Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — FY2024 Earnings Presentation
120 slides from Emira Property Fund's earnings presentation, March 2024
Slide 1: Emira Property Fund Year-End Results
EMIRA PROPERTY FUND YEAR-END RESULTS
Slide 2: Overview, Business Units, Outlook, Annexures
OVERVIEW BUSINESS UNITS OUTLOOK ANNEXURES — Direct investments — SA Operations — Disposals Commercial and — Indirect investments Residential Portfolio — Other investments — Financials — Corporate — US offshore — Funding — Other EMIRA PROPERTY FUND YEAR-END RESULTS 2024 1
Slide 3: Geoff Jennett, CEO
GEOFF JENNETT CEO EMIRA PROPERTY FUND YEAR-END RESULTS 2024 2
Slide 4: Past Successes
OVERVIEW OVERVIEW PAST SUCCESSES • Enyuka • The Bolton • GOZ/US • Transcend • Significant disposals EMIRA PROPERTY FUND YEAR-END RESULTS 2024 3
Slide 5: Enyuka
OVERVIEW ENYUKA • 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 • Partners offered to buy us out (R646.3m) – 20 July 2023 transferred • Average income yield 13.1% • 7-year IRR 14.5% •
Slide 6: The Bolton
OVERVIEW THE BOLTON • Recognised the office market challenges • Converted office to residential • JV with Feenstra (2018) • Completed value R210m • Yielding R16m-R19m pa • Sectionalise and selling off (85% sold) • Capital uplift to a net R280m value • Best use to dispose and recycle • We would not h
Slide 7: GOZ/The US
OVERVIEW GOZ/THE US • Sold out of GOZ, over valued, no control • Offshore diversification › Exposure to stronger economy and tenants different to SA › Undervalued asset subsector › Right partners with skin in the game • 12 assets, equity value USD147m, great partners, 19% of total asset base • Conti
Slide 8: Transcend
OVERVIEW TRANSCEND • Value-type residential properties • Scheme of arrangement now implemented, servicing low-to-middle segment 100% ownership and delisted • Well managed by IHS with aspirations • Certain sectionalisation of units to expand and individual unit sales • Initial 34.9% equity stake • Fu
Slide 9: Significant Disposals
OVERVIEW SIGNIFICANT DISPOSALS • Meaningful liquidity being created through new sales › Market Square and Makro › Portfolio sale to Spear • Meaningful disposals of directly held properties over last seven years • Selling at or above our book values and recycling into profitable other ventures EMIRA
Slide 10: Past Successes, The Comparison, The Future
OVERVIEW OVERVIEW PAST SUCCESSES THE COMPARISON THE FUTURE • Enyuka • 12 months Mar 24 • Disposals to transfer vs 9 months Mar 23 • The Bolton • Further diversification • No Inani income accrual with proceeds • GOZ/US • Disposal of high-yielding Enyuka • Transcend • Higher interest rates • Significa
Slide 11: Key Metrics
OVERVIEW KEY METRICS Distributable Disposals Vacancies LTV 4.1% & 2.6% 42.4% income per share Enyuka sale 119.03c Bolton unit sales TPF unit sales Commercial & Residential (4.7% & 2.3%) (44.0%) (106.76c) 1 Monte Carlo +11.5% Trellidor Tenant retention Dividend per share 81% Full year NAV Collections
Slide 12: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 11
Slide 13: Summary Distribution Statement
OVERVIEW SUMMARY DISTRIBUTION STATEMENT R’000 Mar 23 Mar 24 Variance % Commercial Portfolio 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 Enyuka 64 503 35 345 (45.2) US 154 106 204 345 32.6 Corporate/other (56 941) (75 380) (37.4) Funding (371 689) (543 566) (46.2) DISTRIBUTION PAY
Slide 14: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 13
Slide 15: Distribution Statement: Commercial Portfolio
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Mar 23 Mar 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO COMMERCIAL PORTFOLIO 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 INDIRECT PORTFOLIO Enyuka 64 503 35 345 (45.2) US 154 106 204 345 32.6 Gross 175 304 215
Slide 16: Commercial Portfolio Key Portfolio Metrics
COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS AT 31 MARCH 2024 (VS 31 MARCH 2023) Commercial Portfolio • Considering the tough operating conditions, Properties Office sector low business confidence and weak 69 (71) R9.9bn (R9.7bn) economic environment, Emira’s commercial Hamilton House Arealytics SA 1
Slide 17: Commercial Portfolio Key Metrics: Retention, Reversions, WALE
COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS AT 31 MARCH 2024 (VS 31 MARCH 2023) Commercial Portfolio Tenant retention Weighted average rent reversions WALE 80.8% by GLA (78.0%) -3.3% (-8.4%) 2.7 YEARS (2.6) 80.5% by gross rental (77.0%) Urban Retail -0.5% (-5.5%) Urban Retail 3.2 years (3.3) 78.6% by
Slide 18: Key Portfolio Metrics: Commercial Portfolio
COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS: COMMERCIAL PORTFOLIO at 31 March 2024 CLEAN ENERGY WATER EFFICIENCY BIODIVERSITY • An additional five PV farms of • A 60Kℓ rainwater harvesting • 150 fruit and shade trees 1.5MW were installed by project completed at were planted at three schools the end o
Slide 19: Balance Sheet
COMMERCIAL PORTFOLIO BALANCE SHEET R’000 Mar 23 Mar 24 % Ch DIRECT PORTFOLIO 12 191 12 191 0.0 COMMERCIAL PORTFOLIO 9 752 9 943 2.0 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO Enyuka 639 — — US 2 703 2 783 3.0 Loans receivable 349 236 (32.4) Other assets 362 394 8.9 TOTAL ASSETS 16 24
Slide 20: Valuation Summary: Commercial Portfolio Like-for-Like
COMMERCIAL PORTFOLIO VALUATION SUMMARY: COMMERCIAL PORTFOLIO – LIKE-FOR-LIKE COMPARISON < Mar 23 Mar 24 Valuation (Rm)^ 7 421 7 681 Number of properties 48 48 % of the portfolio valued externally 100% 100% Valuation rate (R/m²) • Retail 17 187 17 949 • Office 17 552 17 930 • Industrial 5 343 5 495 V
Slide 21: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 20
Slide 22: Distribution Statement: Residential Portfolio
RESIDENTIAL PORTFOLIO DISTRIBUTION STATEMENT Mar 23 Mar 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 INDIRECT PORTFOLIO Enyuka 64 503 35 345 (45.2) US 154 106 204 345 32.6 Gross 175 304 215
Slide 23: Residential Portfolio Key Metrics
RESIDENTIAL PORTFOLIO KEY PORTFOLIO METRICS AT 31 MARCH 2024 (VS 31 MARCH 2023) Residential Portfolio Properties Number of units Average rent per unit 21 (23) 3 775 (4 315) R6 292 (R6 146) • 540 units sold • Demand for rental units increased due to the increasing cost of owning a property Value Vaca
Slide 24: Balance Sheet
RESIDENTIAL PORTFOLIO BALANCE SHEET R’000 Mar 23 Mar 24 % Ch DIRECT PORTFOLIO 12 191 12 191 0.0 Commercial Portfolio 9 752 9 943 2.0 RESIDENTIAL PORTFOLIO 2 438 2 248 (7.8) INDIRECT PORTFOLIO Enyuka 639 — — US 2 703 2 783 3.0 Loans receivable 349 236 (32.4) Other assets 362 394 8.9 TOTAL ASSETS 16 2
Slide 25: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 24
Slide 26: Disposals: SA Commercial
DISPOSALS: SA COMMERCIAL DISPOSALS FY24 Disposals contracted for Book Sale value price Effective Property name Province Sector GLA m² R R date TRANSFERRED 1 Monte Carlo Drive Durban Industrial 5 551 23 840 000 37 000 000 17 Jul 2023 Trellidor Cape Town Industrial 7 794 65 700 000 72 500 000 08 Nov 2
Slide 27: Disposals: SA Residential
DISPOSALS: SA RESIDENTIAL DISPOSALS FY24 Disposals transferred Sale Price Book (total gross Total value proceeds) Property name Province units R R 67 on 7th Gauteng 8 4 514 650 5 605 000 Birchwood Village Gauteng 86 71 669 659 72 485 600 De Velde Western Cape 1 194 000 150 000 Jackalberry Close Gaut
Slide 28: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 27
Slide 29: Distribution Statement: Commercial Portfolio
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Mar 23 Mar 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 INDIRECT PORTFOLIO ENYUKA 64 503 35 345 (45.2) US 154 106 204 345 32.6 Gross 175 304 215
Slide 30: Distribution Statement: US Portfolio
US PORTFOLIO DISTRIBUTION STATEMENT Mar 23 Mar 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 INDIRECT PORTFOLIO Enyuka 64 503 35 345 (45.2) US 154 106 204 345 32.6 Gross 175 304 215 475 20.0
Slide 31: US Portfolio Key Metrics
US PORTFOLIO KEY PORTFOLIO METRICS AT 31 MARCH 2024 (VS 31 MARCH 2023) US Portfolio Properties Vacancies Lease expiry profile (rental) 12 3.6% Rolled over 0.2% Year 1 (FY25) 5.3% (12) (2.6%) Year 2 (FY26) 11.9% Largest tenants vacated by SF: Year 3 (FY27) 11.3% • Earth Fare (24 232SF): Woodlands Squ
Slide 32: Balance Sheet
US PORTFOLIO BALANCE SHEET R’000 Mar 23 Mar 24 % Ch DIRECT PORTFOLIO 12 191 12 191 0.0 Commercial Portfolio 9 752 9 943 2.0 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO Enyuka 639 — — US 2 703 2 783 3.0 Loans receivable 349 236 (32.4) Other assets 362 394 8.9 TOTAL ASSETS 16 243 15 604
Slide 33: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 32
Slide 34: Distribution Statement: Corporate
CORPORATE DISTRIBUTION STATEMENT Mar 23 Mar 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 INDIRECT PORTFOLIO Enyuka 64 503 35 345 (45.2) US 154 106 204 345 32.6 Gross 175 304 215 475 20.0 Ad
Slide 35: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 34
Slide 36: Distribution Statement: Funding
FUNDING DISTRIBUTION STATEMENT Mar 23 Mar 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 615 568 814 686 32.3 Residential Portfolio 100 271 176 197 75.7 INDIRECT PORTFOLIO Enyuka 64 503 35 345 (45.2) US 154 106 204 345 32.6 Gross 175 304 215 475 20.0 Adju
Slide 37: Balance Sheet
FUNDING BALANCE SHEET R’000 Mar 23 Mar 24 % Ch DIRECT PORTFOLIO 12 191 12 191 0.0 Commercial Portfolio 9 752 9 943 2.0 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO Enyuka 639 — — US 2 703 2 783 3.0 Loans receivable 349 236 (32.4) Other assets 362 394 8.9 TOTAL ASSETS 16 243 15 604 (3.9
Slide 38: Emira Loan-to-Value Bridge
FUNDING EMIRA LOAN-TO-VALUE BRIDGE 46 78 3.0 44 68 (1.0) 0.1 42 0.5 44.0 (1.9) 0.8 1.9 42.4 42 42 42 (0.2) (3.9) (0.9) 41 40 Mar 23 Enyuka Property US Investment Currency Interest Dividend Net distributable ECL on loans Transcend Net debt Mar 24 disposal revaluation derivatives derivatives payment i
Slide 39: Debt Expiry Profile
FUNDING DEBT EXPIRY PROFILE (RM) 1 600 1 400 1 200 1 000 800 600 400 200 0 Sep 2024 Mar 2025 Sep 2025 Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 Drawn Undrawn FY24 refinances / new Average duration Upcoming FY25 Liquidity: loans: R3.6bn to expiry: 2.2 years refinances: R1.8bn - undrawn debt: R1bn
Slide 40: Interest Rate Hedging Profile
FUNDING INTEREST RATE HEDGING PROFILE (RM) 1 200 1 000 800 600 400 200 0- Sep 2024 Mar 2025 Sep 2025 Mar 2026 Sep 2026 Mar 2027 74.2% 1.4 YEARS 8.72% hedged debt (drawn) weighted average duration to expiry weighted average all-in interest rate EMIRA PROPERTY FUND INTERIM RESULTS 2023 39
Slide 41: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 40
Slide 42: Balance Sheet
OTHER BALANCE SHEET R’000 Mar 23 Mar 24 % Ch DIRECT PORTFOLIO 12 191 12 191 0.0 Commercial Portfolio 9 752 9 943 2.0 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO Enyuka 639 — — US 2 703 2 783 3.0 LOANS RECEIVABLE 349 236 (32.4) Other assets 362 394 8.9 TOTAL ASSETS 16 243 15 604 (3.9)
Slide 43: Net Asset Value per Share
OTHER NET ASSET VALUE PER SHARE (CENTS) 1 800 1 775 1 23 78 (19) (2) 1 750 1 733 30 25 66 69 1 725 2 1 696 2 55 1 700 (62) 1 675 29 1 650 1 678 1 667 1 625 1 600 Mar 23 Change in treasury Investment Transcend NCI US investments CCIRS & FEC IRS derivatives Expected credit Other/IFRS Change in dividen
Slide 44: Geoff Jennett, CEO
GEOFF JENNETT CEO EMIRA PROPERTY FUND YEAR-END RESULTS 2024 43
Slide 45: Outlook: Past Year, Key Deal Criteria, The Future
OUTLOOK OUTLOOK PAST YEAR KEY DEAL CRITERIA THE FUTURE • 12 months FY24 vs 9 months FY23 • Growing economy, satisfactory • Expect the utilisation of disposal regulations, obvious reasons liquidity to create further • Enyuka proceeds received for growth diversification and value • Transcend wholly-ow
Slide 46: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 45
Slide 47: Number of Properties
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO NUMBER OF PROPERTIES 120 104 97 94 100 91 90 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 MAR 24 NUMBER OF PROPERTIES PER SECTOR 40 34 32 30 23 21 20 20 20 17 17 10 0 OFFICE URBAN RETAIL INDUSTRIAL* RESIDENTIAL** * Disp
Slide 48: Sectoral Spread of Properties by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO SECTORAL SPREAD OF PROPERTIES BY GLA AND VALUE (%) GLA SPLIT PER SECTOR (%) MAR 2023 GLA SPLIT PER SECTOR (%) MAR 2024 VALUE SPLIT PER SECTOR (%) MAR 2023 VALUE SPLIT PER SECTOR (%) MAR 2024 762 779m2 749 687m2 R9.7bn R9.9bn Urban Retail 38 Urban Retail 39
Slide 49: Geographical Spread of Buildings by Number
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER 40 35 32 32 30 25 20 17 16 15 11 11 10 9 8 5 1 1 1 1 0 JOHANNESBURG PRETORIA WESTERN CAPE * KWAZULU-NATAL** BLOEMFONTEIN MPUMALANGA * Disposal: Trellidor ** Disposal: 1 Monte Carlo Road MAR 23 MAR 24 EMIRA PROPERT
Slide 50: Geographical Spread of Properties by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO GEOGRAPHICAL SPREAD OF PROPERTIES BY GLA AND VALUE (%) GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD BY GLA (%) MAR 2023 BY GLA (%) MAR 2024 BY VALUE (%) MAR 2023 BY VALUE (%) MAR 2024 Johannesburg 44 Johannesburg 46 Johan
Slide 51: Average Value of Properties per m² and Property
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO AVERAGE VALUE OF PROPERTIES PER m² AND PROPERTY AVERAGE VALUE PER m² 20 000 -0.3% 5.1% 15 000 18 223 18 168 16 872 17 727 3.7% 10 000 12 685 13 160 1.3% 5 000 5 838 5 913 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL MAR 23 MAR 24 AVERAGE VALUE PER PROPERTY 400 5
Slide 52: Office Sector Exposure: Quality Improvement
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO OFFICE SECTOR EXPOSURE OF PROPERTIES – QUALITY IMPROVEMENT NUMBER OF PROPERTIES AVERAGE VALUE PER PROPERTY (Rm) GRADE OF OFFICE PORTFOLIO BY VALUE (%) GRADE OF OFFICE PORTFOLIO BY VALUE (%) JUN 2011 MAR 2024 2011 (Jun) 73 2011 (Jun) 52 P-grade 0 P-grade 50
Slide 53: Geographical Spread of Buildings by Number: Residential
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER 20 18 17 16 16 14 12 10 8 6 4 4 3 2 2 2 0 JOHANNESBURG* PRETORIA WESTERN CAPE** * Disposal: Stone Arch ** Disposal: De Velde MAR 23 MAR 24 EMIRA PROPERTY FUND YEAR-END RESULTS 2024 52
Slide 54: Geographical Spread by Value and Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO GEOGRAPHICAL SPREAD OF PROPERTIES BY VALUE AND UNIT (%) GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY VALUE (%) GEOGRAPHICAL SPREAD BY VALUE (%) MAR 2023 – 4 315 units MAR 2024 – 3 775 units MAR 2023 – R2.4bn MAR 2
Slide 55: Average Value of Properties per Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO AVERAGE VALUE OF PROPERTIES PER UNIT 600 000 595 516 595 000 590 000 585 000 580 000 575 000 570 000 565 078 565 000 560 000 555 000 550 000 545 000 RESIDENTIAL MAR 23 MAR 24 EMIRA PROPERTY FUND YEAR-END RESULTS 2024 54
Slide 56: Vacancy Profile per Sector by GLA
ANNEXURE – OPERATIONS: TOTAL PORTFOLIO VACANCY PROFILE PER SECTOR BY GLA (%) 25% 20% 19.1 17.0 15.0 15% 12.5 12.0 10.9 10% 6.9 6.4 6.0 5.3 4.7 4.5 5% 3.8 4.1 3.9 4.1 4.1 4.1 2.8 3.1 3.2 3.2 3.5 3.5 2.7 2.6 2.1 1.1 0.6 0.7 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL RESIDENTIAL (SAPOA 14.7%) (MSCI 4.1%)
Slide 57: Vacancy Profile per Sector and Grade by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO VACANCY PROFILE PER SECTOR AND GRADE BY GLA (%) 30% 26.3 25.5 25% 21.7 19.7 19.9 20% 18.2 16.7 16.4 15% 13.6 13.4 12.2 11.6 10.5 10.7 10% 9.3 8.5 8.7 6.4 5.3 4.7 5% 3.8 4.1 3.9 4.1 4.1 4.1 2.8 3.1 3.2 3.2 3.5 2.7 2.7 2.1 0.6 0.7 0% OFFICE P OFFICE A OFFICE
Slide 58: Vacancy Loss by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO VACANCY LOSS BY GROSS RENTAL (%) 14% 13.1 12.3 12% 10.6 10% 9.7 9.1 8% 6.4 6% 5.4 5.6 4.7 4.1 4.1 4.2 4.1 4% 3.7 3.2 2.9 2.7 2.9 2.4 2.6 2.5 1.9 2% 0.5 0.5 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 JUN 21 JUN 22 MAR 23 SEP 23 MAR 24 EMIRA PROPERTY FUN
Slide 59: Vacancy Loss per Sector and Grade by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO VACANCY LOSS PER SECTOR AND GRADE BY GROSS RENTAL (%) 30% 25.8 25% 23.9 20.8 20% 18.7 18.6 15% 13.9 12.3 11.4 9.9 10% 9.1 8.5 6.4 5.6 4.8 4.7 5% 4.1 4.1 4.2 4.1 3.7 2.9 3.2 2.9 2.4 2.7 2.6 2.5 1.9 0.5 0.5 0% PRIME + OFFICE A OFFICE B URBAN RETAIL INDUSTRIA
Slide 60: Tenant Retention
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT RETENTION (%) 100% Hundreds 82 83 82 84 83 84 80 80 81 81 79 79 80% 77 78 78 78 76 70 60% 40% GROSS RENTALS m² NO. OF LEASES JUN 20 JUN 21 JUN 22 MAR 23 SEP 23 MAR 24 FY24: Expiries of 236 203m² equals 457 leases or R27.6m gross rentals per month EM
Slide 61: Tenant Retention per Sector by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT RETENTION PER SECTOR BY GROSS RENTAL (%) 100% 91 89 89 88 88 88 85 82 83 83 82 82 81 79 80 80 80% 79 78 77 67 67 60 60 59 60% 40% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 JUN 21 JUN 22 MAR 23 SEPT 23 MAR 24 EMIRA PROPERTY FUND YEAR-END RESULTS 20
Slide 62: Major Lease Renewals by Gross Rental: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 10 MAJOR LEASE RENEWALS BY GROSS RENTAL: FY24 Property Sector Tenant Lease end GLA (m2) Status Ben Fleur Boulevard Urban Retail Checkers Nov 26 3 366 Renewed – 15 years Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Renewed – 3 years 9 Long Offic
Slide 63: Major Lease Renewals by GLA: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 10 MAJOR LEASE RENEWALS BY GLA: FY24 Property Sector Tenant Lease end GLA (m2) Status Isando (20 Anvil Road) Industrial The Beverage Company Sep 25 12 250 Renewed – 6 years and 4 months Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Renewed – 3 y
Slide 64: Major Lease Expiries by Gross Rental: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 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 Renewed – 3 years 9 Long Offices Dept Of Public Works Jun 23 4 444 Renewed – 3 years Technohub Industria
Slide 65: Major Lease Expiries by GLA: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 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 Renewed – 3 years Technohub Industrial Kawari Wholesalers Jun 23 6 580 Renewed – 5 years Finalising lease terms –
Slide 66: Major Lease Expiries by Gross Rental: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 10 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY25 Property Sector Tenant Lease end GLA (m2) Status Lease with tenant for signature – 5 years RTT ACSA Park Industrial RTT Group Dec 24 46 673 (30 833m²) Tenant vacated – replacement tenants Knightsbridge Offices
Slide 67: Major Lease Expiries by GLA: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 10 MAJOR LEASE EXPIRIES BY GLA: FY25 Property Sector Tenant Lease end GLA (m2) Status Lease with tenant for signature – 5 years RTT ACSA Park Industrial RTT Group Dec 24 46 673 (30 833m²) Lease with tenant for signature – 2 years RTT Continental Industrial
Slide 68: Weighted Reversions Total by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED REVERSIONS TOTAL BY GROSS RENTALS Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 23 892 163.86 153.48 (6.3) Urban Retail 41 984 182.99 182.01 (0.5) Industrial 92 390 70.97 67.53 (4.8) Total Mar 24 158 266
Slide 69: Weighted Reversions Renewals by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED REVERSIONS RENEWALS BY GROSS RENTALS Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 17 593 164.92 156.19 (5.3) Urban Retail 38 417 183.37 182.47 (0.5) Industrial 75 473 72.00 67.82 (5.8) Total Mar 24 131 4
Slide 70: Weighted Reversions New Leases by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED REVERSIONS NEW LEASES BY GROSS RENTALS Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 6 299 160.91 145.90 (9.3) Urban Retail 3 567 178.94 177.11 (1.0) Industrial 16 916 66.37 66.24 (0.2) Total Mar 24 26 78
Slide 71: Weighted Average Lease Escalations
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED AVERAGE LEASE ESCALATIONS (%)* 8% 7.7 7.5 7.3 7.3 7.1 7.0 7.0 7% 6.9 6.8 6.8 6.7 6.7 6.6 6.6 6.6 6.6 6.6 6.5 6.5 6.5 6.3 6.3 6.3 6.2 6% 5% 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 JUN 21 JUN 22 MAR 23 SEP 23 MAR 24 *Based on occupied Fund
Slide 72: Weighted Average Lease Expiry (WALE)
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED AVERAGE LEASE EXPIRY (WALE) (YEARS) 4.0 3.6 3.5 3.5 3.3 3.2 3.2 3.0 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.6 2.5 2.1 2.0 2.0 2.0 1.9 1.8 1.5 1.0 0.5 0.0 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 22 DEC 22 MAR 23 SEP 23 MAR 24 EMIRA PROPERTY FUND Y
Slide 73: Lease Expiry Profile by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL (%) 40% 35% 33.8 30.1 30% 29.2 29.6 26.3 26.2 25.5 25% 24.3 24.4 22.0 21.8 20.8 19.5 20% 17.6 15.6 14.6 15% 10% 7.5 5% 3.5 4.2 2.9 0.2 0.0 0.2 0.2 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (31/03/24)
Slide 74: Lease Expiry Profile: Offices
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE — OFFICES BY GROSS RENTAL (%) 45% 41.6 40% 35% 29.8 29.8 30.6 29.9 30% 25.8 25.8 25.9 25% 21.5 20.5 20.3 19.4 20% 18.3 17.6 16.0 16.3 15% 10% 5% 2.8 2.8 2.5 1.7 0.1 0.1 0.6 0.3 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR
Slide 75: Lease Expiry Profile: Urban Retail
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE — URBAN RETAIL BY GROSS RENTAL (%) 40% 34.5 34.9 34.5 35% 33.3 30% 28.6 29.0 24.8 24.6 25% 22.9 20% 17.9 16.3 16.7 16.3 16.6 14.8 15% 12.9 10.7 10% 4.9 5% 3.3 2.3 0.2 0.0 0.0 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEA
Slide 76: Lease Expiry Profile: Industrial
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE — INDUSTRIAL BY GROSS RENTAL (%) 45% 39.6 40% 35% 33.1 32.6 29.5 30% 25.7 25.4 25.0 24.7 24.4 25% 23.3 20.4 20% 18.9 19.0 17.1 15% 10.4 10% 9.1 7.8 6.2 4.6 5% 2.4 0.2 0.0 0.2 0.4 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEA
Slide 77: Leases Concluded: Lease Commencement 1 April 2023+
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASES CONCLUDED: LEASE COMMENCEMENT 1 APRIL 2023+ New Renewal Total Number of leases 93 256 349 Offices 31 52 83 Urban Retail 30 124 154 Industrial 32 80 112 Total m² 26 783 131 483 158 266 Offices 6 299 17 593 23 892 Urban Retail 3 567 38 417 41 984 Indu
Slide 78: Emira Net Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 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 56 126 165.79 Office: A-Grade 14 73 382 156.94 Office: B-Grade 2 11 759 119.47 Urban R
Slide 79: Tenant Grading by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT GRADING — BY GLA (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 76 Hundreds 70% 26 60% 49 50 50% 40% 38 30% 28 23 20% 60 12 12 12 14 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade GRADING • “A” Large national tenan
Slide 80: Tenant Grading by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT GRADING — BY GROSS RENTAL (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 74 Hundreds 21 70% 60% 56 52 50% 40% 35 30% 23 21 15 20% 14 12 13 64 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade GRADING • “A” Large natio
Slide 81: Tenant Exposure by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT EXPOSURE BY GLA (%) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) RTT GROUP 8.3 PICK N PAY 6.2 31 MASSMART 3.7 SHOPRITE CHECKERS 2.5 PEPKOR 2.3 WOOLWORTHS 1.8 69 THE BEVERAGE COMPANY 1.7 KING PRICE INSURANCE 1.5 THE
Slide 82: Tenant Exposure by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT EXPOSURE BY GROSS RENTAL (%) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) PICK N PAY 4.9 RTT GROUP 4.5 30 MASSMART 4.1 PEPKOR 3.3 KING PRICE INSURANCE 2.9 SHOPRITE CHECKERS 2.5 70 THE FOSCHINI GROUP 2.1 MR PRICE GRO
Slide 83: Potential New Major Capex Projects
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 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 month
Slide 84: Top Properties by Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP 10 PROPERTIES BY VALUE Property Node Classification GLA (m2) Major Tenants Wonderpark Pretoria North Retail – Regional Shopping 91 038 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²), Shopping Centre Centre Edgars (3 998
Slide 85: Environmental: Reporting
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO ENVIRONMENTAL — REPORTING EMIRA’S APPROACH TO REPORTING CARBON DISCLOSURE PROJECT SCIENCE-BASED TARGETS • Emira remains aligned with the relevant • In line with the TCFD Framework, Emira has • Emira’s science-based target (SBTi) is aligned frameworks namel
Slide 86: Environmental: Energy
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO ENVIRONMENTAL — ENERGY Annexure – operations: Commercial Portfolio 100% 97.1 91.9 89.9 90% 80% 75.1 72.1 70% 60% 50% 40% 30% 20% 13.7 15.8 14.3 6.6 8.0 9.1 10% 2.1 0.8 1.5 2.1 0% Grid electricity Renewable electricity Diesel JUN 20 JUN 21 JUN 22 MAR 23 MAR
Slide 87: Environmental: Water, Waste and Biodiversity
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO ENVIRONMENTAL — WATER, WASTE AND BIODIVERSITY WATER WASTE BIODIVERSITY • Due to water scarcity becoming more significant • UN SDGs Goal 12 is part of Emira’s commitment • The climate and biodiversity crises are intertwined, in South Africa, sustainable wat
Slide 88: Allocation (%) of Total Assets
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO ALLOCATION (%) — TOTAL ASSETS Mar 23 Mar 24 US 17.5 17.5% 18.7 18.7% OFFICE 18.9 19.5 URBAN RETAIL 31.9 34.8 INDUSTRIAL 11.6 78.4% 11.7 81.3% RESIDENTIAL 15.8 15.1 LAND 0.2 0.2 RURAL RETAIL (ENYUKA) 4.1 4.1% 0 0.0% EMIRA PROPERTY FUND YEAR-END RESULTS 2024
Slide 89: Disposals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO DISPOSALS Approximate 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 Trellidor Cape Town Industrial 7 794 65.7 72.5 9.3 8 Nov 23 Total 1
Slide 90: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 89
Slide 91: Cost-to-Income Ratio: Commercial Portfolio
ANNEXURE – FINANCIALS COST-TO-INCOME RATIO (%): COMMERCIAL PORTFOLIO 50% 45.4 46.5 45% 43.9 40% 35% 30% 27.1 28.2 26.1 25% 20% 15% 10% 5% 0% GROSS NET MAR 23 SEP 23 MAR 24 EMIRA PROPERTY FUND YEAR-END RESULTS 2024 90
Slide 92: Cost-to-Income Ratio: Residential Portfolio
ANNEXURE – FINANCIALS COST-TO-INCOME RATIO (%): RESIDENTIAL PORTFOLIO 50% 44.6 43.5 45% 43.0 40% 37.4 37.8 36.9 35% 30% 25% 20% 15% 10% 5% 0% GROSS NET MAR 23 SEP 23 MAR 24 EMIRA PROPERTY FUND YEAR-END RESULTS 2024 91
Slide 93: Property Expense Analysis: Commercial Portfolio
ANNEXURE – FINANCIALS PROPERTY EXPENSE ANALYSIS (%): COMMERCIAL PORTFOLIO MUNICIPAL CHARGES 60 59 SECURITY EXPENSES 8 7 SERVICE CONTRACTS 6 6 CONSUMABLES 5 7 MAINTENANCE AND REFURBISHMENTS 7 5 PROPERTY MANAGEMENT FEE 5 5 RENT AND LEVIES PAID 3 2 ADMINISTRATION EXPENSES 2 3 LEASING EXPENSES 2 2 STAFF
Slide 94: Property Expense Analysis: Residential Portfolio
ANNEXURE – FINANCIALS PROPERTY EXPENSE ANALYSIS (%): RESIDENTIAL PORTFOLIO MUNICIPAL CHARGES 46 59 PROPERTY MANAGEMENT FEE 15 5 MAINTENANCE AND REFURBISHMENTS 12 5 RENT AND LEVIES PAID 9 2 BAD DEBTS 5 2 SECURITY EXPENSES 5 7 STAFF-RELATED EXPENSES 4 1 ADMINISTRATION EXPENSES 3 3 SERVICE CONTRACTS 1
Slide 95: Reconciliation of Cash Generated from Operations to Distributable Income
ANNEXURE – FINANCIALS RECONCILIATION OF CASH GENERATED FROM OPERATIONS TO DISTRIBUTABLE INCOME year ended R’000 31 Mar 2024 NET CASH FLOW FROM OPERATING ACTIVITIES (AS PER STATEMENT OF CASH FLOWS) (45 199) ITEMS IN CASH FLOW FROM OPERATING ACTIVITIES, BUT NOT RELATED TO DISTRIBUTABLE INCOME 432 814
Slide 96: Foreign Income: Weighted Average Hedged Rate
ANNEXURE – FINANCIALS FOREIGN INCOME: WEIGHTED AVERAGE HEDGED RATE PER REPORTING PERIO D Nominal Forward rate Period (USD’000) against ZAR Sep 24 4 123 17.94 Mar 25 3 901 18.57 Sep 25 3 891 18.80 Mar 26 3 284 19.77 Sep 26 3 184 20.47 Mar 27 2 700 21.39 Sep 27 2 200 21.99 Mar 28 1 400 22.88 Sep 28 80
Slide 97: Valuation Parameters: Commercial Portfolio
ANNEXURE – FINANCIALS VALUATION PARAMETERS: COMMERCIAL PORTFOLIO MAR 2023 MAR 2024 DIRECT PROPERTY PORTFOLIO RETAIL OFFICE IND TOTAL RETAIL OFFICE IND TOTAL Number of properties 17 20 34 71 17 20 32 69 GLA (m²) 292 623 161 029 309 127 762 778 292 889 161 013 295 785 749 687 Valuation (Rm)*^† 4 937 2
Slide 98: Valuation Parameters: Residential Portfolio
ANNEXURE – FINANCIALS VALUATION PARAMETERS: RESIDENTIAL PORTFOLIO DIRECT PROPERTY PORTFOLIO MAR 2023 MAR 2024 Number of properties 23 21 Number of units 4 315 3 775 Valuation (Rm) 2 438 2 248 Average value per property (R’m) 106 107 Valuation value per unit (R’000) 565 596 % of the portfolio valued
Slide 99: Debt Mix Analysis
ANNEXURE – FINANCIALS DEBT MIX ANALYSIS Currency ZAR USD Total Income-producing assets (Rm) 12 350 2 783 15 134 Total facilities (Rm) 7 407 7 407 Reclassified as foreign debt through CCIRS (Rm) (1 396) 1 396 — Adjusted total facilities (Rm) 6 011 1 396 7 407 Drawn facilities including accrued intere
Slide 100: Debt Funding Cost
ANNEXURE – FINANCIALS DEBT FUNDING COST (EMIRA) Mar 2023 Mar 2024 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 9.99 7.34 1.4 USD 2.45 2.45 1.7 3.21 3.21 1.4 TOTAL 8.27 5.77 1.6 8.72 6.30 1.4 EMIRA PR
Slide 101: Debt Covenants
ANNEXURE – FINANCIALS DEBT COVENANTS Amount drawn Transaction LTV, Corporate LTV Transaction LTV including derivatives covenant Transaction ICR Corporate ICR Value of (incl accrued security/ Amount Amount interest + Lender properties available Drawn derivatives) Prescribed Actual Prescribed Actual P
Slide 102: Debt Facilities by Source
ANNEXURE – FINANCIALS DEBT FACILITIES BY SOURCE (Rm) 2 500 2 000 1 500 1 000 500 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn EMIRA PROPERTY FUND YEAR-END RESULTS 2024 101
Slide 103: Loan to Value Calculation
ANNEXURE – FINANCIALS LOAN TO VALUE CALCULATION Rm NET INTEREST-BEARING DEBT 6 417 Non-current portion 4 321 Current portion 1 877 Add back: Unamortised debt raising fees 9 Add: Net derivative liabilities/(assets) 198 Add: ESA and BEE SPV's debt 192 Less: Cash on hand (181) INCOME-PRODUCING ASSETS 1
Slide 104: Loan to Value: Look Through
ANNEXURE – FINANCIALS LOAN TO VALUE: LOOK THROUGH Proportionally consolidate equity-accounted investments As reported US Adjusted Rm Rm Rm NET INTEREST-BEARING DEBT 6 417 3 739 10 156 Non-current portion 4 321 3 995 8 316 Current portion 1 877 1 877 Add back: Unamortised debt raising fees 9 9 Add: N
Slide 105: Interest Cover Ratio Calculation
ANNEXURE – FINANCIALS INTEREST COVER RATIO CALCULATION Measure 1 Measure 2 R'000 R'000 Profit before finance costs 1 089 600 1 089 600 ADJUSTMENTS EXCLUDE: Allowance for future rental escalations (8 175) (8 175) Amortisation of lease costs and tenant installations 27 092 27 092 Depreciation 882 882
Slide 106: Segmental Loan-to-Value and Interest Cover Ratios
ANNEXURE – FINANCIALS 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 (%) 42.4 57.7 Loan-to-value ratio covenant (%)* 50.0 n/a Interest cover ratio (
Slide 107: Cross-Currency Interest-Rate Swap Exposure
ANNEXURE – FINANCIALS CROSS-CURRENCY INTEREST-RATE SWAP EXPOSURE 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) (floating) to expiry USD'000 assets USD (US PRO
Slide 108: Emira Property Fund
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 107
Slide 109: US Portfolio Summary
ANNEXURE – US OFFSHORE US PORTFOLIO SUMMARY Properties Average value per SF Rent reversions Average annual base rental 12 USD179.29 +5.8% USD14.26/SF (12) (USD179.83) (+7.9%) (USD14.09/SF) Portfolio value Vacancies (By GLA) Lease expiry profile (GLA) Renewals concluded USD696.5m Total Year 1 (FY25)
Slide 110: US Thesis: Recap
ANNEXURE – US OFFSHORE 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 111: US Geographical Exposure
ANNEXURE – US OFFSHORE US GEOGRAPHICAL EXPOSURE Ohio Indiana Missouri Kentucky Oklahoma Georgia Dallas Texas KEY Florida States with owned assets Owned asset location Rainier HQ EMIRA PROPERTY FUND YEAR-END RESULTS 2024 110
Slide 112: Valuation Parameters: US Portfolio
ANNEXURE – US OFFSHORE VALUATION PARAMETERS: US PORTFOLIO Direct property portfolio Mar 2024 Mar 2023 Number of properties 12 12 GLA (SF) 3 884 818 3 884 802 Valuation (USDm) 696.5 698.6 Average value per property (USDm) 58.0 58.2 Valuation rate (USD/SF) 179.29 179.83 % of the portfolio valued exter
Slide 113: US Portfolio: Leasing
ANNEXURE – US OFFSHORE 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 41 344 919 14.65 15.23 4.4 3.9% New leases 5 51 518 13.18 15.76 9.2 19.6% TOTAL — REVERSIONS 46 396
Slide 114: US Portfolio: Lease Expiry Profile by GLA
ANNEXURE – US OFFSHORE US PORTFOLIO — LEASE EXPIRY PROFILE BY GLA (SF) (%) 70% 60% 58.8 52.1 50% 40% 30% 20% 15.7 12.4 13.1 12.5 11.6 10% 8.2 3.6 3.6 4.7 2.6 0.0 0.1 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (31/03/2024) (FY25) (FY26) (FY27) (FY28) (FY29+) MAR 23 MAR 24 EMI
Slide 115: US Portfolio: Lease Expiry Profile by Rental
ANNEXURE – US OFFSHORE US PORTFOLIO — LEASE EXPIRY PROFILE BY RENTAL (%) 70% 60.1 60% 53.1 50% 40% 30% 20% 18.2 11.9 12.8 11.3 11.3 9.0 10% 6.8 5.3 0.0 0.0 0.0 0.2 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (31/03/2024) (FY25) (FY26) (FY27) (FY28) (FY29+) MAR 23 MAR 24 EMIRA
Slide 116: US Tenant Exposure by Rental
ANNEXURE – US OFFSHORE US TENANT EXPOSURE BY RENTAL 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 3.3 AMC Theatres 3.3 Michaels 2.8 68 PetSmart 2.7 Hobby Lobby and Mardell 2.4 Best Buy 2.4 Top 10 tenants
Slide 117: US Tenant Exposure by GLA
ANNEXURE – US OFFSHORE US TENANT EXPOSURE BY GLA (SF) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 8.3 Kohl's 6.8 Burlington 4.8 43 Hobby Lobby and Mardell 4.2 Lowe's Companies Inc. 3.6 57 Academy Sports 3.5 Kroger 3.4 Bealls 2.9 PetSmart 2.6 Top 10 te
Slide 118: Major Lease Expiries by Rental: FY24
ANNEXURE – US OFFSHORE 10 MAJOR LEASE EXPIRIES BY RENTAL: FY24 Property Tenant Lease end GLA (SF) Status Woodlands Square Bealls Dec 23 84 146 Renewed – 5 years Newport Pavilion Dick’s Sporting Goods Jan 24 45 000 Renewed – 5 years Wheatland Towne Center Conn’s Appliances Dec 23 40 120 Renewed – 5 y
Slide 119: Major Lease Expiries by Rental: FY25
ANNEXURE – US OFFSHORE 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 Expected to renew Newport Pavilion TJ Maxx May 24 23 250 Renewed – 5
Slide 120: Forward-Looking Statements
ANNEXURE – US OFFSHORE 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 forwa