Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — FY2025 Earnings Presentation
129 slides from Emira Property Fund's earnings presentation, May 2025
Slide 1: Year-end Results 2025
Emira Property Fund Year-end Results 2025
Slide 2: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 1
Slide 3: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 2
Slide 4: Overview
Emira Property Fund Year-end Results 2025 3 Overview Busy year that delivered Two key strategic objectives: These two key strategic exceptional results, highlighted 1. To create meaningful liquidity objectives have had a significant by the successful execution of o which was achieved through a impac
Slide 5: Disposals
Emira Property Fund Year-end Results 2025 4 Disposals Commercial Residential R2,4bn R361,8m 27 properties 427 units • R628,3m were under contract as at 31 March 2025, all of which subsequently transferred • Sales prices achieved overall similar to book value; comfort in Emira’s valuation process tha
Slide 6: Investment into DL Invest
Emira Property Fund Year-end Results 2025 5 Investment into DL Invest Acquired a Generates Cost = €100m Overall IRR is being a discount to 45% 7,2% its share of NAV = 21% equity stake • €100m cost escalating income yield €173m in Euros • Income yield • Preferred return • Redemption right • Exit opti
Slide 7: Key metrics
Emira Property Fund Year-end Results 2025 6 Key metrics Distributable Vacancies LTV ICR income per share (Commercial and Residential) 36,3% 2,5x 124,89c 5,8% by GLA (4,3%) (42,4%) (2,3x) (119,03c) +4,9% Tenant retention (Commercial) Dividend per share 2H25 78,3% (80,5%) NAV (by gross rental) 61,50c
Slide 8: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 7
Slide 9: Summary distribution statement
Emira Property Fund Year-end Results 2025 8 Summary distribution statement R’000 Mar 24 Mar 25 Variance % Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Enyuka 35 345 — (100,0) US 204 345 226 189 10,7 DL Invest (Poland) — 48 028 100 Corporate/other (75 380) (7
Slide 10: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 9
Slide 11: Distribution statement
Emira Property Fund Year-end Results 2025 10 Distribution statement Mar 2024 Mar 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Indirect Portfolio Enyuka 35 345 — (100) US 204 345 226 189
Slide 12: Key portfolio metrics at March 2025
Emira Property Fund Year-end Results 2025 11 Key portfolio metrics at 31 March 2025 vs 31 March 2024 • The operating environment and business Properties Office confidence in SA improved the past year • The office sector remains under pressure and mainly due to: o The national election results in 202
Slide 13: Key portfolio metrics at March 2025
Emira Property Fund Year-end Results 2025 12 Key portfolio metrics at 31 March 2025 vs 31 March 2024 Tenant retention • Biggest impact RTT renewal, excluded = -3,9% WALE • Seeing some improvement and flat reversions 78,3% gross rental (80,5%) • Focus remains to retain existing tenants even at negati
Slide 14: Key portfolio metrics
Emira Property Fund Year-end Results 2025 13 Key portfolio metrics at 31 March 2025 Energy • Installed 5 additional solar PV farms with total capacity of 1,5MWp (megawatts peak) during the period • Total 15 solar farms with the PV capacity of 11,8 MWp (megawatts peak) Water • Emira continues to expl
Slide 15: Balance sheet
Emira Property Fund Year-end Results 2025 14 Balance sheet R’m Mar 24 Mar 25 % Ch Direct Portfolio 12 191 10 034 (17,7) Commercial Portfolio 9 752 8 127 (16,7) Residential Portfolio 2 438 1 907 (21,8) Indirect Portfolio US 2 703 2 664 (1,4) DL Invest Group — 3 395 100,0 Loans receivable 236 222 (6,0
Slide 16: Valuation summary: Commercial Portfolio – like-for-like comparison
Emira Property Fund Year-end Results 2025 15 Valuation summary: Commercial Portfolio – like-for-like comparison† Mar 24 Mar 25 Valuation (Rm)^ 7 457 7 972 Number of properties 42 41 % of the portfolio valued externally 100 100 Valuation rate (R/m²) Retail 17 949 19 442 Office 19 022 20 237 Industria
Slide 17: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 16
Slide 18: Distribution statement
Emira Property Fund Year-end Results 2025 17 Distribution statement Mar 2024 Mar 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Indirect Portfolio Enyuka 35 345 — (100) US 204 345 226 189
Slide 19: Key portfolio metrics at March 2025
Emira Property Fund Year-end Results 2025 18 Key portfolio metrics at 31 March 2025 vs 31 March 2024 Properties Number of units Average rent per unit 21 3 347 R6 186 (21) (3 775) Transcend 3 345 (R6 123) and The Bolton 2 Lower to mid-tier rental market Value Sold 428 units (Transcend 371 and The Bol
Slide 20: Balance sheet
Emira Property Fund Year-end Results 2025 19 Balance sheet R’m Mar 24 Mar 25 % Ch Direct Portfolio 12 191 10 034 (17,7) Commercial Portfolio 9 752 8 127 (16,7) Residential Portfolio 2 438 1 907 (21,8) Indirect Portfolio US 2 703 2 664 (1,4) DL Invest Group — 3 395 100,0 Loans receivable 236 222 (6,0
Slide 21: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 20
Slide 22: Distribution statement
Emira Property Fund Year-end Results 2025 21 Distribution statement Mar 2024 Mar 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Indirect Portfolio Enyuka 35 345 — (100) US 204 345 226 189
Slide 23: Key portfolio metrics at March 2025 vs March 2024: United States
Emira Property Fund Year-end Results 2025 22 Key portfolio metrics at 31 March 2025 vs 31 March 2024 United States Properties Vacancies Weighted average rent reversions 11 (12) San Antonio Crossing transferred 18 December 2024 4,6% 0,6% (68 347SF) GLA (3,6%) (5,8%) 3 524 012SF • Conn’s (home goods a
Slide 24: Balance sheet
Emira Property Fund Year-end Results 2025 23 Balance sheet R’m Mar 24 Mar 25 % Ch Direct Portfolio 12 191 10 034 (17,7) Commercial Portfolio 9 752 8 127 (16,7) Residential Portfolio 2 438 1 907 (21,8) Indirect Portfolio US 2 703 2 664 (1,4) DL Invest Group — 3 395 100,0 Loans receivable 236 222 (6,0
Slide 25: Overview of DL Invest
Emira Property Fund Year-end Results 2025 24 Overview of DL Invest • The DL Invest Group is one of the most • Their business model is based on an dynamically growing developers and internal management structure and actively investors in Poland managing projects as a long-term owner • The company has
Slide 26: Distribution statement
Emira Property Fund Year-end Results 2025 25 Distribution statement Mar 2024 Mar 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Indirect Portfolio Enyuka 35 345 — (100) US 204 345 226 189
Slide 27: Balance sheet
Emira Property Fund Year-end Results 2025 26 Balance sheet R’m Mar 24 Mar 25 % Ch Direct Portfolio 12 191 10 034 (17,7) Commercial Portfolio 9 752 8 127 (16,7) Residential Portfolio 2 438 1 907 (21,8) Indirect Portfolio US 2 703 2 664 (1,4) DL Invest Group — 3 395 100,0 Loans receivable 236 222 (6,0
Slide 28: Key portfolio metrics at March 2025 vs September 2024: DL Invest – Poland
Emira Property Fund Year-end Results 2025 27 Key portfolio metrics at 31 March 2025 vs 30 September 2024 DL Invest – Poland Properties and GLA Vacancies WALE 39* (37) 3,1% (2,0%) 5,5 YEARS (5,5) Logistics 18 (16) Logistics 2,3% (1,4%) Retail 13 (13) Retail 0,8% (0,5%) Mixed-use 8 (8) Mixed-use 9,3%
Slide 29: DL Invest – Poland key portfolio metrics
Emira Property Fund Year-end Results 2025 28 Key portfolio metrics at 31 March 2025 vs 30 September 2024 DL Invest – Poland DL Invest Craft – Katowice, Silesia • Located next to one of the largest shopping malls in Poland and the largest in Silesia • Mixed-use (hotel/services/elements of office func
Slide 30: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 29
Slide 31: Distribution statement
Emira Property Fund Year-end Results 2025 30 Distribution statement Mar 2024 Mar 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Indirect Portfolio Enyuka 35 345 — (100) US 204 345 226 189
Slide 32: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 31
Slide 33: Distribution statement
Emira Property Fund Year-end Results 2025 32 Distribution statement Mar 2024 Mar 2025 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 814 686 753 386 (7,5) Residential Portfolio 176 197 165 239 (6,2) Indirect Portfolio Enyuka 35 345 — (100) US 204 345 226 189
Slide 34: Balance sheet
Emira Property Fund Year-end Results 2025 33 Balance sheet R’m Mar 24 Mar 25 % Ch Direct Portfolio 12 191 10 034 (17,7) Commercial Portfolio 9 752 8 127 (16,7) Residential Portfolio 2 438 1 907 (21,8) Indirect Portfolio US 2 703 2 664 (1,4) DL Invest Group — 3 395 100,0 Loans receivable 236 222 (6,0
Slide 35: Debt expiry profile (Rm)
Emira Property Fund Year-end Results 2025 34 Debt expiry profile (Rm) 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 Sep 2025 Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 Mar 2029 Drawn Undrawn FY25: Average duration Upcoming Liquidity: • Refinances to expiry: 2,7 years refinances <1 year:
Slide 36: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 35
Slide 37: 20,9% increase in NAV per share
Emira Property Fund Year-end Results 2025 36 Net asset value per share (cents) 2 150 312,2 2 125 2 100 6,2 2 067,3 2 075 (23,3) 78 2 050 (33,4) 6,5 (9,2) (6,9) (0,4) 62,4 2 025 30 2 000 1 975 1 950 1 925 1 900 1 875 1 850 1 825 78,8 1 883,1 1 800 1 775 1 750 1 733,1 3,8 1 725 1 700 55,3 1 675 1 650
Slide 38: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 37
Slide 39: Outlook
Emira Property Fund Year-end Results 2025 38 Outlook • Focus on delivering sustained growth and long-term value for shareholders • Will continue to execute a disciplined capital recycling strategy • Strategically redeploy the proceeds into higher-yielding, value-accretive opportunities • The Executi
Slide 40: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 39
Slide 41: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 40
Slide 42: Number of properties
Emira Property Fund Year-end Results 2025 41 Number of properties 120 97 94 100 91 90 80 79 84 77 74 80 63 60 40 20 0 Jun 19 Jun 20 Jun 21 Jun 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Number of properties per sector 40 32 30 20 20 21 21 20 17 10 12 10 0 Office Urban Retail Industrial Residential
Slide 43: Sectoral spread of properties by GLA and value
Emira Property Fund Year-end Results 2025 42 Sectoral spread of properties by GLA and value GLA split per sector (%) Mar 2024 – 947 909m² GLA split per sector (%) Mar 2025 – 731 505m² Urban Retail 31 Urban Retail 32 Office 17 Office 15 Industrial 31 Industrial 29 Residential 21 Residential 24 Value
Slide 44: Geographical spread of buildings by number
Emira Property Fund Year-end Results 2025 43 Geographical spread of buildings by number 48 40 19 13 12 8 5 4 1 1 1 1 Johannesburg Pretoria Western Cape KwaZulu-Natal Bloemfontein Mpumalanga Mar 24 Mar 25
Slide 45: Geographical spread by value and GLA (%)
Emira Property Fund Year-end Results 2025 44 Geographical spread by value and GLA (%) Geographical spread by value (%) Mar 2024 Geographical spread by value (%) Mar 2025 Johannesburg 40 Johannesburg 44 Pretoria 34 Pretoria 44 Western Cape 16 Western Cape 4 KwaZulu-Natal 6 KwaZulu-Natal 4 Bloemfontei
Slide 46: Disposals: SA Commercial
Emira Property Fund Year-end Results 2025 45 Disposals: SA Commercial FY25 disposals contracted for Book Gross sale Approximate Value* price net exit yield Transfer Property name Province Sector GLA m² R R (%) date Transferred Park Boulevard KwaZulu-Natal Urban Retail 5 357 60 300 000 61 000 000 8,6
Slide 47: Disposals: SA Residential
Emira Property Fund Year-end Results 2025 46 Disposals: SA Residential FY25 disposals contracted for Book Gross sale value price Transfer Property name Province Total units R R date Transferred 67 on 7th Gauteng 3 1 819 589 2 046 700 Birchwood Village Gauteng 70 65 265 058 64 744 100 Transferred Jac
Slide 48: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 47
Slide 49: Number of properties
Emira Property Fund Year-end Results 2025 48 Number of properties 90 79 78 76 80 73 73 71 70 69 70 63 60 50 42 40 30 20 10 0 Jun 19 Jun 20 Jun 21 Jun 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 NUMBER OF PROPERTIES PER SECTOR 40 32 30 20 17 20 20 10 12 10 0 Office Urban Retail Industrial Mar 24 Mar
Slide 50: Sectoral spread of properties by GLA and value (%)
Emira Property Fund Year-end Results 2025 49 Sectoral spread of properties by GLA and value (%) GLA split per sector (%) Mar 2024 – 748 687m² GLA split per sector (%) Mar 2025 – 556 968m² Urban Retail 39 Urban Retail 42 Office 21 Office 19 Industrial 40 Industrial 39 Value split per sector (%) Mar 2
Slide 51: Geographical spread of buildings by number
Emira Property Fund Year-end Results 2025 50 Geographical spread of buildings by number 40 35 32 30 25 24 20 16 15 11 10 10 8 5 4 2 1 1 1 1 0 Johannesburg Pretoria Western Cape KwaZulu-Natal Bloemfontein Mpumalanga Mar 24 Mar 25
Slide 52: Geographical spread by value and GLA (%)
Emira Property Fund Year-end Results 2025 51 Geographical spread by value and GLA (%) Geographical spread by value (%) Mar 2024 Geographical spread by value (%) Mar 2025 Johannesburg 31 Johannesburg 34 Pretoria 41 Pretoria 53 Western Cape 17 Western Cape 3 KwaZulu-Natal 7 KwaZulu-Natal 5 Bloemfontei
Slide 53: Average value of properties per m² and property
Emira Property Fund Year-end Results 2025 52 Average value of properties per m² and property Average value per m² 25 000 10,6% 9,7% 20 000 20 090 19 442 9,9% 15 000 18 168 17 727 10 000 13 160 14 459 5,0% 5 000 5 913 6 209 0 Office Urban Retail Industrial Total Mar 24 Mar 25 Average value per proper
Slide 54: Office sector exposure of properties – quality improvement
Emira Property Fund Year-end Results 2025 53 Office sector exposure of properties – quality improvement Number of properties Average value per property (Rm) 2011 (Jun) 73 2011 (Jun) 52 2025 (Mar) 10 2025 (Mar) 217 Grade of office portfolio by value (%) Jun 2011 Grade of office portfolio by value (%)
Slide 55: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 54
Slide 56: Number of properties
Emira Property Fund Year-end Results 2025 55 Number of properties 30 25 24 23 21 21 21 21 20 15 10 5 1 0 June 22 Dec 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Number of properties per sector 25 21 21 20 15 10 5 0 Residential Mar 24 Mar 25
Slide 57: Geographical spread of buildings by number
Emira Property Fund Year-end Results 2025 56 Geographical spread of buildings by number 20 18 16 16 16 14 12 10 8 6 4 3 3 2 2 2 0 Johannesburg Pretoria Western Cape Mar 24 Mar 25
Slide 58: Geographical spread of properties by value and unit (%)
Emira Property Fund Year-end Results 2025 57 Geographical spread of properties by value and unit (%) Geographical spread by unit (%) Mar 2024 – 3 775 units Geographical spread by unit (%) Mar 2025 – 3 347 units Johannesburg 82 Johannesburg 88 Pretoria 8 Pretoria 8 Western Cape 10 Western Cape 4 Geog
Slide 59: Average value of properties per unit
Emira Property Fund Year-end Results 2025 58 Average value of properties per unit 600 000 595 516 595 000 590 000 585 000 580 000 575 000 569 741 570 000 565 000 560 000 555 000 550 000 Residential Mar 24 Mar 25
Slide 60: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 59
Slide 61: Vacancy profile per sector (%)
Emira Property Fund Year-end Results 2025 60 Vacancy profile per sector (%) 12% 10,9 10% 9,4 8,4 7,9 8% 6,4 6% 5,1 5,0 4,8 4,5 4,2 4,2 4,1 3,9 3,9 3,7 4% 3,4 2% 0,7 0,7 0% Office Urban Retail Industrial Total Residential Residential (SAPOA 13,6%) (MSCI 4,6%) (MSCI 2,1%) (Commercial) Calculated by un
Slide 62: Vacancy profile per sector and grade by GLA (%)
Emira Property Fund Year-end Results 2025 61 Vacancy profile per sector and grade by GLA (%) 25% 21.7 19.9 19.7 20% 15% 12.2 11.6 10.7 10.4 10% 9.4 8.7 8.3 7.5 7.9 7.3 6.4 4.7 5% 3.9 4.2 4.2 4.1 3.9 3.1 2.1 0.7 0.7 0% Office P Office A Office B Urban Retail Industrial Total (SAPOA 6,8%) (SAPOA 12,2%
Slide 63: Vacancy loss by gross rental (%)
Emira Property Fund Year-end Results 2025 62 Vacancy loss by gross rental (%) 12% 10,6 10% 9,1 8% 7,6 7,0 6,6 6% 5,0 4,7 4,1 4,1 4% 3,5 3,3 2,4 2,6 1,9 2% 0,5 0,5 0% Office Urban Retail Industrial Total Mar 23 Mar 24 Sep 24 Mar 25
Slide 64: Vacancy loss per sector and grade by gross rental (%)
Emira Property Fund Year-end Results 2025 63 Vacancy loss per sector and grade by gross rental (%) 25% 20,8 20% 18,6 18,6 15% 9,9 10% 8,5 8,0 6,9 6,9 6,6 4,7 5,0 5% 4,1 4,1 3,3 3,5 2,4 2,6 1,9 0,5 0,5 0% Prime + Office A Office B Urban Retail Industrial Total (Commercial) Mar 23 Mar 24 Sep 24 Mar 25
Slide 65: Tenant retention (%)
Emira Property Fund Year-end Results 2025 64 Tenant retention (%) 100% Hundreds 81 83 81 83 77 78 78 77 79 80% 76 76 72 60% 40% Gross rentals m² No. of leases Mar 23 Mar 24 Sep 24 Mar 25 FY25 expiries: 176 286m² equals 360 leases or R21,3m gross rentals per month
Slide 66: Tenant retention per sector by gross rental (%)
Emira Property Fund Year-end Results 2025 65 Tenant retention per sector by gross rental (%) 100% 91 88 89 90% 87 85 83 80 81 79 78 80% 77 74 70% 65 60 59 60% 57 50% 40% 30% 20% 10% 0% Office Urban Retail Industrial Total Mar 23 Mar 24 Sep 24 Mar 25
Slide 67: Major renewals by gross rental and GLA: FY25
Emira Property Fund Year-end Results 2025 66 10 Major renewals by gross rental and GLA: FY25 Property Sector Tenant Lease end GLA (m2) Status RTT ACSA Park Industrial RTT Group Dec 24 30 833 Renewed – 5 years RTT Continental Industrial RTT Group Dec 24 12 921 Renewed – 2 years 2 months Wonderpark Ur
Slide 68: Major lease expiries by gross rental: FY25
Emira Property Fund Year-end Results 2025 67 10 Major lease expiries by gross rental: FY25 Property Sector Tenant Lease end GLA (m2) Status Renewed – 5 years RTT ACSA Park Industrial RTT Group Dec 24 46 673 (reduced space to 30 833m²) RTT Continental Industrial RTT Group Dec 24 12 921 Renewed – 2 ye
Slide 69: Major lease expiries by GLA: FY25
Emira Property Fund Year-end Results 2025 68 10 Major lease expiries by GLA: FY25 Property Sector Tenant Lease end GLA (m2) Status Renewed – 5 years RTT ACSA Park Industrial RTT Group Dec 24 46 673 (reduced space to 30 833m²) RTT Continental Industrial RTT Group Dec 24 12 921 Renewed – 2 years 2 mon
Slide 70: Major expiries by gross rental: FY26
Emira Property Fund Year-end Results 2025 69 10 Major expiries by gross rental: FY26 Property Sector Tenant Lease end GLA (m2) Status Menlyn Corporate Park Offices South African Local Government Oct 25 7 025 Busy with negotiations for extension Renewed – 3 years Knightsbridge Offices Verifone Africa
Slide 71: Major expiries by GLA: FY26
Emira Property Fund Year-end Results 2025 70 10 Major expiries by GLA: FY26 Property Sector Tenant Lease end GLA (m2) Status Menlyn Corporate Park Offices South African Local Government Oct 25 7 025 Busy with negotiations for extension The Tramshed Urban Retail Virgin Active Feb 26 2 177 Busy with n
Slide 72: Weighted reversions total by gross rentals
Emira Property Fund Year-end Results 2025 71 Weighted reversions total by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 11 877 169,47 153,72 (9,3) Urban Retail 22 579 210,75 208,21 (1,2) Industrial 81 351 67,22 60,59 (9,9) Total Mar 25 115 807
Slide 73: Weighted reversions renewals by gross rentals
Emira Property Fund Year-end Results 2025 72 Weighted reversions renewals by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 7 215 159,89 147,37 (7,8) Urban Retail 19 865 212,55 210,73 (0,9) Industrial 75 115 67,74 60,06 (11,3) Total Mar 25 102
Slide 74: Weighted reversions new leases by gross rentals
Emira Property Fund Year-end Results 2025 73 Weighted reversions new leases by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 4 662 184,29 163,54 (11,3) Urban Retail 2 715 197,59 189,79 (3,9) Industrial 6 236 59,73 67,04 12,3 Total Mar 25 13 61
Slide 75: Weighted average lease escalations (%)
Emira Property Fund Year-end Results 2025 74 Weighted average lease escalations (%)* 7% 6,8 7% 7% 6,6 6,6 6,6 6,6 6,6 6,6 7% 6,5 6,5 6,5 6,5 6,5 7% 6% 6,3 6,3 6,3 6% 6,2 6% 6% 6% 6% Office Urban Retail Industrial Total *Based on occupied Fund GLA Mar 23 Mar 24 Sep 24 Mar 25
Slide 76: Weighted average lease expiry (WALE) (years)
Emira Property Fund Year-end Results 2025 75 Weighted average lease expiry (WALE) (years) 4% 3,3 3,2 3,1 3% 2,8 2,7 2,7 2,7 2,6 2,6 2,5 3% 2,1 2% 1,8 2% 1% 1% 0% Office Urban Retail Industrial Total Mar 23 Mar 24 Mar 25
Slide 77: Weighted average lease expiry (WALE) (years)
Emira Property Fund Year-end Results 2025 76 Weighted average lease expiry (WALE) (years) Like-for-like comparison (Mar 24 vs Mar 25) 4% 3,1 3,0 3% 2,8 2,8 2,7 2,6 2,5 3% 2,2 2% 2% 1% 1% 0% Office Urban Retail Industrial Total Mar 24 Mar 25
Slide 78: Lease expiry profile by gross rental (%)
Emira Property Fund Year-end Results 2025 77 Lease expiry profile by gross rental (%) 40% 36,4 35% 33,8 30,1 30% 25,5 26,3 24,4 25% 22,0 20% 17,5 17,6 15,6 14,6 14,2 15% 9,8 10% 7,5 5% 4,2 0,2 0,2 0,1 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/25) (FY26) (FY27) (FY28) (FY29+
Slide 79: Lease expiry profile — Offices by gross rental (%)
Emira Property Fund Year-end Results 2025 78 Lease expiry profile — Offices by gross rental (%) 50% 45,9 45% 41,6 40% 35% 29,9 30% 25,9 25% 20,5 19,6 20,3 19,4 20% 17,6 18,3 16,6 15,2 15% 10% 5% 2,8 2,8 2,5 0,6 0,3 0,2 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/25) (FY26) (F
Slide 80: Lease expiry profile — Urban Retail by gross rental (%)
Emira Property Fund Year-end Results 2025 79 Lease expiry profile — Urban Retail by gross rental (%) 40% 34,5 35% 33,3 32,4 30% 24,8 24,6 25% 22,9 22,4 20% 16,6 15,5 15,6 14,8 14,1 15% 12,9 10,7 10% 4,9 5% 0,0 0,0 0,0 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/25) (FY26) (FY
Slide 81: Lease expiry profile — Industrial by gross rental (%)
Emira Property Fund Year-end Results 2025 80 Lease expiry profile — Industrial by gross rental (%) 45% 39,6 40% 35,2 35% 33,1 32,6 30,3 30% 24,4 25% 20,1 20,4 20% 19,0 15% 10,4 10,7 10% 9,1 6,2 4,6 5% 3,7 0,2 0,4 0,0 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/25) (FY26) (FY2
Slide 82: Lease expiry profile — like-for-like comparison
Emira Property Fund Year-end Results 2025 81 Lease expiry profile — like-for-like comparison 42 buildings in each FYR (%) 40% 36,4 35% 32,7 30% 26,6 25% 22,0 20% 17,5 17,6 14,5 14,2 15% 9,8 10% 8,5 5% 0,1 0,1 0% Vacated Expiries rolled over Year 1 Year 2 Year 3 Year 4+ (31/03/25) (FY26) (FY27) (FY28
Slide 83: Leases concluded: Lease commencement April 2024+
Emira Property Fund Year-end Results 2025 82 Leases concluded: Lease commencement 1 April 2024+ New Renewal Total Number of leases 52 166 217 Offices 22 37 58 Urban Retail 17 84 101 Industrial 13 45 58 Total m² 13 684 103 057 116 741 Offices 4 722 7 326 12 047 Urban Retail 2 726 20 616 23 343 Indust
Slide 84: Emira net rentals
Emira Property Fund Year-end Results 2025 83 Emira net rentals (Excluding vacancies, parking, store-rooms, kiosks, ATMs, mezzanines) No. of Occupied Avg net rental Sector buildings GLA (m²) (R/m²) Office: P-Grade 4 57 912 168,89 Office: A-Grade 5 32 305 139,62 Office: B-Grade 1 4 866 125,67 Urban Re
Slide 85: Tenant grading — by GLA (%)
Emira Property Fund Year-end Results 2025 84 Tenant grading — by GLA (%) Total portfolio (%) Per sector (%) 80% 75 Hundreds 70% 25 60% 50 51 50% 40% 35 30 30% 20 20% 14 12 13 14 61 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade Grading • “A” Large national tena
Slide 86: Tenant grading — by gross rental (%)
Emira Property Fund Year-end Results 2025 85 Tenant grading — by gross rental (%) Total portfolio (%) Per sector (%) 80% Hundreds 71 21 70% 60 60% 52 50% 40% 35 30% 23 14 17 20% 14 15 13 65 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade Grading • “A” Large nati
Slide 87: Tenant exposure by GLA (%)
Emira Property Fund Year-end Results 2025 86 Tenant exposure by GLA (%) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) RTT Group 8,4 Pick n Pay 7.9 34 Shoprite Checkers 3.4 The Beverage Company 2.4 Pepkor 2.3 King Price Insurance 2.2 66 Woolworths 2.1 The Foschini Gro
Slide 88: Tenant exposure by gross rental (%)
Emira Property Fund Year-end Results 2025 87 Tenant exposure by gross rental (%) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) Pick n Pay 5.7 King Price Insurance 4.3 32 RTT Group 3.8 Pepkor 3.7 Shoprite Checkers 3.6 The Foschini Group 2.8 68 SA Local Government 2.5
Slide 89: Potential new major capex projects
Emira Property Fund Year-end Results 2025 88 Potential new major capex projects Major projects being considered Type m² Value (Rm) Construction time Quagga Shopping Centre – Refurbishment and new entrance Urban Retail N/A 29 12 months Ben Fleur – Checkers refurbishment Urban Retail 3 366 18,5 4 mont
Slide 90: Top properties by value
Emira Property Fund Year-end Results 2025 89 Top 10 properties by value 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), Shopping Centre Shopping Centre Edgars (3 99
Slide 91: Environmental — Disclosure and certifications
Emira Property Fund Year-end Results 2025 90 Environmental — Disclosure and certifications Environmental reporting CDP Green Buildings and framework alignment • CDP's 2024 Integrated Questionnaire aligns with IFRS S2, ISSB, TCFD, and ESRS Framework alignment: standards. CDP partners with organisatio
Slide 92: Environmental — Energy
Emira Property Fund Year-end Results 2025 91 Environmental — Energy 100% 84,7 80% 75,1 72,1 60% 40% 20% 13,7 14,5 15,8 14,3 9,1 0,8 0% Grid electricity Renewable electricity Diesel Mar 23 Mar 24 Mar 25 Energy consumption highlights Energy management Clean energy production • Grid and renewable elect
Slide 93: Environmental — water, waste and biodiversity
Emira Property Fund Year-end Results 2025 92 Environmental — water, waste and biodiversity Water Waste Biodiversity • Sustained efforts to enhance water resilience • Aligned with SA National Waste Strategy 2020 • The climate and biodiversity crises are throughout the portfolio. and SDG 12. deeply in
Slide 94: Allocation (%) — Total
Emira Property Fund Year-end Results 2025 93 Allocation (%) — Total Mar 24 Mar 25 US 18,7 18,7% 16,6 16,6% Office 19,5 13,5 Urban Retail 34,8 28,8 Industrial 11,7 81,3% 7,9 62,2% Residential 15,1 11,9 Land 0,2 0,1 DL Invest 0,0 0,0% 21,2 21,2%
Slide 95: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 94
Slide 96: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 95
Slide 97: Period-on-period like-for-like growth: Commercial Portfolio (%)
Emira Property Fund Year-end Results 2025 96 Period-on-period like-for-like growth: Commercial Portfolio (%) 2% 1,3 1,2 1% 0,9 0% Revenue (rental income) Property expenses net of recoveries Net property income The results presented reflect the movement for FY25 (12-months ended 31 March 2025) compar
Slide 98: Operational Cost-to-income ratio (%)
Emira Property Fund Year-end Results 2025 97 Operational Cost-to-income ratio (%) * Commercial Portfolio 50% 46,5 46,9 44,8 45% 40% 35% 30% 27,7 25% 23,9 21,6 20% 15% 10% 5% 0% Gross Net Mar 24 Sep 24 Mar 25 * Held properties only
Slide 99: Operational Cost-to-income ratio (%)
Emira Property Fund Year-end Results 2025 98 Operational Cost-to-income ratio (%) Residential Portfolio 50% 45% 43,5 40% 39,0 37,3 36,9 35% 32,4 30,6 30% 25% 20% 15% 10% 5% 0% Gross Net Mar 24 Sep 24 Mar 25
Slide 100: Property expense analysis (%): Commercial Portfolio
Emira Property Fund Year-end Results 2025 99 Property expense analysis (%) Commercial Portfolio Municipal charges 58 60 Security expenses 8 8 Service contracts 7 6 Maintenance and refurbishments 7 7 Property management fee 5 5 Rent and levies paid 4 3 Administration expenses 4 2 Leasing expenses 4 2
Slide 101: Property expense analysis (%): Residential Portfolio
Emira Property Fund Year-end Results 2025 100 Property expense analysis (%) Residential Portfolio 42 Municipal charges 46 13 Property management fee 15 11 Maintenance and refurbishments 12 7 Rent and levies paid 9 7 Administration expenses 3 5 Security expenses 5 4 Staff-related expenses 4 3 Marketi
Slide 102: Reconciliation of cash generated from operations to distributable income
Emira Property Fund Year-end Results 2025 101 Reconciliation of cash generated from operations to distributable income Year ended R’000 31 Mar 2025 Net cash flow from operating activities (as per statement of cash flows) (402 304) Items in cash flow from operating activities, but not related to dist
Slide 103: Foreign income: Weighted average hedged rate per reporting period
Emira Property Fund Year-end Results 2025 102 Foreign income: Weighted average hedged rate per reporting period Forward Forward Nominal rate against Nominal rate against Period (EUR’000) ZAR (USD’000) ZAR Sep 25 1 775 20,76 3 891 18,80 Mar 26 1 823 21,24 3 284 19,77 Sep 26 1 850 21,73 3 184 20,47 Ma
Slide 104: Valuation parameters: Commercial Portfolio
Emira Property Fund Year-end Results 2025 103 Valuation parameters Commercial Portfolio Mar 2024 Mar 2025 Direct Property Portfolio Retail Office Industrial Total Retail Office Industrial Total Number of properties 17 20 32 69 12 10 20 42 GLA (m²) 292 889 161 013 295 785 749 687 233 999 107 966 215
Slide 105: Valuation parameters: Residential Portfolio
Emira Property Fund Year-end Results 2025 104 Valuation parameters Residential Portfolio Mar 24 Mar 25 Valuation (Rm) 2 248 1 907 Number of properties 21 21 % of the portfolio valued externally 100 100 Valuation rate (R/unit) 595 516 569 741 Income capitalisation approach applied (No. of properties)
Slide 106: Debt mix analysis
Emira Property Fund Year-end Results 2025 105 Debt mix analysis Currency ZAR USD EUR Total Income-producing assets (Rm) 10 182 2 664 3 395 16 241 Total facilities (Rm) 7 077 — — 7 077 Reclassified as foreign debt through CCIRS (Rm) (1 838) 946 892 — Adjusted total facilities (Rm) 4 347 946 1 784 7 0
Slide 107: Debt funding cost (Emira)
Emira Property Fund Year-end Results 2025 106 Debt funding cost (Emira) Mar 2024 Mar 2025 Average Average Fixed Average Average Fixed all-in rate fixed rate* duration all-in rate fixed rate* duration (%) (%) (Years) (%) (%) (years) ZAR 9,55 9,17 1,4 9,23 9,15 1,6 USD 5,04 5,04 1,4 5,43 5,43 1,5 EUR
Slide 108: Debt covenants: Emira
Emira Property Fund Year-end Results 2025 107 Debt covenants: Emira Transaction LTV, Corporate LTV Amount drawn Transaction LTV including derivatives covenant Transaction ICR Corporate ICR Value of (incl. accrued security/ Amount Amount interest + properties available drawn derivatives) Prescribed A
Slide 109: Debt facilities by source (Rm)
Emira Property Fund Year-end Results 2025 108 Debt facilities by source (Rm) 3 000 2 500 2 000 1 500 1 000 500 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn
Slide 110: Interest rate hedging profile (Rm)
Emira Property Fund Year-end Results 2025 109 Interest rate hedging profile (Rm) 1 200 1 000 800 600 400 200 0- Sep 2025 Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 86,5% 2,3 years 7,37% debt hedged weighted average duration to expiry weighted average all-in interest rate
Slide 111: Loan-to-value calculation
Emira Property Fund Year-end Results 2025 110 Loan-to-value calculation Rm Net interest-bearing debt 5 888 Non-current portion 5 118 Current portion 926 Add back: Unamortised debt raising fees 13 Add: Net derivative liabilities 89 Add: BEE SPVs debt 151 Less: Cash on hand (408) Income-producing asse
Slide 112: Emira loan-to-value bridge
Emira Property Fund Year-end Results 2025 111 Emira loan-to-value bridge 45 78 1,2 0,3 0,3 0,1 43 (0,1) 68 41 (0,2) (1,1) (0,3) 39 42,4 36,3 42.3 42.6 42.6 41.0 37 (6,3) 36.3 35 Mar 24 Property Property DL Invest US Investment Currency Interest rate ECL on loans Net distributable Net debt Mar 25 dis
Slide 113: Loan to value: look through
Emira Property Fund Year-end Results 2025 112 Loan to value: look through Proportionally consolidate equity investments As reported US DL Invest Adjusted Rm Rm Rm Rm Net interest-bearing debt 5 888 3 486 3 783 13 157 Non-current portion 5 118 3 734 4 049 12 901 Current portion 926 926 Add back: Unam
Slide 114: Interest cover ratio calculation
Emira Property Fund Year-end Results 2025 113 Interest cover ratio calculation R'000 Profit before finance costs 2 901 790 Adjustments Exclude: Allowance for future rental escalations 39 862 Amortisation of lease costs and tenant installations 28 596 Depreciation 810 Net fair value adjustments (1 87
Slide 115: Segmental loan to value and interest cover ratios
Emira Property Fund Year-end Results 2025 114 Segmental loan to value and interest cover ratios Indirect investments (equity accounted) Emira Group US Accounting treatment n/a Equity accounted Equity held (%) n/a 46,7 – 49,6 Loan-to-value ratio (%) 36,3 57,4 Loan-to-value ratio covenant (%)* 50,0 n/
Slide 116: Cross-currency interest-rate swap and foreign debt exposure
Emira Property Fund Year-end Results 2025 115 Cross-currency interest-rate swap and foreign debt exposure Weighted Weighted Foreign average average Weighted asset Nominal initial interest rate Interest average (fair value) CCIRS vs USD’000/ Nominal exchange USD/EUR rate ZAR duration USD’000/ foreign
Slide 117: Emira Property Fund Year-end Results 2025
Emira Property Fund Year-end Results 2025 116
Slide 118: US Portfolio summary
Emira Property Fund Year-end Results 2025 117 US Portfolio summary (vs 31 March 2024) Properties Average value Rent reversions Average annual per SF base rental 11 0,6% (12) USD191,15 (5,8%) USD14,44/SF (USD179,29) (USD14,26/SF) Value Vacancies (by GLA) Lease expiry profile Renewals concluded (GLA)
Slide 119: US thesis — recap
Emira Property Fund Year-end Results 2025 118 US thesis — recap • First world economy • Oct 2017 start • Undervalued subsector, focusing on • USD yields >10,5% open-air power centres with grocer • Mid, South and South Eastern focus component and value offering • 5 to 10-year fixed interest only • Di
Slide 120: US geographical exposure
Emira Property Fund Year-end Results 2025 119 US geographical exposure Ohio Indiana Missouri Kentucky Oklahoma Georgia Dallas Texas Key States with owned assets Florida Owned asset location Rainier HQ
Slide 121: Valuation parameters: US Portfolio
Emira Property Fund Year-end Results 2025 120 Valuation parameters: US Portfolio Direct Property Portfolio Mar 2024 Mar 2025 Number of properties 12 11 GLA (SF) 3 884 818 3 524 012 Valuation (USDm) 696,5 673,6 Average value per property (USDm) 58,0 61,2 Valuation rate (USD/SF) 179,29 191,15 % of the
Slide 122: US Portfolio — leasing
Emira Property Fund Year-end Results 2025 121 US Portfolio — leasing 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 19 68 347 19,14 19,24 10,8 0,6 New leases 0 0 0 0 0 0 Total — Reversions 19 6
Slide 123: US Portfolio — lease expiry profile by GLA (SF) (%)
Emira Property Fund Year-end Results 2025 122 US Portfolio — lease expiry profile by GLA (SF) (%) 70% 60% 52,1 50% 40% 38,0 30% 20% 16,1 15,7 17,4 11,1 12,4 12,8 12,5 10% 3,6 4,6 3,6 0,1 0,0 0% Vacancy Expiries rolled over Year 1 Year 2 Year 3 Year 4 Year 5+ (31/03/2025) (FY26) (FY27) (FY28) (FY29)
Slide 124: US Portfolio — lease expiry profile by rental (%)
Emira Property Fund Year-end Results 2025 123 US Portfolio — lease expiry profile by rental (%) 70% 60% 53.1 50% 42.1 40% 30% 20% 18.5 18.2 18.1 11.9 11.4 11.3 9.8 10% 5.3 0.0 0.0 0.2 0.0 0% Vacancy Expiries rolled over Year 1 Year 2 Year 3 Year 4 Year 5+ (31/03/2025) (FY26) (FY27) (FY28) (FY29) (FY
Slide 125: US tenant exposure by rental
Emira Property Fund Year-end Results 2025 124 US tenant exposure by rental Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) TJX Companies 6.0 Ulta Beauty Inc. 3.7 33 Burlington 3.7 Kohl's 3.5 Muvico, LLC 3.5 PetSmart 2.9 67 Hobby Lobby and Mardell 2.5 Office Depot 2.4 B
Slide 126: US tenant exposure by GLA (SF)
Emira Property Fund Year-end Results 2025 125 US tenant exposure by GLA (SF) Top 10 tenants of the total portfolio (%) Tenant exposure — Top 10 tenants (%) TJX Companies 8.7 Kohl's 7.2 Burlington 5.0 44 Hobby Lobby and Mardel 4.4 Lowe's Companies Inc. 3.8 56 Kroger 3.6 Bealls 3.0 PetSmart 2.8 Ulta B
Slide 127: Major lease expiries by rental: FY25
Emira Property Fund Year-end Results 2025 126 10 Major lease expiries by rental: FY25 Property Tenant Lease end GLA (SF) Status Summit Woods Crossing Office Depot Oct 24 22 844 Renewed – 5 years Belden Park Crossings Cost Plus World Market Jan 25 18 000 Renewed – 5 years Newport Pavilion TJ Maxx May
Slide 128: Major lease expiries by rental: FY26
Emira Property Fund Year-end Results 2025 127 10 Major lease expiries by rental: FY26 Property Tenant Lease end GLA (SF) Status Belden Park Crossing Kohl’s Jan 26 99 776 Expected to renew – 5 year option Expected to renew – 10 years Trumans Marketplace Burlington Coat Factory Feb 26 64 930 (to reduc
Slide 129: Forward-looking statements
Emira Property Fund Year-end Results 2025 128 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 direc