Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — H1 FY2023 Earnings Presentation
142 slides from Emira Property Fund's earnings presentation, February 2023
Slide 1: Interim Results 2023
Interim Results 2023 Emira Property Fund
Slide 2: Agenda
Emira Property Fund Agenda Overview Business unit approach Outlook Commercial Residential Enyuka US Corporate/Other Funding 1
Slide 3: Overview
Emira Property Fund Overview Geoff Jennett CEO 2
Slide 4: Overview: where are we, the future
Emira Property Fund Overview Overview Where are we The future Interim Results 2023 — Diversified portfolio — Economy challenges — Solid results — Power shortages — Stable balance sheet — Diversified/stable results — Incremental steps — Drive to create value 3
Slide 5: Key metrics
Emira Property Fund Overview Key metrics Overview Distributable Acquisitions Vacancies LTV income per share Transcend consolidate 4.8% 43.1% 72.45c Interim Results 2023 Disposals (40.5%) (62.99c) Enyuka sale +15.0% Tenant retention Dividend per share 79% Interim NAV (gross rental) 66.43c 1 695c Coll
Slide 6: Summary distribution statement
Emira Property Fund Financials Summary distribution statement R’000 Dec 21 Dec 22 Variance % Commercial Portfolio 375 524 408 543 8.8 Residential Portfolio 24 944 55 581 122.8 Interim Results 2023 Enyuka 42 597 42 808 0.5 US 72 025 105 381 46.3 Corporate/Other (29 591) (31 328) (11.0) Funding (189 7
Slide 7: Commercial Portfolio
Emira Property Fund Commercial Portfolio 6
Slide 8: Distribution statement
Emira Property Fund Financials Distribution statement Dec 21 Dec 22 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 375 524 408 543 8.8 Interim Results 2023 Residential Portfolio 24 944 55 581 122.8 Indirect Portfolio Enyuka 42 597 42 808 0.5 US 72 025 105 38
Slide 9: Key portfolio metrics: Commercial Portfolio
Emira Property Fund Portfolio Key portfolio metrics at 31 December 2022: Commercial Portfolio Properties Vacancies Main contributors 73 (73) 4.8% (5.3%) Newlands Terraces Contact Centre Infrastructure (CCI) Urban Retail 3.4% (2.8%) of 4 334m² Office 11.6% (15.0%) – SAPOA 16.1% Albury Park 3 leases ±
Slide 10: Key portfolio metrics: Commercial Portfolio (reversions, expiries, loadshedding)
Emira Property Fund Portfolio Key portfolio metrics at 31 December 2022: Commercial Portfolio Weighted average rent reversions Lease expiry profile by gross rental Loadshedding -9.4% (-15.2%) Rolled over 3.1% Year 1 (2H FY23) 11.0% — 2021 — 2022 1 153 hours (48 days) 1 637 hours (68 days) Urban Reta
Slide 11: Energy, water, reporting, biodiversity
Emira Property Fund Portfolio Key portfolio metrics at 31 December 2022: Commercial Portfolio Interim Results 2023 Energy Water efficiency Reporting Biodiversity — 9 PV farms saved — Ensuring sustainable — Carbon disclosure — Planted 670 spekbooms 5 029mWh (a total water supply remains project (CDP)
Slide 12: Balance sheet
Emira Property Fund Financials Balance sheet R’000 Jun 22 Dec 22 % Ch Direct Portfolio 9 834 12 221 24.3 Commercial Portfolio 9 627 9 746 1.2 Residential Portfolio 207 2 474 1 098.3 Indirect Portfolio Interim Results 2023 Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 544 5.0 Loans receivable 359
Slide 13: Valuation summary: Commercial portfolio
Emira Property Fund Financials Valuation summary: Commercial portfolio Jun 22 Dec 22 Valuation (Rm)^ 9 551 9 670 Number of properties 73 73 % of the portfolio valued externally 36% — Interim Results 2023 Valuation rate (R/m²) — Retail 16 393 16 544 — Office 18 382 18 439 — Industrial 5 600 5 756 Val
Slide 14: Commercial Portfolio acquisitions and disposals
Emira Property Fund Portfolio Commercial Portfolio Acquisitions Disposals Interim Results 2023 Randjespark Industrial land R9.6m (7 884m²) — Unconditional R115.8m (3x Industrial) — No progress on office disposals 13
Slide 15: Residential Portfolio
Emira Property Fund Residential Portfolio 14
Slide 16: Distribution statement
Emira Property Fund Financials Distribution statement Dec 21 Dec 22 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 375 524 408 543 8.8 Interim Results 2023 Residential Portfolio 24 944 55 581 122.8 Indirect Portfolio Enyuka 42 597 42 808 0.5 US 72 025 105 38
Slide 17: Key portfolio metrics: Residential Portfolio
Emira Property Fund Portfolio Key portfolio metrics at 31 December 2022: Residential Portfolio Properties Number of units Average rent per unit 24 (1) 4 361 (282) R6 934 (R7 418) Interim Results 2023 Value Vacancies Average value per unit R2.5bn (R206.5m) 3.3% (1.1%) R567 398 (R732 270) Rode 6.8% 16
Slide 18: Balance sheet
Emira Property Fund Financials Balance sheet R’000 Jun 22 Dec 22 % Ch Direct Portfolio 9 834 12 221 24.3 Commercial Portfolio 9 627 9 746 1.2 Residential Portfolio 207 2 474 1 098.3 Indirect Portfolio Interim Results 2023 Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 544 5.0 Loans receivable 359
Slide 19: Residential Portfolio: Transcend and The Bolton
Emira Property Fund Portfolio Residential Portfolio Transcend The Bolton Interim Results 2023 — New board in place — Converted office to residential — 68.15% ownership — Sectional title unit sales commencing — Sectional title units sales increasing — 111/282 committed sales — LTV 36.3% — Premium to
Slide 20: Enyuka
Enyuka 19 Emira Property Fund
Slide 21: Distribution statement
Emira Property Fund Financials Distribution statement Dec 21 Dec 22 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 375 524 408 543 8.8 Residential Portfolio 24 944 55 581 122.8 Interim Results 2023 Indirect Portfolio Enyuka 42 597 42 808 0.5 US 72 025 105 38
Slide 22: Key portfolio metrics: Enyuka
Emira Property Fund Portfolio Key portfolio metrics at 31 December 2022: Enyuka Properties Vacancies Weighted average rent reversions 24 (24) 3.0% (2.8%) 1.9% (-3.3%) Interim Results 2023 Weighted average escalations 6.5% (6.5%) Value Tenant retention R1.7bn (R1.7bn) 83% by gross rental (84%) 86% by
Slide 23: Balance sheet
Emira Property Fund Financials Balance sheet R’000 Jun 22 Dec 22 % Ch Direct Portfolio 9 834 12 221 24.3 Commercial Portfolio 9 627 9 746 1.2 Residential Portfolio 207 2 474 1 098.3 Indirect Portfolio Interim Results 2023 Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 544 5.0 Loans receivable 359
Slide 24: Enyuka planned disposal
Emira Property Fund Portfolio Enyuka Planned disposal Interim Results 2023 — R638.6m equity/shareholder loan value — Still underway, taking longer 23
Slide 25: US
US 24 Emira Property Fund
Slide 26: Distribution statement
Emira Property Fund Financials Distribution statement Dec 21 Dec 22 Dividend Dividend Variance R’000 payable payable % Direct Portfolio Commercial Portfolio 375 524 408 543 8.8 Residential Portfolio 24 944 55 581 122.8 Interim Results 2023 Indirect Portfolio Enyuka 42 597 42 808 0.5 US 72 025 105 38
Slide 27: Key portfolio metrics: US
Emira Property Fund Portfolio Key portfolio metrics at 31 December 2022: US Properties Vacancies Lease expiry profile (rental) 12 (12) 2.5% (4.5%) Rolled over 0.1% Year 1 (2H FY23) 0.4% Year 2 (FY24) 14.6% Year 3 (FY25) 7.8% Year 4 (FY26) 13.0% Interim Results 2023 Year 5+ (FY27+) 64.1% Value Tenant
Slide 28: Balance sheet
Emira Property Fund Financials Balance sheet R’000 Jun 22 Dec 22 % Ch Direct Portfolio 9 834 12 221 24.3 Commercial Portfolio 9 627 9 746 1.2 Residential Portfolio 207 2 474 1 098.3 Indirect Portfolio Interim Results 2023 Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 544 5.0 Loans receivable 359
Slide 29: US Portfolio
Emira Property Fund Portfolio US Portfolio — Rainier/Emira co-operation — Disposals, non-imminent Interim Results 2023 — Acquisitions, longer term pipeline — Trajectory to remain 28
Slide 30: Corporate
Corporate 29 Emira Property Fund
Slide 31: Distribution statement
Emira Property Fund Financials Distribution statement Dec 21 Dec 22 Dividend Dividend Variance R’000 payable payable % Direct portfolio Commercial Portfolio 375 524 408 543 8.8 Residential Portfolio 24 944 55 581 122.8 Interim Results 2023 Indirect Portfolio Enyuka 42 597 42 808 0.5 US 72 025 105 38
Slide 32: Funding
Funding 31 Emira Property Fund
Slide 33: Distribution statement
Emira Property Fund Financials Distribution statement Dec 21 Dec 22 Dividend Dividend Variance R’000 payable payable % Direct portfolio Commercial Portfolio 375 524 408 543 8.8 Residential Portfolio 24 944 55 581 122.8 Interim Results 2023 Indirect Portfolio Enyuka 42 597 42 808 0.5 US 72 025 105 38
Slide 34: Balance sheet
Emira Property Fund Financials Balance sheet R’000 Jun 22 Dec 22 % Ch Direct Portfolio 9 834 12 221 24.3 Commercial Portfolio 9 627 9 746 1.2 Residential Portfolio 207 2 474 1 098.3 Indirect Portfolio Interim Results 2023 Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 544 5.0 Loans receivable 359
Slide 35: Emira loan-to-value bridge
Emira Property Fund Financials Emira loan-to-value bridge 3.2 46 78 (0.2) (0.4) (0.1) Interim Results 2023 44 68 66 2.4 62 (2.3) 42 43.1 40.5 40 Jun 22 Dividend Transcend Property US Investment Derivatives Net debt movement Dec 22 payment acquisition revaluation (operating income less capex) 2.6% in
Slide 36: Debt expiry profile
Emira Property Fund Financials Debt expiry profile (Rm) 1 400 1 200 1 000 Interim Results 2023 800 600 400 200 0 Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Jun 23 Dec 23 Jun 24 Dec 24
Slide 37: Interest rate hedging profile
Emira Property Fund Financials Interest rate hedging profile (Rm) 1 000 900 800 700 Interim Results 2023 600 500 400 300 200 100 0- Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Dec 26 Emira Transcend Emira Transcend 69.1% hedged debt 94.3% hedged debt 1.8 years weighted average duration to expir
Slide 38: Other
Other 37 Emira Property Fund
Slide 39: Balance sheet
Emira Property Fund Financials Balance sheet R’000 Jun 22 Dec 22 % Ch Direct Portfolio 9 834 12 221 24.3 Commercial Portfolio 9 627 9 746 1.2 Residential Portfolio 207 2 474 1 098.3 Indirect Portfolio Enyuka 639 639 — Interim Results 2023 Transcend 585 — (100) US 2 424 2 544 5.0 Loans receivable 359
Slide 40: Dividend per share bridge
Emira Property Fund Financials Dividend per share (cents) 5.8 0.1 6.4 (0.7) (1.2) (4.1) 0.7 2.9 0.1 6.4 66.43 0.7 4.8 (1.2) 2.9 1.1 (0.7) 56.59 (2.8) (1.2) (0.1) Interim Results 2023 (0.4) Admin costs Taxation Enyuka Inani add back USD interest US investments Sold properties Net ZAR finance costs De
Slide 41: Net asset value per share
Emira Property Fund Financials Net asset value per share (cents) 1 750 78 19 4 6 3 1 695 1 700 31 (10) Interim Results 2023 68 1 650 11 1 629 2 1 600 62 1 628 1 550 1 567 1 500 Jun 22 Treasury shares Investment Transcend US investments Revaluation of Expected credit loss Other/IFRS Change in dividen
Slide 42: Major shareholder influence
Emira Property Fund Interim Results 2023 Major shareholder influence Drive shareholder value and returns 41
Slide 43: Outlook
Outlook 42 Emira Property Fund
Slide 44: Outlook
Emira Property Fund outlook Outlook Interim Results 2023 Recap Can expect In closing — Economy challenges — Continue to perform — Well placed to navigate uncertainties going — Robust results (and pay cash backed dividends) forward — Diversified fund — Driving shareholder value — Remain on our long-t
Slide 45: Annexures: Operations
Emira Property Fund Annexures Operations 44
Slide 46: Operations: total portfolio
Emira Property Fund Annexure – operations: total portfolio Number of properties 120 104 97 100 79 78 77 74 80 Interim Results 2023 60 40 20 0 DEC 18 DEC 19 DEC 20 DEC 21 JUN 22 DEC 22 NUMBER OF PROPERTIES PER SECTOR — June 22 vs December 22 40 36 36 30 24 20 20 20 17 17 10 1 0 OFFICE URBAN RETAIL IN
Slide 47: Sectorial spread by GLA and value
Emira Property Fund Annexure – operations: Commercial Portfolio Sectorial spread of properties by GLA and value (%) GLA split per sector (%) JUN 2022 GLA split per sector (%) DEC 2022 Value split per sector (%) JUN 2022 Value split per sector (%) DEC 2022 775 496m² 776 282m² R9.6bn R9.7bn Interim Re
Slide 48: Geographical spread of buildings by number
Emira Property Fund Annexure – operations: Commercial Portfolio Geographical spread of buildings by number 40 35 32 32 Interim Results 2023 30 25 20 17 17 15 12 12 10 10 10 5 1 1 1 1 0 JOHANNESBURG PRETORIA WESTERN CAPE KWAZULU-NATAL BLOEMFONTEIN MPUMALANGA JUN 22 DEC 22 47
Slide 49: Geographical spread by value and GLA
Emira Property Fund Annexure – operations: Commercial Portfolio Geographical spread of properties by value and GLA (%) Geographical spread by GLA (%) Geographical spread by GLA (%) Geographical spread by value (%) Geographical spread by value (%) JUN 2022 DEC 2022 JUN 2022 DEC 2022 Interim Results 2
Slide 50: Average value of properties per m² and property
Emira Property Fund Annexure – operations: Commercial Portfolio Average value of properties per m² and property AVERAGE VALUE PER m² R/m2 20 000 0.3% 0.9% 15 000 18 382 18 439 1.1% Interim Results 2023 16 393 16 544 10 000 12 316 12 457 2.8% 5 000 5 600 5 756 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL J
Slide 51: Office sector exposure quality improvement
Emira Property Fund 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 (%) 2011 2022 Interim Results 2023 P-Grade 0 P-Gra
Slide 52: Residential: geographical spread of buildings
Emira Property Fund Annexure – operations: Residential Portfolio Geographical spread of buildings by number 20 18 17 Interim Results 2023 16 14 12 10 8 6 5 4 2 2 1 0 0 0 JOHANNESBURG PRETORIA WESTERN CAPE JUN 22 DEC 22 51
Slide 53: Residential: spread by value and unit
Emira Property Fund 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 (%) Jun 2022 – 282 units Dec 2022 – 4 361 units Jun 2
Slide 54: Average value of properties per unit
Emira Property Fund Annexure – operations: Residential Portfolio Average value of properties per unit Rand 800 000 732 270 Interim Results 2023 700 000 600 000 567 398 500 000 400 000 300 000 200 000 100 000 0 RESIDENTIAL JUN 22 DEC 22 53
Slide 55: Vacancy profile per sector by GLA
Emira Property Fund Annexure – operations: total portfolio Vacancy profile per sector by GLA (%) 20% 18.2 18% Interim Results 2023 16% 14.9 15.0 14% 11.6 12% 10% 7.8 8% 6.1 6.4 5.9 6% 5.3 4.6 4.8 3.6 3.9 4% 3.4 3.4 3.0 3.3 2.8 2.7 2.6 2.7 2.6 2.5 2.4 2% 1.1 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL RE
Slide 56: Vacancy profile per sector and grade
Emira Property Fund Annexure – operations: Commercial Portfolio Vacancy profile per sector and grade by GLA (%) 35% 30% 28.8 Interim Results 2023 25.3 25.5 25% 21.1 21.5 20% 16.7 15.8 15% 12.1 11.4 10.9 10.5 10.7 10.4 10% 5.8 5.9 6.1 5.3 4.8 5% 3.4 3.6 2.8 3.4 3.9 2.4 2.7 2.6 2.7 2.6 3.0 1.5 0% OFFI
Slide 57: Vacancy loss by gross rental
Emira Property Fund Annexure – operations: Commercial Portfolio Vacancy loss by gross rental (%) 16% 13.9 14% 12.8 Interim Results 2023 12.3 12% 9.9 10% 8% 6.1 6.1 6% 5.6 4.7 4% 3.7 3.6 3.3 3.2 2.9 2.8 2.8 2.8 2.3 2.5 2.2 2.2 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 DEC 21 JUN 22 DEC
Slide 58: Vacancy loss per sector and grade
Emira Property Fund Annexure – operations: Commercial Portfolio Vacancy loss per sector and grade by gross rental (%) 30% 27.0 25.8 25% Interim Results 2023 22.2 20.6 20% 15% 13.0 12.1 11.4 10.1 10% 9.1 6.1 6.1 5.6 4.7 5% 3.6 3.2 3.3 3.2 2.9 2.8 2.8 2.8 2.2 2.3 2.5 2.2 0% PRIME + OFFICE A OFFICE B U
Slide 59: Tenant retention
Emira Property Fund Annexure – operations: Commercial Portfolio Tenant retention (%) 100% Hundreds 88 86 83 83 84 82 81 79 80 79 79 Interim Results 2023 80% 77 77 76 72 60% 40% GROSS RENTALS m² NO. OF LEASES DEC 19 DEC 20 DEC 21 JUN 22 DEC 22 FY23: Expiries of 99 643m2 equals 256 leases or R12.9m gr
Slide 60: Tenant retention per sector
Emira Property Fund Annexure – operations: Commercial Portfolio Tenant retention per sector by gross rental (%) 100% 91 92 89 89 88 86 Interim Results 2023 85 82 83 82 83 81 81 81 80% 78 79 70 67 62 63 60% 40% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 DEC 21 JUN 22 DEC 22 59
Slide 61: Major lease renewals FY23
Emira Property Fund Annexure – operations: Commercial Portfolio 10 major lease renewals by gross rental: FY23 Property Sector Tenant Lease end GLA (m2) Status Technohub Industrial Kawari Wholesalers Aug 22 6 580 Renewed – 10 months 14-16 Boston Circle Industrial Bidvest Data Jun 22 7 533 Renewed – 5
Slide 62: Major lease expiries by gross rental FY23
Emira Property Fund Annexure – operations: Commercial Portfolio 10 major lease expiries by gross rental: FY23 Property Sector Tenant Lease end GLA (m2) Status 9 Long Office Dept of Public Works Jun 23 4 444 Busy with negotiations – 2 years 20 Anvil Road Industrial The Beverage Company Sep 22 12 250
Slide 63: Major lease expiries by GLA FY23
Emira Property Fund Annexure – operations: Commercial Portfolio 10 major lease expiries by GLA: FY23 Property Sector Tenant Lease end GLA (m2) Status 20 Anvil Road Industrial The Beverage Company Sep 22 12 250 Renewed – 3 years Mitek Industrial Mitek Industries Jan 23 6 604 Renewed – 5 years Interim
Slide 64: Major lease expiries by gross rental FY24
Emira Property Fund Annexure – operations: Commercial Portfolio 10 major lease expiries by gross rental: FY24 Property Sector Tenant Lease end GLA (m2) Status Wonderpark Urban Retail Edgars Apr 24 3 998 Busy with negotiations – 5 years Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Expecte
Slide 65: Major lease expiries by GLA FY24
Emira Property Fund 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 Expected to renew – 3/5 years Quagga Urban Retail Shoprite Checkers Nov 23 5 715 Busy with ne
Slide 66: Weighted reversions total by gross rentals
Emira Property Fund Annexure – operations: Commercial Portfolio Weighted reversions total by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 17 056 172.12 143.02 -16.9% Interim Results 2023 Urban retail 18 863 194.66 180.09 -7.5% Industrial 59 0
Slide 67: Weighted reversions renewals
Emira Property Fund Annexure – operations: Commercial Portfolio Weighted reversions renewals by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 13 332 163.50 142.35 -12.9% Interim Results 2023 Urban retail 16 218 193.78 179.49 -7.4% Industrial 4
Slide 68: Weighted reversions new leases
Emira Property Fund Annexure – operations: Commercial Portfolio Weighted reversions new leases by gross rentals Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 3 725 202.97 145.42 -28.4% Interim Results 2023 Urban retail 2 466 200.43 184.02 -8.2% Industrial 9
Slide 69: Weighted average lease escalations
Emira Property Fund Annexure – operations: Commercial Portfolio Weighted average lease escalations (%)* 9% 8% 7.8 Interim Results 2023 7.5 7.4 7.5 7.3 7.2 7.1 7.1 7.0 7% 6.8 6.9 6.9 6.8 6.7 6.6 6.7 6.6 6.4 6.3 6.3 6% 5% 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 DEC 21 JUN 22 DEC 22 68
Slide 70: Weighted average lease expiry (WALE)
Emira Property Fund Annexure – operations: Commercial Portfolio Weighted average lease expiry (WALE) (years) 4.5 4.0 3.9 3.8 3.6 3.5 3.5 Interim Results 2023 3.5 3.3 3.0 3.0 2.8 2.7 2.7 2.7 2.7 2.7 2.6 2.6 2.6 2.5 2.5 2.3 2.3 2.2 2.1 2.0 2.0 2.0 1.9 1.5 1.0 0.5 0.0 OFFICE URBAN RETAIL INDUSTRIAL TOT
Slide 71: Lease expiry profile by gross rental
Emira Property Fund Annexure – operations: Commercial Portfolio Lease expiry profile by gross rental (%) 60% 55% 50% Interim Results 2023 45.8 45.9 44.2 45% 40% 37.6 35% 30% 26.0 25.7 25% 22.9 22.2 20.6 21.4 20% 18.1 18.4 15% 11.6 11.0 9.5 10% 8.1 5% 3.4 3.1 2.0 2.0 0.1 0.1 0.0 0.4 0% VACATED EXPIRI
Slide 72: Lease expiry profile: offices
Emira Property Fund Annexure – operations: Commercial Portfolio Lease expiry profile — offices by gross rental (%) 60% 55% 51.2 50% Interim Results 2023 45% 41.0 39.7 40% 36.8 35% 30.8 30% 27.1 25% 23.8 23.9 21.2 20.4 20% 16.5 14.2 14.4 15% 10.7 10.2 9.5 10% 4.6 5% 0.2 1.1 0.3 1.0 1.4 0.0 0.0 0% VAC
Slide 73: Lease expiry profile: urban retail
Emira Property Fund Annexure – operations: Commercial Portfolio Lease expiry profile — urban retail by gross rental (%) 60% 55% 53.3 53.7 50% Interim Results 2023 44.5 45% 40.8 40% 35% 29.4 30% 28.1 25% 21.7 20% 16.7 17.7 16.7 17.4 15.1 15% 10.1 10% 7.1 7.8 6.1 3.8 4.4 5% 2.7 2.6 0.0 0.1 0.0 0.2 0%
Slide 74: Lease expiry profile: industrial
Emira Property Fund Annexure – operations: Commercial Portfolio Lease expiry profile — industrial by gross rental (%) 45% 40.5 40% 35.8 Interim Results 2023 35% 33.3 29.4 28.9 30% 26.9 27.5 25.9 26.6 25% 21.0 21.0 20.0 20% 16.8 14.6 14.3 15% 10% 9.1 5% 3.8 2.0 2.4 0.0 0.2 0.0 0.0 0.0 0% VACATED EXPI
Slide 75: Properties excluded from like-for-like
Emira Property Fund Annexure – operations: Commercial Portfolio Properties excluded from like-for-like (6 months) The following are excluded from FY23 numbers: Purchases Land Disposals Interim Results 2023 — Northpoint Industrial Park (20 Jan 2022) — 1 West, Quagga, Knightsbridge — None — Randjespar
Slide 76: Leases concluded since 1 July 2022
Emira Property Fund Annexure – operations: Commercial Portfolio Leases concluded: Lease commencement 1 July 2022+ New Renewal Total Number of leases 43 158 201 Offices 12 42 54 Urban Retail 13 76 89 Interim Results 2023 Industrial 18 40 58 Total m² 15 644 79 102 94 745 Offices 3 725 13 332 17 056 Ur
Slide 77: Emira net rentals
Emira Property Fund 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 57 828 159.58 Interim Results 2023 Office: A-Grade 14 66 094 154.6
Slide 78: Tenant grading by GLA
Emira Property Fund Annexure – operations: Commercial Portfolio Tenant grading — by GLA (%) Total portfolio (%) Per sector (%) 80% 76 Hundreds 70% 23 60% 52 53 Interim Results 2023 50% 40% 32 15 30% 25 62 23 20% 13 14 11 10% A Grade (62% Jun 22) 0% B Grade (16% Jun 22) OFFICE URBAN RETAIL INDUSTRIAL
Slide 79: Tenant grading by gross rental
Emira Property Fund Annexure – operations: Commercial Portfolio Tenant grading — by gross rental (%) Total portfolio (%) Per sector (%) 80% Hundreds 73 70% 19 60% 59 55 Interim Results 2023 50% 40% 16 30 30% 65 22 19 20% 15 13 14 10% A Grade (65% Jun 22) 0% B Grade (16% Jun 22) OFFICE URBAN RETAIL I
Slide 80: Tenant exposure by GLA
Emira Property Fund Annexure – operations: Commercial Portfolio Tenant exposure by GLA (%) Top 10 tenants of the total portfolio (%) Tenant exposure – top 10 tenants (%) RTT GROUP 8.1 Interim Results 2023 PICK N PAY 6.0 MASSMART 3.6 30 PEPKOR 2.5 SHOPRITE CHECKERS 2.4 WOOLWORTHS 1.8 70 THE BEVERAGE
Slide 81: Tenant exposure by gross rental
Emira Property Fund Annexure – operations: Commercial Portfolio Tenant exposure by gross rental (%) Top 10 tenants of the total portfolio (%) Tenant exposure – top 10 tenants (%) PICK N PAY 4.8 Interim Results 2023 RTT GROUP 4.3 29 MASSMART 4.0 PEPKOR 3.3 KING PRICE INSURANCE 2.8 SHOPRITE CHECKERS 2
Slide 82: Potential new major capex projects
Emira Property Fund 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 Interim Results 2023 Ben Fleur Shopping Centre
Slide 83: Top properties by value
Emira Property Fund Annexure – operations: Commercial Portfolio 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
Slide 84: Environmental reporting
Emira Property Fund Annexure – operations: Commercial Portfolio Environmental — reporting Interim Results 2023 EMIRA’S APPROACH TO REPORTING CARBON DISCLOSURE PROJECT SCIENCE BASED TARGETS — Emira continues its alignment to the relevant — Emira participates annually in CDP public disclosure — Emira
Slide 85: Environmental energy
Emira Property Fund Annexure – operations: Commercial Portfolio Environmental — energy Emira’s total energy consumption breakdown (%) – reporting on 6-months for each financial period 120 97.8 98.2 92.5 100 90.4 78.0 80 Interim Results 2023 60 40 20 7.9 8.1 13.9 1.8 1.4 6.5 1.0 1.7 0.4 0.4 0 Grid el
Slide 86: Environmental water, waste and biodiversity
Emira Property Fund Annexure – operations: Commercial Portfolio Environmental — water, waste and biodiversity Interim Results 2023 Water Waste BIODIVERSITY — Water scarcity is a physical climate risk which affects — Emira’s continued commitment to the UN SDGs, focusing — Maintaining healthy ecosyste
Slide 87: Enyuka
Emira Property Fund Annexure – operations: Commercial Portfolio Enyuka Dec 21 Jun 22 Dec 22 Number of properties 24 24 24 GLA of properties 157 070m² 157 070m² 157 179m² Property portfolio value R1.67bn R1.72bn R1.73bn Interim Results 2023 Average value per m² R10 622 R10 951 R11 023 Average value p
Slide 88: Allocation of total assets
Emira Property Fund Annexure – operations: Commercial Portfolio Allocation (%) — total assets Jun 22 Dec 22 US 18.1 18.1% 16.6 16.6% Interim Results 2023 OFFICE 21.9 19.3 URBAN RETAIL 35.7 31.5 INDUSTRIAL 13.5 77.1% 12.0 79.2% RESIDENTIAL 5.9 16.2 LAND 0.1 0.2 RURAL RETAIL (ENYUKA) 4.8 4.8% 4.2 4.2%
Slide 89: Annexures: Financials
Emira Property Fund Annexures Financials 88
Slide 90: Like-for-like growth: Commercial portfolio
Emira Property Fund Annexure – financials Period-on-period like-for-like growth: Commercial portfolio 13% 9.5% 8% 4.6% Interim Results 2023 3% -2% (4.7%) (4.0%) -7% (6.6%) (9.0%) -12% REVENUE (RENTAL INCOME) PROPERTY EXPENSES NET OF RECOVERIES NET PROPERTY INCOME DEC 21 DEC 22 Revenue Property expen
Slide 91: Like-for-like growth: Residential portfolio
Emira Property Fund Annexure – financials Period-on-period like-for-like growth: Residential portfolio 13% 11% 10.1% 10.4% 9% Interim Results 2023 7% 5.4% 5.6% 5% 2.9% 3% 2.2% 1% -1% -3% REVENUE (RENTAL INCOME) PROPERTY EXPENSES NET OF RECOVERIES NET PROPERTY INCOME DEC 21 DEC 22 Revenue Property ex
Slide 92: Cost-to-income ratio
Emira Property Fund Annexure – financials Cost-to-income ratio (%) 50% 48.3 44.9 46.0 45% Interim Results 2023 40% 35% 31.4 30% 28.3 28.6 25% 20% 15% 10% 5% 0% GROSS NET DEC 20 DEC 21 DEC 22 91
Slide 93: Property expense analysis
Emira Property Fund Annexure – financials Property expense analysis (%) MUNICIPAL CHARGES 62 57 SECURITY EXPENSES 7 7 Interim Results 2023 MAINTENANCE 6 4 SERVICE CONTRACTS 6 6 PROPERTY MANAGEMENT FEE 5 5 LEASING EXPENSES 4 4 RENT AND LEVIES PAID 2 3 ADMINISTRATION EXPENSES 3 2 CONSUMABLES 1 7 BAD D
Slide 94: Reconciliation of cash generated from operations to distributable income
Emira Property Fund Annexure – financials Reconciliation of cash generated from operations to distributable income Six months ended R’000 31 Dec 2022 Net cash flow from operating activities (as per statement of cash flows) (154 181) Items in cash flow from operating activities, but not related to di
Slide 95: Foreign income: weighted average hedged rate
Emira Property Fund Annexure – financials Foreign income: Weighted average hedged rate per reporting period Nominal Forward rate Period (USD’000) against ZAR Jun 23 4 456 R16.73 Interim Results 2023 Dec 23 4 611 R17.58 Jun 24 3 967 R17.52 Dec 24 3 947 R18.29 Jun 25 3 591 R18.48 Dec 25 2 763 R19.12 J
Slide 96: Valuation parameters: Commercial portfolio
Emira Property Fund Annexure – financials Valuation parameters: Commercial portfolio JUN 2022 DEC 2022 Direct property portfolio RETAIL OFFICE IND TOTAL RETAIL OFFICE IND TOTAL Number of properties 17 20 36 73 17 20 36 73 GLA (m²) 292 527 160 421 322 547 775 495 292 838 161 029 322 415 776 282 Inter
Slide 97: Valuation parameters: Residential portfolio
Emira Property Fund Annexure – financials Valuation parameters: Residential portfolio Direct property portfolio JUN 2022 DEC 2022 Number of properties 1 24 Number of units 282 4 361 GLA (m²) 11 815 222 131 Interim Results 2023 Valuation (Rm) 207 2 474 Average value per unit (R’000) 732 567 Valuation
Slide 98: Debt mix analysis
Emira Property Fund Annexure – financials Debt mix analysis Currency ZAR USD Total Income producing assets (Rm) 13 113 2 544 15 658 Total facilities (Rm) 6 601 6 601 Interim Results 2023 Reclassified as foreign debt through CCIRS (Rm) (1 242) 1 242 — Adjusted total facilities (Rm) 5 359 1 242 6 601
Slide 99: Debt funding cost
Emira Property Fund Annexure – financials Debt funding cost (Emira) Jun 2022 Dec 2022 Average Average Fixed Average Average Fixed all-in rate fixed rate duration all-in rate fixed rate duration Interim Results 2023 % % years % % years ZAR 8.55 6.69 1.8 9.23 6.69 1.7 USD 2.44 2.44 2.4 2.44 2.44 1.9 T
Slide 100: Debt covenants: Emira
Emira Property Fund Annexure – financials Debt covenants: Emira Amount drawn Transaction LTV, Corporate LTV Value of (incl accrued Transaction LTV including derivatives covenant Transaction ICR Corporate ICR security/ Amount Amount interest + Lender properties available Drawn derivatives) Prescribed
Slide 101: Debt facilities by source
Emira Property Fund Annexure – financials Debt facilities by source: Emira (Rm) 2 200 2 000 Interim Results 2023 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0- Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn 100
Slide 102: Loan to value calculation: Emira Group
Emira Property Fund Annexure – financials Loan to value calculation: Emira Group Rm Net interest-bearing debt 6 750 Non-current portion Interim Results 2023 4 800 Current portion 1 870 Add back: Unamortised debt raising fees 6 Add: Net derivative liabilities/(assets) 122 Add: ESA and BEE SPV's debt
Slide 103: Loan to value: look through
Emira Property Fund Annexure – financials Loan to value: look through Proportionally consolidate equity accounted investments As reported Enyuka US Adjusted Rm Rm Rm Rm Net interest-bearing debt 6 750 446 2 807 10 003 Interim Results 2023 Non-current portion 4 800 461 3 109 8 370 Current portion 1 8
Slide 104: Interest cover ratio calculation
Emira Property Fund Annexure – financials Interest cover ratio calculation: Emira Group Measure 1 Measure 2 * R'000 R'000 Profit before finance costs 776 979 776 979 Adjustments Exclude: Allowance for future rental escalations 3 330 3 330 Amortisation of lease costs and tenant installations 13 873 1
Slide 105: Segmental loan-to-value and interest cover ratios
Emira Property Fund Annexure – financials Segmental loan-to-value and interest cover ratios Indirect investments (equity accounted) Emira Group Transcend US Enyuka Interim Results 2023 Accounting treatment n/a Subsidiary Equity accounted Equity accounted Equity held (%) n/a 68.2 46.7 – 49.6 49.9 Loa
Slide 106: Cross-currency interest-rate swap exposure
Emira Property Fund Annexure – financials Cross-currency interest-rate swap exposure Weighted Weighted average average Weighted initial interest Interest average Foreign CCIRS vs Interim Results 2023 Nominal Nominal exchange rate USD rate ZAR duration assets Foreign USD'000 R'000 rate (fixed) (float
Slide 107: DMTN: Programme terms
Emira Property Fund Annexure – financials DMTN: Programme terms Issuer Emira Property Fund Limited Short-term unsecured A1 (ZA) (stable outlook — Nov 2022) Interim Results 2023 National scale ratings Long-term unsecured A (ZA) (stable outlook — Nov 2022) (Global Credit Rating Co, “GCR”) Long-term se
Slide 108: DMTN: Treasury guidelines
Emira Property Fund Annexure – financials DMTN: Treasury guidelines Topic Guidelines Achieved Staggered maturity dates with ideally no more than 1/3 of total interest-bearing debt maturing Maturities within any one financial year and a minimum of 1.5 years weighted average duration to expiry Interim
Slide 109: DMTN: Security arrangements
Emira Property Fund Annexure – financials DMTN: Security arrangements Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement Interim Results 2023 ISSUER DEBT GUARANTOR TRUSTEE Acting on behalf of Group 1 Noteholders Emira Property Fund Freestone Mortgage (
Slide 110: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio Current position R’000 Interim Results 2023 Value of secured portfolio 1 326 070 Notes in issue Existing – EPF023 130 000 – EPF017 200 000 – EPF018 100 000 – EPF021 70 000 500 000 LTV — actual (%) 37.9 LTV — covenant (%) 40.0
Slide 111: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio Offices Industrial — Albury Park — 1 Medical Road (previously Johnson & Johnson) — Hamilton House — 14-16 Boston Circle Interim Results 2023 — Lone Creek — Denver Warehouse — Greenfields Urban retail — HBP Industrial Units —
Slide 112: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio NUMBER OF PROPERTIES PER SECTOR – JUN 22 VS DEC 22 18 17 17 16 Interim Results 2023 14 12 11 11 10 8 6 4 3 3 3 3 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 22 DEC 22 111
Slide 113: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio GLA split per sector (%) GLA split per sector (%) Value split per sector (%) Value split per sector (%) Jun 2022 Dec 2022 Jun 2022 R1.3bn Dec 2022 R1.3bn Interim Results 2023 Urban retail 24 Urban retail 24 Urban retail 39 Ur
Slide 114: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio Geographical spread by GLA (%) Geographical spread by GLA (%) Geographical spread by value (%) Geographical spread by value (%) Jun 2022 Dec 2022 Jun 2022 Dec 2022 Interim Results 2023 Johannesburg 45 Johannesburg 45 Johannes
Slide 115: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio AVERAGE VALUE PER m² R/m² 15 000 12 660 11 944 12 182 12 621 Interim Results 2023 10 000 7 845 7 967 5 435 5 570 5 000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 22 DEC 22 AVERAGE VALUE PER PROPERTY (Rm) 200 +7% 170 171 150 1
Slide 116: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio VACANCY PROFILE BY GLA (%) 25% 20.8 20% Interim Results 2023 15% 10% 6.8 4.3 3.9 3.2 4.9 3.7 5% 2.6 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 22 DEC 22 ESCALATIONS (%) 10% 8.1 8.0 8% 7.4 7.1 7.3 7.2 6.5 6.5 6% 4% 2% 0% OFFI
Slide 117: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio LEASE EXPIRY PROFILE BY GROSS RENTAL (%) 45% 42.0 Interim Results 2023 40% 35.8 35% 30.8 30% 25% 20.7 20% 17.3 15.2 16.1 14.2 15% 10% 5% 2.4 3.4 2.1 0.0 0% Vacated Expiries rolled over Year 1 (2H FY23) Year 2 (FY24) Year 3 (F
Slide 118: Major lease expiries by gross rental FY23
Emira Property Fund Annexure – financials 5 Major lease expiries by gross rental: FY23 Property Sector Tenant Lease end GLA (m²) Status 20 Anvil Road Industrial The Beverage Company Sept 22 12 250 Renewed – 3 years Tenant vacated, replaced with ABB South Interim Results 2023 Northpoint Industrial Pa
Slide 119: Major lease expiries by gross rental FY24
Emira Property Fund Annexure – financials 5 Major lease expiries by gross rental: FY24 Property Sector Tenant Lease end GLA (m²) Status Springfield Retail Centre Urban Retail Food Lovers Market Jun 24 2 752 Busy with negotiations – 5 years Interim Results 2023 Northpoint Industrial Park Industrial S
Slide 120: DMTN: Top tenants per property
Emira Property Fund Annexure – financials DMTN: Secured property portfolio (Top tenants per property by gross rental) 1 Medical Road iMvula Healthcare Logistics 14-16 Boston Circle Bidvest Data 20 Anvil Road The Beverage Company Interim Results 2023 Albury Park Network Space, Bouwers Inc, Idea Hive,
Slide 121: Annexures: US offshore
Emira Property Fund Annexures US offshore 120
Slide 122: US portfolio summary
Emira Property Fund Investments US portfolio summary Properties Vacancies (by GLA) Lease expiry profile (GLA) 11 properties > 12 (12) Total 2.5% Year 1 0.4% 95% leased (vs 4.5% – Jun 22) Year 2 13.5% Portfolio value Interim Results 2023 Year 3 4.9% Moore Plaza: Replaced USD695.3m (USD693.9m) Year 4
Slide 123: US thesis recap
Emira Property Fund Annexure – US offshore US thesis — recap — First world economy — Undervalued subsector, focusing on open-air power centres with grocer component and value offering Interim Results 2023 — Diversified, credit-quality tenant base — Asset by asset approach, with co-investment partner
Slide 124: US co-investment strategy
Emira Property Fund Annexure – US offshore US co-investment strategy Interim Results 2023 — Dallas, Texas based — Over USD2.5 billion in commercial real — 29 professional staff estate investments closed — Over 100 years collective experience — Unanimous decision making between Emira and Rainier — US
Slide 125: US geographical exposure
Emira Property Fund Annexure – US offshore US geographical exposure Interim Results 2023 Ohio Indiana Missouri Kentucky Oklahoma Georgia Dallas Texas Key States with owned assets Florida Owned asset location Rainier HQ 124
Slide 126: The US economic environment
Emira Property Fund Annexure – US offshore US portfolio The US economic environment — Economy still seeing positive real GDP growth in 2022 › Real GDP growth slowed from annualised 3.2% in 3rd quarter to 2.9% in 4th quarter, and delivered 2.1% growth 2022 Interim Results 2023 — Unemployment rate at
Slide 127: US portfolio
Emira Property Fund Annexure – US offshore US portfolio Woodlands Square (Florida) Moore Plaza (Texas) San Antonio Crossing (Texas) Interim Results 2023 University Town Center (Oklahoma) Belden Park Crossings (Ohio) 32 East (Ohio) 126
Slide 128: US portfolio
Emira Property Fund Annexure – US offshore US portfolio Wheatland Towne Crossing (Texas) Truman’s Marketplace (Missouri) Newport Pavilion (Kentucky) Interim Results 2023 Stony Creek Marketplace (Indiana) Dawson Marketplace (Georgia) Summit Woods Crossing (Missouri) 127
Slide 129: US portfolio acquisition details
Emira Property Fund Annexure – US offshore US portfolio Belden Park Moore Stony Creek Woodlands Truman’s San Antonio Property Crossing 32 East Plaza Marketplace Square Marketplace Crossing ACQUISITION DATE 17 Oct 17 19 Jan 18 18 Jan 18 28 Mar 18 26 Oct 18 21 Dec 18 27 Feb 19 Interim Results 2023 PUR
Slide 130: US portfolio acquisition details
Emira Property Fund Annexure – US offshore US portfolio Wheatland University Dawson Newport Summit Woods Property Towne Center Town Center Marketplace Pavilion Crossing Total ACQUISITION DATE 29 Mar 19 24 Jun 19 03 Feb 20 16 Jun 21 11 May 2022 Interim Results 2023 PURCHASE PRICE (USD) 32 200 000 63
Slide 131: US portfolio property details
Emira Property Fund Annexure – US offshore US portfolio Belden Park Moore Stony Creek Property Crossing 32 East Plaza Marketplace LOCATION North Canton, Ohio Cincinnati, Ohio Corpus Christi, Texas Noblesville, Indiana GLA (SF) 484 360 188 912 377 985 204 811 Interim Results 2023 VACANCY % BY GLA (SF
Slide 132: US portfolio property details
Emira Property Fund Annexure – US offshore US portfolio Woodlands Truman’s San Antonio Wheatland Property Square Marketplace Crossing Towne Center LOCATION Tampa, Florida Grandview, Missouri San Antonio, Texas Dallas, Texas GLA (SF) 315 084 309 130 145 819 206 854 Interim Results 2023 VACANCY % BY G
Slide 133: US portfolio property details
Emira Property Fund Annexure – US offshore US portfolio University Dawson Newport Summit Woods Property Town Center Marketplace Pavilion Crossing Total LOCATION Norman, Oklahoma Dawsonville, Atlanta Newport, Kentucky Lee’s Summit, Missouri GLA (SF) 416 466 353 270 336 907 545 204 3 884 802 Interim R
Slide 134: Valuation parameters: US portfolio
Emira Property Fund Annexure – US offshore Valuation parameters: US portfolio All 12 properties have been held at their 30 June 2022 values for this reporting period on the basis that they remain reasonable representations of fair market value. Management considered the inputs into the June 2022 val
Slide 135: US portfolio leasing
Emira Property Fund 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 Interim Results 2023 Renewals 20 180 588 16.63 17.77 4.9 6.91% New leases — — — — — — TOT
Slide 136: US lease expiry profile by GLA
Emira Property Fund Annexure – US offshore US portfolio — Lease expiry profile by GLA (SF)(%) 70% 64.8 60% 57.9 Interim Results 2023 50% 40% 30% 20% 14.0 13.5 13.8 13.9 10% 4.5 4.8 5.0 4.9 2.5 0.0 0.0 0.4 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/06/2022) (FY23) (FY24)
Slide 137: US lease expiry profile by rental
Emira Property Fund Annexure – US offshore US portfolio — Lease expiry profile by rental (%) 70% 64.1 60% 56.4 Interim Results 2023 50% 40% 30% 20% 15.6 14.6 13.5 13.0 10% 6.7 7.8 7.8 0.0 0.0 0.0 0.1 0.4 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/06/2022) (FY23) (FY24) (
Slide 138: US tenant exposure by GLA
Emira Property Fund Annexure – US offshore US tenant exposure by GLA (SF) Top 10 tenants of the total portfolio (%) Tenant exposure – top 10 tenants (%) TJX Companies 8.2 Interim Results 2023 Kohl's 6.7 Burlington 4.7 Hobby Lobby and Mardell 4.1 42 Lowe's Companies Inc. 3.6 56 Academy Sports 3.5 Kro
Slide 139: US tenant exposure by rental
Emira Property Fund Annexure – US offshore US tenant exposure by rental Top 10 tenants of the total portfolio (%) Tenant exposure – top 10 tenants (%) TJX Companies 5.7 Interim Results 2023 Burlington 3.5 Ulta Beauty Inc. 3.4 32 Kohl's 3.4 AMC Theatres 3.3 PetSmart 3.2 68 Hobby Lobby and Mardell 2.4
Slide 140: US major lease expiries FY23
Emira Property Fund Annexure – US offshore 10 Major lease expiries by rental: FY23 PROPERTY TENANT LEASE END GLA (SF) STATUS Summit Woods Crossing Ulta Feb 23 25 449 Renewed for 5 years Belden Park Crossings DSW Jan 23 31 859 Renewed for 6 years Year-end Results 2022 University Town Center Office De
Slide 141: US major lease expiries FY24
Emira Property Fund Annexure – US offshore 10 Major lease expiries by rental: FY24 PROPERTY TENANT LEASE END GLA (SF) STATUS Woodlands Square Beall’s Dec 23 84 146 Expected to renew Newport Pavilion Dick’s Sporting Goods Jan 24 45 000 Expected to renew Year-end Results 2022 San Antonio Crossing Conn
Slide 142: Forward-looking statements
Emira Property Fund Forward-looking statements This results presentation contains certain forward-looking statements relating to the financial performance and position of the Group. All forward-looking statements are solely based on the views and considerations of the directors. While these forward-
Emira Property Fund — H1 FY2023 Earnings Presentation on 6ix