Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — FY2022 Earnings Presentation
136 slides from Emira Property Fund's earnings presentation, June 2022
Slide 1: 2022 Results for the year-end
Emira Property Fund 2022 Results for the year-end
Slide 2: Agenda
Emira Property Fund Agenda Overview SA direct portfolio Outlook Our story Metrics Financials Investments Distribution Recycling statement Residential Balance sheet Enyuka Liquidity US 1
Slide 3: Overview
Emira Property Fund Overview Geoff Jennett CEO 2
Slide 4: Overview
Emira Property Fund Overview Overview The last few years Actions taken The future Year-end Results 2022 — Challenging — Re-investment and recycling — Tough economic conditions (SA and global) However: — 12th US investment — Persist in taking — Diversified — Sale of Enyuka incremental steps — Emira p
Slide 5: Key metrics
Emira Property Fund Overview Key metrics Distributable Acquisitions Vacancies LTV income per share USD18.5m 5.3% 40.5% 128.94c (Summit Woods, US) Year-end Results 2022 R103.0m (41.8%) (Northpoint, CT) (124.19c) +3.8% Disposals Tenant retention Dividend per share R271.25m 83% Final NAV (Epping Wareho
Slide 6: Financials
Emira Property Fund Financials Greg Booyens CFO 5
Slide 7: Distribution statement
Emira Property Fund Financials Distribution statement Jun 21 Jun 22 Distributable Cashflow Dividend Variance R’000 earnings adjustments payable % Direct portfolio Revenue 1 530 147 1 474 319 2 495 1 476 814 (3.5) Property expenses (680 121) (690 260) (2 152) (692 4121) (1.8) Year-end Results 2022 Ne
Slide 8: Dividend per share (cents)
Emira Property Fund Financials Dividend per share (cents) (12.6) 1.2 14.0 (0.1) 0.1 0.3 (1.7) 118.65 14.0 0.1 1.1 0.2 119.79 1.1 6.1 1.1 1.0 (1.8) (0.1) (1.0) (1.7) (12.4) (5.6) (0.9) Year-end Results 2021 Enyuka USA Held properties Transcend Taxation Admin costs June 2021 COVID 19 – discounts Sold
Slide 9: Balance sheet
Emira Property Fund Financials Balance sheet R’000 JUN 21 JUN 22 % CH Investment properties 9 782 9 834 0.5 Indirect investments Enyuka 657 639 (2.8) Indirect local Year-end Results 2022 Transcend 439 585 33.3 USA Indirect offshore 1 700 2 424 42.6 Loans receivable 357 359 0.5 Other assets 346 231 (
Slide 10: Valuation summary
Emira Property Fund Financials Valuation summary Direct property portfolio JUN 2021 JUN 2022 Valuation (Rm)^ 9 742 9 757 Number of properties 77 74 % of the portfolio valued externally 31 36 Year-end Results 2022 Valuation rate (R/m²) — Retail 15 577 16 393 — Office 18 568 18 382 — Industrial 5 206
Slide 11: Collections vs billings (net of discounts)
Emira Property Fund Financials Collections vs billings (net of discounts) FY22 NORMAL RENTALS DEFERRED RENTALS Year-end Results 2022 Billings (incl. VAT) Collections (incl. VAT) 100.2% R1.7bn 147.4% R3.7m 10
Slide 12: Debt expiry profile (Rm)
Emira Property Fund Financials Debt expiry profile (Rm) 600 500 400 Year-end Results 2022 300 200 100 0 Sep 22 Sep 22 Nov 22 Nov 22 Mar 23May 23 Jun 23 Jun 23 Jun 23 Jun 23 Sep 23 Sep 23 Sep 23 Dec 23 Mar 24 Apr 24 May 24 Jul 24 Jul 24 Nov 24 Mar 25 Apr 25 Jun 25 Jun 25 Jul 25 Jul 25 Dec 25 Jul 26 S
Slide 13: Interest rate hedging profile (Rm)
Emira Property Fund Financials Interest rate hedging profile (Rm) 1 000 900 800 700 Year-end Results 2022 600 500 400 300 200 100 0- DEC 22 JUN 23 DEC 23 JUN 24 DEC 24 JUN 25 DEC 25 Hedged debt (%) Weighted average duration to expiry (years) Weighted average all in interest rate (%) 73.0 1.9 7.38= a
Slide 14: Net asset value per share (cents)
Emira Property Fund Financials Net asset value per share (cents) 1 700 78 1 650 10 1 629 86 (5) (5) (3) 1 600 Year-end Results 2022 69 66 1 550 6 8 1 518 4 (1) 1 500 66 1 560 1 450 1 452 1 400 Jun 21 Treasury shares Investment Enyuka Transcend USA investments Revaluation of Expected credit Other/IFR
Slide 15: Portfolio: Directly held South African
Emira Property Fund Portfolio Directly held South African Ulana van Biljon COO
Slide 16: Fund operational update
Emira Property Fund Portfolio — Reflecting back the past year was tough and challenging — Era of uncertainty and ongoing instability is continuing – unsure: › How global conditions will affect SA Year-end Results 2022 › When SA economy will gain momentum › In what way will higher interest rates, inf
Slide 17: Key portfolio metrics at June 2022
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Fund level Properties Vacancies (%) 74 7 6.4 6.1 Year-end Results 2022 (77) 6 5.3 Value 5 4.1 3.6 R9.8bn 4 3 (R9.7bn) 2 Sectorial split by value 1 Urban Retail 49% (49%) 0 Office 30% (31%) Industrial 19% (18%) JUN 19 JUN 20 JUN 21 D
Slide 18: Key portfolio metrics at June 2022
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Fund level Properties Tenant retention by gross rental (%) 74 100 890 82 86 83 Year-end Results 2022 (77) 80 80 80 70 Value 6 60 R9.8bn 50 440 (R9.7bn) JUN 19 JUN 20 JUN 21 DEC 21 JUN 22 Sectorial split by value Urban Retail 49% (49
Slide 19: Portfolio major lease renewals by gross rental: FY22
Emira Property Fund Portfolio 10 major lease renewals by gross rental: FY22 Property Sector Tenant Lease end GLA (m2) Status Renewed – 13 years, lease commencement Makro Crown Mines Urban Retail Makro Jun 24 18 956 from 1 July 21 Menlyn Corporate Park Office King Price Insurance Jun 22 10 586 Renewe
Slide 20: Key portfolio metrics at June 2022
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Fund level Weighted average lease escalations (%) Weighted average Lease 8 7.5 7.3 rent reversions expiry profile 7.1 6.8 6.7 6 JUN 19 -15.2% 25.3% Year-end Results 2022 6 JUN 20 Fund Year 1 (incl. roll-overs) – FY23 4 4 JUN 21 (-14
Slide 21: Urban retail operational update
Emira Property Fund Portfolio — Retail trade continued to show signs of recovery URBAN RETAIL — Consumers changed their behavior during COVID-19 OPERATIONAL UPDATE — Concern for retail trade: › High unemployment numbers Year-end Results 2022 › Drop in disposable income › Increased electricity and tr
Slide 22: Key portfolio metrics: urban retail
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Urban retail Properties Vacancies (%) 8Tenant retention by gross rental (%) Jun 19 17 5 5.0 4 4.0 3.8 4.1 3.6 JUN 19 100 6 90 91 91 89 Jun 20 JUN21 19 Year-end Results 2022 78 79 Jun (19) 2.8 JUN 20 4 80 JUN 20 3 3.0 Dec 21 2.0 JUN
Slide 23: Key portfolio metrics: urban retail
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Urban retail Weighted 6 average lease escalations (%) Jun 19 Weighted average Lease 8 7.2 7.0 rent reversions expiry profile 6.7 Jun 20 4 6.4 6.3 JUN21 19 -13.0% 20.2% Year-end Results 2022 6 Jun JUN 20 2 Dec 21 Urban retail sector
Slide 24: Key portfolio metrics: urban retail trading statistics
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Urban retail Retail trading statistics Retail trading statistics COVID-19 related rental Year-on-year concessions Year-on-year foot count Year-end Results 2022 +2.5% -6.7% R1.9m (R33.6m) July 2020/2021 – June 2021/2022 July 2020/202
Slide 25: Office operational update
Emira Property Fund Portfolio — The recovery of the office sector is dependent on OFFICE good economic growth OPERATIONAL UPDATE — Many businesses returning to offices, flexible working arrangements continues Year-end Results 2022 — Still a bit of wait and see 24
Slide 26: Key portfolio metrics: office
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Office Properties Vacancies (%) 8Tenant retention by gross rental (%) Jun 19 20 20 18 16 17.0 18.2 15.0 JUN 19 100 6 90 82 Jun 20 JUN21 19 Year-end Results 2022 Jun (20) 14 JUN 20 4 80 JUN 20 12 Dec 21 10 JUN 21 270 65 67 67 JUN 21
Slide 27: Key portfolio metrics: office
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Office Weighted 8 average lease escalations (%) Jun 19 Weighted average Lease 10 6 rent reversions expiry profile Jun 20 8 7.9 7.7 7.5 7.1 JUN21 19 -12.0% 27.6% Year-end Results 2022 4 6.8 Jun JUN 20 Office sector Year 1 (incl roll-
Slide 28: Industrial operational update
Emira Property Fund Portfolio — Continues to show increase in business activity INDUSTRIAL OPERATIONAL UPDATE — Uncertainty of electricity and water supply Year-end Results 2022 27
Slide 29: Key portfolio metrics: industrial
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Industrial Properties Vacancies (%) 8Tenant retention by gross rental (%) Jun 19 36 5 4 4.1 3.5 JUN 19 100 6 90 89 82 92 83 Jun 20 JUN21 19 Year-end Results 2022 3.2 78 Jun (37) JUN 20 4 80 JUN 20 3 2.6 2.7 Dec 21 JUN 21 270 JUN 21
Slide 30: Key portfolio metrics: industrial
Emira Property Fund Portfolio Key portfolio metrics at 30 June 2022 Industrial Weighted 8 average lease escalations (%) Jun 19 Lease Weighted average 8 7.5 7.3 expiry profile rent reversions 6 7.0 7.0 6.9 Jun 20 JUN21 19 33.2% -20.1% Year-end Results 2022 64 Jun JUN 20 Dec 21 Year 1 (incl roll-overs
Slide 31: ESG
Emira Property Fund Portfolio — Emira continues to recognise and embrace the ESG importance of ESG — Protect the interests of all stakeholders and good governance is essential for the Fund's long-term sustainability Year-end Results 2022 — ESG reporting principles are aligned to all the important fr
Slide 32: Key portfolio metrics (Environmental initiatives)
Emira Property Fund Portfolio Key portfolio metrics (Environmental initiatives) at 30 June 2022 Year-end Results 2022 Energy Water efficiency Waste — 10 PV farms saved 9 946m kWh; — 151 080KL savings from all water — Included in our Scope 3 carbon a total of 20 706 panels interventions during FY22 e
Slide 33: Portfolio major lease expiries by gross rental: FY23
Emira Property Fund 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 Expected to renew – 3 years 20 Anvil Road Industrial The Beverage Company Sep 22 12 250 Lease with tenant for signature – 3 yea
Slide 34: Closing
Emira Property Fund — Macro-economic pressures remain — The team will remain resilient for any future forthcoming challenges Year-end Results 2022 — Will continue to invest into our properties and provide great real estate to the highest level CLOSING
Slide 35: Investments
Emira Property Fund Investments Geoff Jennett CEO 34
Slide 36: Recycling, Transcend, Enyuka, United States
Emira Property Fund Investments US Year-end Results 2022 Recycling Transcend Enyuka United States — Transfers — Residential Associate — Our joint venture in lower — Representing 18.1% › Acquired Northpoint — 27.43c 1H22 distributable LSM retail with One Prop of total assets (R103m) income (25.21c) —
Slide 37: Transcend – Residential
Emira Property Fund Investments Transcend – Residential Year-end Results 2022 — Portfolio of 23 (22) properties — Equity underwrite Dec 21 (39.22%) — Well managed by IHS — 4 227 (vs 4 012) units — JSE acquisition Mar 22 (40.69%) — 2 Board seats (Greg – June 22) — 95.2% average occupancy (vs 93.4%) —
Slide 38: Enyuka – disposal underway
Emira Property Fund Investments Enyuka – disposal underway — R638.6m proceeds of which R100m — Disposal to our JV partners was part deferred for 0-3 years of the options back at 2016 start Year-end Results 2022 — R2.7m premium to June 21 book value — R575m original value plus annual yield (c12-15% p
Slide 39: US portfolio summary
Emira Property Fund Investments US portfolio summary Properties Vacancies (by GLA) Lease expiry profile (GLA) 5 properties at 12 (11) Total 4.5% Year 1 4.8% 100% leased (vs 7.1% – Jun 21) Year 2 14.0% Portfolio value Year-end Results 2022 Year 3 5.0% 32 East: Replaced Stein USD693.9m (USD569.5m) Yea
Slide 40: Summit Woods Crossing – Lee's Summit, Missouri
Emira Property Fund Investments Summit Woods Crossing – Lee’s Summit, Missouri (11 May 22) Year-end Results 2022 Purchase price GLA WALE Emira investment 5 year fixed interest cost USD94.5m 545 204 SF 5.3 years USD18.5m 4.28% pa Yield Occupancy Initiative Equity stake Equity cash yield 39 6.8% 97.7%
Slide 41: Outlook
Emira Property Fund Outlook Geoff Jennett CEO 40
Slide 42: Outlook
Emira Property Fund outlook Outlook Year-end Results 2022 Recap Can expect In closing — Challenging period — Continue to perform — Well placed to navigate uncertainties going — Robust results (and pay cash backed dividends) forward, after all we have been through — Diversified fund — Enyuka sale to
Slide 43: Annexures: Operations
Emira Property Fund Annexures Operations 42
Slide 44: Number of properties
Emira Property Fund Annexure – operations NUMBER OF PROPERTIES 120 104 100 80 79 77 80 74 Year-end Results 2022 60 40 20 0 JUN 18 JUN 19 JUN 20 JUN 21 JUN 22 NUMBER OF PROPERTIES PER SECTOR — 2021 VS 2022 40 37 36 30 20 20 19 20 17 10 1 1 0 OFFICE URBAN RETAIL* INDUSTRIAL** RESIDENTIAL JUN 21 JUN 22
Slide 45: Northpoint acquisition (Brackenfell, CT)
Emira Property Fund Annexure – operations Northpoint acquisition (Brackenfell, CT) Year-end Results 2022 Purchase price Multi-tenanted WALE Occupancy Transfer date R103m = R6 275/m² Industrial park 1.94 years 85.6% at 30 Jun 2022, 20 Jan 2022 Currently 100% let Yield GLA W. Ave rental 44 Yield ±11.5
Slide 46: Disposals
Emira Property Fund Annexure – operations Disposals GLA Book value Sale price Net Exit yield Effective Property Location Sector (m²) (Rm) (Rm) (%) date Epping Warehouse Cape Town Industrial 23 922 94.0 94.25 ±6.1 02 Feb 22 Year-end Results 2022 Epsom Downs Shopping Centre Johannesburg Retail 6 832 6
Slide 47: Sectorial spread of direct properties by GLA and value
Emira Property Fund Annexure – operations Sectorial spread of direct properties by GLA and value (%) GLA split per sector (%) 2021 GLA split per sector (%) 2022 Value split per sector (%) 2021 Value split per sector (%) 2022 821 586m² 787 311m² R9.7bn R9.8bn Year-end Results 2022 Urban retail 37 Urb
Slide 48: Geographical spread by no. of buildings
Emira Property Fund Annexure – operations Geographical spread by no. of buildings: 2021 vs 2022 40 35 35 33 Year-end Results 2022 30 25 20 17 17 15 12 12 11 10 10 5 1 1 1 1 0 JOHANNESBURG* PRETORIA WESTERN CAPE KWAZULU-NATAL** BLOEMFONTEIN MPUMALANGA *Disposal: The Colony Centre and Epsom **Disposal
Slide 49: Geographical spread by value and GLA
Emira Property Fund Annexure – operations Geographical spread by value and GLA (%) Geographical spread by GLA (%) Geographical spread by GLA (%) Geographical spread by value (%) Geographical spread by value (%) 2021 2022 2021 2022 Year-end Results 2022 Johannesburg 44 Johannesburg 45 Johannesburg 33
Slide 50: Average value per m² and property
Emira Property Fund Annexure – operations Average value per m² and property AVERAGE VALUE PER m² R/m2 20 000 -1.0% 5.2% 15 000 18 568 18 382 4.5% Year-end Results 2022 15 577 16 393 10 000 12 316 7.6% 11 783 5 000 5 206 5 600 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 JUN 22 AVERAGE VALUE PER PRO
Slide 51: Office sector exposure – quality improvement
Emira Property Fund Annexure – operations Office sector exposure – quality improvement Number of properties Average value per property (Rm) Grade of office portfolio by value (%) Grade of office portfolio by value (%) 2011 2022 Year-end Results 2022 P-Grade 0 P-Grade 50 A-Grade 37 A-Grade 45 2011 73
Slide 52: Vacancy profile per sector and grade by GLA
Emira Property Fund Annexure – operations Vacancy profile per sector and grade — by GLA (%) 35% 30% 28.8 Year-end Results 2022 26.3 25.5 25% 21.1 20% 18.2 16.7 16.4 15% 13.4 12.1 12.0 10.5 10% 8.5 6.3 6.4 6.1 5.3 5% 3.8 4.1 3.6 4.1 3.2 3.5 3.6 4.1 2.3 2.7 2.8 2.6 2.7 2.0 0% OFFICE P OFFICE A OFFICE
Slide 53: Vacancy loss by gross rental
Emira Property Fund Annexure – operations Vacancy loss by gross rental (%) 16% 13.9 14% 13.1 Year-end Results 2022 12.3 12% 10% 8% 6.4 6.1 6% 5.4 5.6 4.3 4.1 4.1 4% 3.7 3.2 3.2 3.2 3.0 2.9 2.9 2.3 2.5 2.1 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 19 JUN 20 JUN 21 DEC 21 JUN 22 52
Slide 54: Vacancy loss by sector and grade
Emira Property Fund Annexure – operations Vacancy loss by sector and grade — by gross rental (%) 30% 27.0 25.8 25% 23.9 Year-end Results 2022 20% 15% 13.9 13.0 12.3 11.4 11.5 10% 6.4 6.1 5.6 4.8 5% 3.8 3.7 4.1 3.2 3.2 3.2 2.9 4.1 2.9 3.0 2.1 2.3 2.5 0% PRIME + OFFICE A OFFICE B URBAN RETAIL INDUSTRI
Slide 55: Tenant retention
Emira Property Fund Annexure – operations Tenant retention (%) 100% Hundreds 88 86 83 84 82 81 82 80 80 79 Year-end Results 2022 80% 78 78 77 70 70 60% 40% GROSS RENTALS m² NO. OF LEASES JUN 19 JUN 20 JUN 21 DEC 21 JUN 22 FY22: Expiries of 179 860m2 equals 419 leases or R22.9m gross rentals per mont
Slide 56: Tenant retention per sector by gross rental
Emira Property Fund Annexure – operations Tenant retention per sector by gross rental (%) 103% 91 91 92 93% 89 89 86 82 82 83 82 83 80 80 Year-end Results 2022 83% 78 79 78 73% 67 67 65 62 63% 53% 43% 33% 23% 13% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 19 JUN 20 JUN 21 DEC 21 JUN 22 55
Slide 57: Major lease expiries by gross rental: FY22
Emira Property Fund Annexure – operations 10 major lease expiries by gross rental: FY22 Property Sector Tenant Lease end GLA (m2) Status Menlyn Corporate Park Office King Price Insurance Jun 22 10 586 Renewed – 3 years Trellidor Industrial Trellidor Innovations Sep 21 7 794 Renewed – 5 years Year-en
Slide 58: Major lease expiries by GLA: FY22
Emira Property Fund Annexure – operations 10 major lease expiries by GLA: FY22 Property Sector Tenant Lease end GLA (m2) Status Menlyn Corporate Park Office King Price Insurance Jun 22 10 586 Renewed – 3 years Year-end Results 2022 Trellidor Industrial Trellidor Innovations Sep 21 7 794 Renewed – 5
Slide 59: Major lease expiries by GLA: FY23
Emira Property Fund Annexure – operations 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 Leased with tenant for signature – 3 years Year-end Results 2022 Mitek Industrial Mitek Industries Jan 23 6 604
Slide 60: Weighted reversions total
Emira Property Fund Annexure – operations Weighted reversions total (gross rentals) WEIGHTED WEIGHTED NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 26 219 184.00 162.01 -12.0% Year-end Results 2022 Urban retail 75 826 224.32 195.05 -13.0% Industrial 60 574 81.83 65.41 -20.1%
Slide 61: Weighted reversions renewals
Emira Property Fund Annexure – operations Weighted reversions renewals (gross rentals) WEIGHTED WEIGHTED NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 23 611 183.40 162.00 -11.7% Year-end Results 2022 Urban retail 72 383 222.50 193.73 -12.9% Industrial 47 624 84.06 66.22 -21
Slide 62: Weighted reversions new leases
Emira Property Fund Annexure – operations Weighted reversions new leases (gross rentals) WEIGHTED WEIGHTED NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 2 607 189.44 162.07 -14.5% Year-end Results 2022 Urban retail 3 442 205.33 171.88 -16.3% Industrial 12 950 66.86 59.73 -10
Slide 63: Weighted average lease escalations
Emira Property Fund Annexure – operations Weighted average lease escalations (%) 9% 8% 7.9 7.7 Year-end Results 2022 7.5 7.5 7.5 7.2 7.3 7.3 7.1 7.0 7.0 7.0 7.1 7% 6.8 6.9 6.8 6.7 6.7 6.4 6.3 6% 5% 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 19 JUN 20 JUN 21 DEC 21 JUN 22 62
Slide 64: Weighted average lease expiry (WALE)
Emira Property Fund Annexure – operations Weighted average lease expiry (WALE) (years) 4.5 4.0 3.9 3.8 3.6 3.5 Year-end Results 2022 3.5 3.3 3.0 3.0 2.8 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 1.9 1.5 1.0 0.5 0.0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 19 JUN 20 JUN 21 DEC 21 JUN 22
Slide 65: Lease expiry profile by gross rental
Emira Property Fund Annexure – operations Lease expiry profile by gross rental (%) 40% 37.1 36.6 35% Year-end Results 2022 30% 29.2 29.6 26.8 26.2 25% 24.3 24.3 22.0 21.8 20.0 20.8 19.5 20% 18.6 16.7 14.8 15% 10% 5% 2.9 3.5 2.3 0.6 0.9 1.3 0.2 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3
Slide 66: Lease expiry profile — offices
Emira Property Fund Annexure – operations Lease expiry profile — offices by gross rental (%) 40% 35% 33.7 Year-end Results 2022 29.8 29.8 29.8 30.6 30% 27.8 27.6 25.8 25.8 25% 21.6 20.8 21.5 20.0 20% 16.0 15.5 16.3 15% 10% 5% 2.5 1.7 0.8 1.6 0.5 0.1 0.1 0.3 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEA
Slide 67: Lease expiry profile — urban retail
Emira Property Fund Annexure – operations Lease expiry profile — urban retail by gross rental (%) 50% 45.6 44.3 45% Year-end Results 2022 40% 34.5 34.9 35% 30% 28.6 29.0 25% 21.2 20.2 20% 17.5 17.9 16.3 16.7 16.3 15.4 15.0 15% 13.7 10% 5% 2.5 3.1 3.3 2.3 0.5 1.0 0.2 0.0 0% VACATED EXPIRIES ROLLED OV
Slide 68: Lease expiry profile — industrial
Emira Property Fund Annexure – operations Lease expiry profile — industrial by gross rental (%) 35% 30.7 30.2 29.5 30% 29.3 27.3 Year-end Results 2022 25.7 25.4 25.0 24.7 25% 23.7 23.3 23.3 20% 19.0 18.9 17.1 15% 13.4 10% 7.8 5% 2.4 1.0 1.4 0.7 0.2 0.0 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR
Slide 69: Properties excluded from like-for-like
Emira Property Fund Annexure – operations Properties excluded from like-for-like The following are excluded from FY22 numbers: Purchases Land Disposals Year-end Results 2022 — Northpoint Industrial Park (20 Jan 2022) — 1 West, Quagga, Knightsbridge — Steiner Services (transferred 14 Dec 2020) — Eppi
Slide 70: Leases concluded: lease commencement July 1+
Emira Property Fund Annexure – operations Leases concluded: Lease commencement 1 July 2021+ NEW RENEWAL TOTAL Number of leases 73 302 375 Offices 14 63 77 Urban Retail 26 179 205 Year-end Results 2022 Industrial 33 60 93 Total m² 19 000 143 619 162 618 Offices 2 607 23 611 26 219 Urban Retail 3 442
Slide 71: Emira net rentals
Emira Property Fund Annexure – operations 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 57 169 160.07 Year-end Results 2022 Office: A-Grade 14 67 255 148.19 Office: B-Grade 2 1
Slide 72: Tenant grading by GLA
Emira Property Fund Annexure – operations Tenant grading — by GLA (%) Total portfolio (%) PER SECTOR (%) 80% 77 Hundreds 70% 22 60% 52 53 Year-end Results 2022 50% 40% 32 16 62 30% 26 22 20% 15 12 11 10% A Grade (60% Jun 21) 0% B Grade (19% Jun 21) OFFICE URBAN RETAIL INDUSTRIAL C Grade (21% Jun 21)
Slide 73: Tenant grading by gross rental
Emira Property Fund Annexure – operations Tenant grading — by Gross Rental (%) Total portfolio (%) PER SECTOR (%) 80% 74 Hundreds 70% 19 60% 60 55 Year-end Results 2022 50% 40% 16 30 30% 23 65 20% 17 15 12 14 10% A Grade (64% Jun 21) 0% B Grade (18% Jun 21) OFFICE URBAN RETAIL INDUSTRIAL C Grade (18
Slide 74: Tenant exposure by GLA
Emira Property Fund Annexure – operations Tenant exposure by GLA (%) Top 10 tenants of the total portfolio (%) Tenant exposure – top ten tenants (%) RTT GROUP 8.1 Year-end Results 2022 PICK N PAY 6.0 MASSMART 3.6 30 PEPKOR 2.5 SHOPRITE CHECKERS 2.4 WOOLWORTHS 1.9 70 THE BEVERAGE COMPANY 1.7 KING PRI
Slide 75: Tenant exposure by gross rental
Emira Property Fund Annexure – operations Tenant exposure by Gross Rental (%) Top 10 tenants of the total portfolio (%) Tenant exposure – top ten tenants (%) PICK N PAY 4.7 Year-end Results 2022 RTT GROUP 4.4 28 MASSMART 3.9 PEPKOR 3.3 KING PRICE INSURANCE 2.7 SHOPRITE CHECKERS 2.3 72 SA LOCAL GOVER
Slide 76: Potential new major capex projects
Emira Property Fund Annexure – operations Potential new major capex projects MAJOR PROJECTS BEING CONSIDERED TYPE m² VALUE (Rm) CONSTRUCTION TIME Quagga Shopping Centre – refurbishment Urban Retail N/A 20 12 months Year-end Results 2022 Boskruin Shopping Centre – refurbishment Urban Retail N/A 15 7
Slide 77: Top properties by value
Emira Property Fund Annexure – operations Top 10 properties by value PROPERTY NODE CLASSIFICATION GLA (m2) MAJOR TENANTS Wonderpark Shopping Centre Pretoria North Retail – Regional Shopping 90 907 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²), Centre Edgars (3 998m²
Slide 78: Environmental — reporting
Emira Property Fund Annexure – operations Environmental — reporting Year-end Results 2022 EMIRA’S APPROACH TO REPORTING CARBON DISCLOSURE PROJECT SCIENCE BASED TARGETS — Emira strives to meet industry standards when it comes to — Emira participates annually in CDP public disclosure — Currently an SB
Slide 79: Environmental — energy
Emira Property Fund Annexure – operations Environmental — energy Year-end Results 2022 ENERGY MANAGEMENT ENERGY MANAGEMENT CLEAN ENERGY PRODUCTION — Operational capex of R23.7 million was spent on — Mandatory rollout of Energy Performance Certifications — 10 PV farms have saved 9.946 million kWh in
Slide 80: Environmental — water, waste and biodiversity
Emira Property Fund Annexure – operations Environmental — water, waste and biodiversity Year-end Results 2022 WATER WASTE BIODIVERSITY — Water scarcity is a physical climate risk which affects the — Waste continues to be a focus and we have — Maintaining healthy ecosystems and safeguarding the opera
Slide 81: Back-up power
Emira Property Fund Annexure – operations Back-up power Year-end Results 2022 The breakdown of the coverage of the directly held SA portfolio by number of properties is as follows: 53% — 100% 100% Coverage per sector 32% — partial backup power 33% — Office 15% — none 18% — Retail 46% — Industrial 03
Slide 82: Enyuka
Emira Property Fund Annexure – operations Enyuka Jun 21 Dec 21 Jun 22 Number of properties 24 24 24 GLA of properties 157 123m² 157 070m² 157 070m² Property portfolio value R1.66bn R1.67bn R1.72bn Year-end Results 2022 Average value per m² R10 592 R10 622 R10 951 Average value per property R69m R70m
Slide 83: Allocation (%) — total assets
Emira Property Fund Annexure – operations Allocation (%) — total assets JUN 21 JUN 22 US 13.6 13.6% 18.1 18.1% Year-end Results 2022 OFFICE 23.7 21.9 URBAN RETAIL 38.0 35.7 INDUSTRIAL 14.2 81.2% 13.5 77.1% RESIDENTIAL 5.1 5.9 LAND 0.2 0.1 RURAL RETAIL (ENYUKA) 5.2 5.2% 4.8 4.8% 82
Slide 84: Annexures: Financials
Emira Property Fund Annexures Financials 83
Slide 85: Year-on-year like-for-like growth net property income
Emira Property Fund Annexure – financials Year-on-year like-for-like growth net property income (Static portfolio – pre COVID-19 adjustments) 8% 6% 5.6% 4% 3.1% Year-end Results 2022 2% 0% -2% -1.4% -4% -3.4% -6% -5.3% -8% -10% -8.1% REVENUE PROPERTY EXPENSES NET PROPERTY INCOME JUN 21 JUN 22 Revenu
Slide 86: Cost-to-income ratio (before rental concession adjustments)
Emira Property Fund Annexure – financials Cost-to-income ratio (%) (Before rental concession adjustments) 50% 46.7 44.8 45% 40.0 Year-end Results 2022 40% 35% 29.6 30% 28.2 25% 21.3 20% 15% 10% 5% 0% GROSS NET JUN 20 JUN 21 JUN 22 Inclusive of property management fees 85
Slide 87: Cost-to-income ratio (after rental concession adjustments)
Emira Property Fund Annexure – financials Cost-to-income ratio (%) (After rental concession adjustments) 50% 45.8 46.8 45% 43.3 Year-end Results 2022 40% 35% 29.0 29.7 30% 25% 23.6 20% 15% 10% 5% 0% GROSS NET JUN 20 JUN 21 JUN 22 86
Slide 88: Property expense analysis
Emira Property Fund Annexure – financials Property expense analysis (%) MUNICIPAL CHARGES 62 60 SECURITY EXPENSES 7 8 Year-end Results 2022 MAINTENANCE 4 7 SERVICE CONTRACTS 6 6 PROPERTY MANAGEMENT FEE 5 5 LEASING EXPENSES 5 4 RENT AND LEVIES PAID 4 3 ADMINISTRATION EXPENSES 2 3 CONSUMABLES 1 1 BAD
Slide 89: Reconciliation of cash generated from operations to distributable income
Emira Property Fund Annexure – financials Reconciliation of cash generated from operations to distributable income Year ended R’000 30 Jun 2022 Net cash flow from operating activities (as per statement of cash flows) (215 602) Items in cash flow from operating activities, but not related to distribu
Slide 90: 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 Dec 22 4 541 R16.53 Year-end Results 2022 Jun 23 4 206 R16.72 Dec 23 4 611 R17.58 Jun 24 3 967 R17.52 Dec 24 3 747 R18.30 Jun 25 3 291 R18.46
Slide 91: Valuation parameters: Segmental
Emira Property Fund Annexure – financials Valuation parameters: Segmental JUN 2021 JUN 2022 Direct property portfolio RETAIL OFFICE IND RES TOTAL RETAIL OFFICE IND RES TOTAL Number of properties 19 20 37 1 77 17 20 36 1 74 GLA (m²) 306 736 160 486 342 507 — 809 728 292 527 160 421 322 547 — 775 495
Slide 92: Debt mix analysis
Emira Property Fund Annexure – financials Debt mix analysis Currency ZAR USD TOTAL Income producing assets (Rm) 11 340 2 424 13 764 Total facilities (Rm) 6 158 — 6 158 Year-end Results 2022 Reclassified as foreign debt through CCIRS (Rm) (1 190) 1 190 — Adjusted total facilities (Rm) 4 968 1 190 6 1
Slide 93: Debt funding cost
Emira Property Fund Annexure – financials Debt funding cost JUN 2021 JUN 2022 Average Average Fixed Average Average Fixed all-in rate fixed rate duration all-in rate fixed rate duration Year-end Results 2022 % % years % % years ZAR 8.32 6.72 1.8 8.55 6.69 1.8 USD 2.45 2.45 3.6 2.44 2.44 2.4 Total 7.
Slide 94: Debt covenants: Emira
Emira Property Fund Annexure – financials Debt covenants: Emira Amount drawn Transaction LTV, Value of (incl accrued Transaction LTV including derivatives Corporate LTV covenant Transaction ICR Corporate ICR security/ Amount Amount interest + Lender properties available Drawn derivatives) Prescribed
Slide 95: Debt facilities by source
Emira Property Fund Annexure – financials Debt facilities by source (Rm) 2500 Year-end Results 2022 2000 1500 1000 500 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn 94
Slide 96: Loan to value calculation: Emira Group
Emira Property Fund Annexure – financials Loan to value calculation: Emira Group Rm Net interest bearing debt 5 581 Non-current portion Year-end Results 2022 3 885 Current portion 1 425 Add back: Unamortised debt raising fees 6 Add: Net derivative liabilities/(assets) 142 Add: ESA and BEE SPV's debt
Slide 97: Loan to value: look through
Emira Property Fund Annexure – financials Loan to value: look through Proportionally consolidate equity accounted investments As reported Enyuka Transcend USA Adjusted Rm Rm Rm Rm Rm Year-end Results 2022 Net interest bearing debt 5 581 426 351 2 298 9 110 Non-current portion 3 885 460 397 2 984 7 7
Slide 98: Interest cover ratio calculation: Emira Group
Emira Property Fund Annexure – financials Interest cover ratio calculation: Emira Group Measure 1 Measure 2* R'000 R'000 Profit before finance costs 1 326 085 1 326 085 Adjustments Exclude: Allowance for future rental escalations 17 369 17 369 Amortisation of lease costs and tenant installations 20
Slide 99: 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 USA Enyuka Transcend Accounting treatment n/a Equity accounted Equity accounted Equity accounted Year-end Results 2022 Equity held (%) n/a 46.7 – 49.6 49.9
Slide 100: 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 Year-end Results 2022 Nominal Nominal exchange rate USD rate ZAR duration assets Foreign USD'000 R'000 rate (fixed) (floa
Slide 101: DMTN: Programme terms
Emira Property Fund Annexure – financials DMTN: Programme terms Issuer Emira Property Fund Limited Short-term unsecured A1 (ZA) (stable outlook — May 2022) Year-end Results 2022 National scale ratings Long-term unsecured A (ZA) (stable outlook — May 2022) (Global Credit Rating Co, “GCR”) Long-term s
Slide 102: 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 Year-en
Slide 103: DMTN: Security arrangements
Emira Property Fund Annexure – financials DMTN: Security arrangements Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement Year-end Results 2022 ISSUER DEBT GUARANTOR TRUSTEE Acting on behalf of Group 1 Noteholders Emira Property Fund Freestone Mortgage
Slide 104: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio Current position R’000 Year-end Results 2022 Value of secured portfolio 1 305 935 Notes in issue Existing – EPF023 130 000 – EPF017 200 000 – EPF018 100 000 – EPF021 70 000 500 000 LTV — actual (%) 38.5 LTV — covenant (%) 40.
Slide 105: 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 Year-end Results 2022 — Lone Creek — Denver Warehouse — Greenfields Urban retail — HBP Industrial Units —
Slide 106: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio NUMBER OF PROPERTIES PER SECTOR – JUN 21 VS JUN 22 20 18 18 17 Year-end Results 2022 16 14 12 11 11 10 8 6 4 4 3 3 3 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 JUN 22 105
Slide 107: 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 (%) 2021 2022 2021 R1.3bn 2022 R1.3bn Year-end Results 2022 Urban retail 28 Urban retail 24 Urban retail 44 Urban retail 39 O
Slide 108: 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 (%) 2021 2022 2021 2022 Year-end Results 2022 Johannesburg 48 Johannesburg 45 Johannesburg 35 Johanne
Slide 109: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio AVERAGE VALUE PER m² R/m² 15 000 12 069 11 944 12 621 11 454 Year-end Results 2022 10 000 7 845 7 408 4 813 5 435 5 000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 JUN 22 AVERAGE VALUE PER PROPERTY (Rm) 200 +7% 170 150 137
Slide 110: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio VACANCY PROFILE BY GLA (%) 25% 22.8 20.8 20% Year-end Results 2022 15% 10% 6.1 6.2 4.9 4.3 3.5 2.6 5% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 JUN 22 The three buildings with the highest vacancies include Albury Park (3
Slide 111: DMTN: Secured property portfolio
Emira Property Fund Annexure – financials DMTN: Secured property portfolio LEASE EXPIRY PROFILE BY GROSS RENTAL (%) 35% 32.7* Year-end Results 2022 31.5 30% 27.1 26.6 25% 21.8 20% 17.1 16.9 14.8 15% 10% 8.8 5% 2.2 0.5 0.0 0% Vacated Expiries rolled over Year 1 (FY23) Year 2 (FY24) Year 3 (FY25) Year
Slide 112: Major lease expiries by gross rental: FY22
Emira Property Fund Annexure – financials 5 Major lease expiries by gross rental: FY22 Property Sector Tenant Lease end GLA (m²) Status Trellidor Industrial Trellidor Innovations Sept 21 7 794 Renewed – 5 years Year-end Results 2022 14-16 Boston Circle Industrial Bidvest Data Jun 22 7 533 Renewed –
Slide 113: 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 Lease with tenant for signature – 3 years Year-end Results 2022 Hamilton House Office Switchless Dec 22
Slide 114: DMTN: Secured property portfolio
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 Year-end Results 2022 Albury Park Network Space, Charl Cilliers, Bouwer
Slide 115: Annexures: US offshore
Emira Property Fund Annexures US offshore 114
Slide 116: 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 Year-end Results 2022 — Diversified, credit-quality tenant base — Asset by asset approach, with co-investment partne
Slide 117: US co-investment strategy
Emira Property Fund Annexure – US offshore US co-investment strategy Year-end Results 2022 — 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 — U
Slide 118: US geographical exposure
Emira Property Fund Annexure – US offshore US geographical exposure Year-end Results 2022 Ohio Indiana Missouri Kentucky Oklahoma Georgia Dallas Texas Key States with owned assets Florida Owned asset location Rainier HQ Latest acquisition – Summit Woods Crossing 117
Slide 119: US portfolio — The US economic environment
Emira Property Fund Annexure – US offshore US portfolio — The US economic environment 15% 10% Year-end Results 2022 5% 0% -5% -10% -15% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sources: US Bureau of Labor Statistics. US REAL GDP GROWTH Y-O-Y % US Unemployment Rate % US Bureau of E
Slide 120: US portfolio — The US economic environment
Emira Property Fund Annexure – US offshore US portfolio The US economic environment — GDP growth has trended down since the peak in Q2 2021, and GDP has now declined for two consecutive quarters. › Real GDP decreased less in the second quarter than in the first quarter, decreasing 0.9 percent after
Slide 121: US portfolio
Emira Property Fund Annexure – US offshore US portfolio Woodlands Square (Florida) Moore Plaza (Texas) San Antonio Crossing (Texas) Year-end Results 2022 University Town Center (Oklahoma) Belden Park Crossings (Ohio) 32 East (Ohio) 120
Slide 122: US portfolio
Emira Property Fund Annexure – US offshore US portfolio Wheatland Towne Crossing (Texas) Truman’s Marketplace (Missouri) Newport Pavilion (Kentucky) Year-end Results 2022 Stony Creek Marketplace (Indiana) Dawson Marketplace (Georgia) Summit Woods Crossing (Missouri) 121
Slide 123: US portfolio
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 Year-end Results 2022 PU
Slide 124: US portfolio
Emira Property Fund Annexure – US offshore US portfolio Wheatland University Dawson Newport Property Towne Center Town Center Marketplace Pavilion Summit Woods Total ACQUISITION DATE 29 Mar 19 24 Jun 19 03 Feb 20 16 Jun 21 11 May 2022 Year-end Results 2022 PURCHASE PRICE (USD) 32 200 000 63 000 000
Slide 125: US portfolio
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) 484 360 188 912 377 048 204 810 Year-end Results 2022 VACANCY % BY GLA (S
Slide 126: US portfolio
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) 314 308 308 215 145 819 206 874 Year-end Results 2022 VACANCY % BY
Slide 127: US portfolio
Emira Property Fund Annexure – US offshore US portfolio University Dawson Newport Property Town Center Marketplace Pavilion Summit Woods Crossing Total LOCATION Norman, Oklahoma Dawsonville, Atlanta Newport, Kentucky Lee’s Summit, Missouri GLA (SF) 417 142 353 270 336 907 545 204 3 882 869 Year-end
Slide 128: Valuation parameters: US portfolio
Emira Property Fund Annexure – US offshore Valuation parameters: US portfolio Direct property portfolio JUN 2021 JUN 2022 Number of properties 11 12 Year-end Results 2022 GLA (SF) 3 328 670 3 882 869 Valuation (USDm) 569.5 693.9 Average value per property (USDm) 51.78 57.83 Valuation rate (USD/SF) 1
Slide 129: 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 Year-end Results 2022 Renewals 34 212 183 15.98 16.29 4.8 2.0% New leases 15 88 523 18.15
Slide 130: US portfolio — Lease expiry profile by GLA
Emira Property Fund Annexure – US offshore US portfolio — Lease expiry profile by GLA (SF)(%) 70% 61.6 60% 57.9 Year-end Results 2022 50% 40% 30% 20% 16.3 14.0 13.8 10% 7.1 6.6 4.5 4.1 4.8 5.0 4.2 0.3 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/06/2022) (FY23) (FY24)
Slide 131: US portfolio — Lease expiry profile by rental
Emira Property Fund Annexure – US offshore US portfolio — Lease expiry profile by rental (%) 70% 59.8 60% 56.4 Year-end Results 2022 50% 40% 30% 20% 18.6 15.6 13.5 8.6 7.8 6.9 10% 5.5 6.7 0.0 0.0 0.6 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/06/2022) (FY23) (FY24) (
Slide 132: 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 ten tenants (%) TJX Companies 8.4 Year-end Results 2022 Kohl's 6.9 Burlington 4.8 Hobby Lobby and Mardell 4.2 43 Lowe's Companies Inc. 3.7 57 Academy Sports 3.6 K
Slide 133: 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 ten tenants (%) TJX Companies 6.0 Year-end Results 2022 Burlington 3.7 Ulta Beauty Inc. 3.6 33 Kohl's 3.6 AMC Theatres 3.5 PetSmart 2.9 67 Hobby Lobby and Mardell 2
Slide 134: Major lease expiries by rental: FY22
Emira Property Fund Annexure – US offshore 10 Major lease expiries by rental: FY22 Property Tenant Lease end GLA (SF) Status Belden Park Crossings DSW Shoes Warehouse Jan 22 31 859 Renewed – 1 year Renewed – 10 years Year-end Results 2022 Stony Creek Marketplace Barnes & Noble Jan 22 21 980 (reduced
Slide 135: Major lease expiries by rental: 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 Expecting to renew Year-end Results 2022 Belden Park Crossings DSW Jan 23 31 859 Expecting to renew – 6 year extension University Town
Slide 136: 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-