Emira Property Fund Ltd. · JSE:EMI

Emira Property Fund — Debt Investor Presentation (August 2018)

15 slides from Emira Property Fund's debt investor presentation, Aug 23, 2018

  1. Slide 1: Fixed Income Debt Roadshow

    EMIRA PROPERTY FUND FIXED INCOME DEBT ROADSHOW 22 + 23 AUGUST 2018

  2. Slide 2: DMTN Programme Terms

    EMIRA PROPERTY FUND 1 DMTN PROGRAMME TERMS Issuer Emira Property Fund Limited National scale ratings Short-term unsecured A1 (ZA) (Global Credit Rating Co, Long-term unsecured A (ZA) “GCR”) Long-term secured AA (ZA) (previous note rating, currently under review) Programme size ZAR5 billion (ZAR3,773

  3. Slide 3: Salient Terms of an Issuance

    EMIRA PROPERTY FUND 2 SALIENT TERMS OF AN ISSUANCE Issuer Emira Property Fund Limited Arranger and dealer Rand Merchant Bank Expected secured Notes GCR pre-sale rating report expected to be released ahead of the rating auction (previously assessed as: Long term AA (ZA)) Auction date Early September

  4. Slide 4: Treasury Guidelines

    EMIRA PROPERTY FUND 3 TREASURY GUIDELINES Topic Guidelines Achieved Maturities Staggered maturity dates with ideally no more than 1/3 of total ~ interest bearing debt maturing within any one financial year and a minimum of 1.5 years weighted average duration to expiry Hedging 80% - 100% of total lon

  5. Slide 5: Security Arrangements

    EMIRA PROPERTY FUND 4 SECURITY ARRANGEMENTS Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement DEBT ISSUER GUARANTOR TRUSTEE Acting on behalf Emira Property of Group 1 Freestone Noteholders Fund Mortgage Bond (including its SPV Series 1 (RF) subsidiari

  6. Slide 6: Secured Property Portfolio: Loan to Value

    EMIRA PROPERTY FUND 5 SECURED PROPERTY PORTFOLIO LOAN TO VALUE Current Proposed Post proposed position issue issue R’000 R’000 R’000 Value of secured portfolio 1 014 350 1 014 350 Notes in issue Existing - EPF007 70 000 70 000 Proposed - tbc 330 000 330 000 70 000 330 000 400 000 LTV – actual 6.9% 3

  7. Slide 7: Secured Property Portfolio

    EMIRA PROPERTY FUND 6 SECURED PROPERTY PORTFOLIO Retail Industrial (continued) › Springfield Retail Centre › HBP Industrial Units › The Colony Shopping Centre › Midline Business Park › The Tramshed › Steiner Services Office › Wadeville Industrial Village › Albury Park › Johnson & Johnson › Hamilton

  8. Slide 8: Number of Properties per Sector

    EMIRA PROPERTY FUND 7 SECURED PROPERTY PORTFOLIO NUMBER OF PROPERTIES PER SECTOR - 2018 16 14 12 9 8 4 3 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL 2018

  9. Slide 9: Value Split and Geographical Spread

    EMIRA PROPERTY FUND 8 SECURED PROPERTY PORTFOLIO 2018 VALUE SPLIT PER SECTOR (%) R1.01bn GEOGRAPHICAL SPREAD BY VALUE (%) 2018 18 25 JOHANNESBURG 37 OFFICES 48 PRETORIA URBAN RETAIL WESTERN CAPE INDUSTRIAL 10 KWAZULU-NATAL 45 17 2018 GLA SPLIT PER SECTOR (%) GEOGRAPHICAL SPREAD BY GLA (%) 2018 9 OFF

  10. Slide 10: Average Value per m² and per Property

    EMIRA PROPERTY FUND 9 SECURED PROPERTY PORTFOLIO AVERAGE VALUE PER m² 20 000 16 136 12 303 R/m² 15 000 10 000 7 729 4 534 5 000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL 2018 AVERAGE VALUE PER PROPERTY 200 151 150 Rm 93 100 72 42 50 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL 2018

  11. Slide 11: Vacancy Profile and Escalations

    EMIRA PROPERTY FUND 10 SECURED PROPERTY PORTFOLIO VACANCY PROFILE BY GLA 3% 2.8% 3% 2.3% 2.0% 2% 2% 1.1% 1% 1% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 18 ESCALATIONS (%) 10% 8.4% 7.4% 8.1% 8.0% 8% 6% 4% 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 18

  12. Slide 12: Lease Expiry Profile by GLA

    EMIRA PROPERTY FUND 11 SECURED PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY GLA (%) 35% Hundreds 29.2% 30.3% 30% 25% 20% 18.7% 16.4% 15% 10% 5% 2.3% 1.6% 1.5% 0% VACANCY VACATED EXPIRIES ROLLED YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/6/18) (30/6/18) OVER (FY19) (FY20) (FY21) (FY22+) JUN 18 Property Tenant Le

  13. Slide 13: Top Tenants per Property by Gross Rental

    EMIRA PROPERTY FUND 12 SECURED PROPERTY PORTFOLIO TOP TENANTS PER PROPERTY BY GROSS RENTAL Springfield Retail Centre Food Lovers Market, The Hub, Baby City, HiFi Corporation, Toy Zone Albury Park Aegis, Office Space On-line, Sechaba, Scarab, Bouwers Incorporated The Tramshed Pick n Pay, Virgin Activ

  14. Slide 14: Debt Funding Mix

    EMIRA PROPERTY FUND 13 DEBT FUNDING MIX (Rm) 700 CAPITAL AVAILABLE FACILITY CAPITAL BALANCE 600 500 400 300 200 100 - AUG SEP SEP OCT NOV MAR MAR MAR MAY JUN SEP SEP SEP NOV NOV MAR JUN SEP NOV MAR MAY MAY SEP JUN JUN JUN 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 20 20 20 20 21 21 21 22 23 23 23

  15. Slide 15: Debt Covenants

    EMIRA PROPERTY FUND 14 DEBT COVENANTS TRANSACTION TRANSACTION TRANSACTION CORPORATE CORPORATE CORPORATE CORPORATE VALUE OF FACILITY FACILITY LTV LTV LTV LTV LTV ICR ICR PROPERTIES AVAILABLE DRAWN COVENANT ACTUAL ACTUAL COVENANT ACTUAL* COVENANT ACTUAL (DRAWN) (AVAILABLE) FACILITY Rm Rm Rm % % % % %

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