACADEMY SPORTS 4.5 41 BEALL'S 3.6 KOHL'S 3.4 59 PETSMART 2.9 CONN'S APPLIANCES 2.8 ROSS DRESS FOR LESS 2.3 OTH
Slide 120: US tenant exposure by rental
EMIRA PROPERTY FUND 119 US Tenant exposure by rental TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE – TOP TEN TENANTS (%) TJX COMPANIES 6.1 AMC THEATRE 4.2 BURLINGTON 3.8 34 HOBBY LOBBY AND MARDEL 3.3 ACADEMY SPORTS 3.2 PETSMART 3.0 66 ULTA 2.7 KOHL'S 2.7 OFFICE DEPOT 2.2 OTHER TENANTS TO
Slide 121: Major lease expiries by rental: FY20
EMIRA PROPERTY FUND 120 10 Major lease expiries by rental: FY20 PROPERTY TENANT LEASE END GLA (SF) STATUS Moore Plaza Office Depot Jun 20 26 520 Renewed – 10 years Moore Plaza Mattress Firm Jun 20 9 276 Renewed – 10 years Belden Park Crossings Arhaus Dec 19 15 000 Renewed – 1 year Belden Park Crossi
Slide 122: Major lease expiries by rental: FY21
EMIRA PROPERTY FUND 121 10 Major lease expiries by rental: FY21 PROPERTY TENANT LEASE END GLA (SF) STATUS Belden Park Crossings Kohl's Jan 21 99 776 Renewed – 5 years Belden Park Crossings Dick's Sporting Goods Oct 20 65 120 Vacating Stony Creek Marketplace Best Buy Jan 21 31 004 Expecting to renew
Slide 123: Allocation (%) – total assets
EMIRA PROPERTY FUND 122 Allocation (%) – total assets JUN 19 JUN 20 GOZ 5.5 0.0 13.2% 12.6% US 7.7 12.6 OFFICE 24.8 24.8 URBAN RETAIL 38.0 38.3 INDUSTRIAL 13.9 81.9% 14.2 82.3% RESIDENTIAL 4.7 4.8 LAND 0.5 0.2 RURAL RETAIL (ENYUKA) 4.9 4.9% 5.1 5.1% RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 124: Disposals
EMIRA PROPERTY FUND 123 Disposals GLA BOOK VALUE SALE PRICE EXIT YIELD EFFECTIVE PROPERTY LOCATION SECTOR (m²) (Rm) (Rm) (%) DATE 1059 Francis Baard Pretoria Office 5 993 66 64 ±13.0 20 Dec 19 Total 5 993 66 64 ±13.0 RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 125: GOZ disposals
EMIRA PROPERTY FUND 124 GOZ disposals ▪ 18.6m units disposed between Jul 19 and Jun 20 at average of AUD4.11/share ▪ Ave cost AUD1.97 ▪ Proceeds fully repatriated to SA and all CCIRS settled RESULTS FOR THE YEAR ENDED JUNE 2020
Slide 126: 5-year track record
EMIRA PROPERTY FUND 125 5-year track record 2 000 155 1 751 1 735 1 735 1 747 1 791 1 800 1 698 1 434 150 1 600 1 358 1 529 1 386 1 380 145 1 400 1 200 140 1 000 135 800 649 600 130 400 125 200 0 120 JUN 15 JUN 16 JUN 17 JUN 18 JUN 19 JUN 20 NAV (LHS) PI PRICE (LHS) DISTRIBUTION (RHS) COMPOUND ANNUA
Slide 127: Forward-looking statements
EMIRA PROPERTY FUND 126 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 directors. While these forw