Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — H1 FY2025 Earnings Presentation
124 slides from Emira Property Fund's earnings presentation, September 2024
Slide 1: Emira Property Fund Interim Results
EMIRA PROPERTY FUND INTERIM RESULTS 30 SEP 2024
Slide 2: Overview, Sector Approach, Outlook
OVERVIEW SECTOR APPROACH OUTLOOK — Direct Investments — Indirect Investments — Corporate — Funding — NAV EMIRA PROPERTY FUND INTERIM RESULTS 2024 1
Slide 3: Geoff Jennett, CEO
GEOFF JENNETT CEO EMIRA PROPERTY FUND INTERIM RESULTS 2024 2
Slide 4: Another Busy Year
OVERVIEW OVERVIEW ANOTHER BUSY YEAR • Meaningful disposals in process of transfer • Initial tranche 1 investment into DL Invest • Achieving KPIs • Continued drive to achieve all targets EMIRA PROPERTY FUND INTERIM RESULTS 2024 3
Slide 5: Significant Disposals
OVERVIEW SIGNIFICANT DISPOSALS • Meaningful liquidity being created through sales › Makro and others totalling R446m already transferred › Spear, Springfield totalling R1 349m transferred Oct 24 › Market Square and others totalling R482m still to transfer • Meaningful disposals of directly held prop
Slide 6: Investment into DL Invest
OVERVIEW INVESTMENT INTO DL INVEST • Initial 25% equity stake €55m • Very excited about this diversification into Poland • Generates 7.2% escalating income yield › Growing economy • Redemption features at a premium such › Logistics sector focus that IRR is 21% › Co-invested equity • c. €740m of most
Slide 7: Another Busy Year Expectations
OVERVIEW OVERVIEW ANOTHER BUSY YEAR EXPECTATIONS • Meaningful disposals in process of transfer • Second tranche €45m into DL Invest • Initial tranche 1 investment into DL Invest • Expecting to marginally exceed the Exec KPI target DIPS for FY25 • Achieving KPIs • Continued drive to achieve all targe
Slide 8: Key Metrics
OVERVIEW KEY METRICS Distributable Disposals Vacancies LTV R1 795m 3.9% by GLA and 42.0% income per share 63.51c Transferred (Oct 24) 3.3% by units (excluding held for sale units) R482m Commercial and Residential (4.1% and 2.6%) (42.4%) (59.44c) To be transferred +6.9% R171m Tenant retention Dividen
Slide 9: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 8
Slide 10: Summary Distribution Statement
OVERVIEW SUMMARY DISTRIBUTION STATEMENT R’000 Sep 23 Sep 24 Variance % Commercial Portfolio 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 Enyuka 35 758 — (100.0) US 113 750 110 971 (2.4) DL Invest (Poland) — 7 285 100 Corporate/other (43 035) (37 079) 13.8 Funding (277 604) (266 440) 4
Slide 11: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 10
Slide 12: Distribution Statement
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Sep 23 Sep 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO COMMERCIAL PORTFOLIO 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 INDIRECT PORTFOLIO Enyuka 35 758 — (100) US 113 750 110 971 (2.4) Gross 100 897 117 390 16.3
Slide 13: Key Portfolio Metrics: Commercial Portfolio
COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2024 (VS 31 MARCH 2024) Commercial Portfolio • The operating environment continued Properties Office sector to be challenging with low economic growth 63 (69) R9.96bn (R9.9bn) • 2 Large new leases concluded. • But we are seeing a positive sh
Slide 14: Key Portfolio Metrics: Tenant Retention and WALE
COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2024 (VS 31 MARCH 2024) Commercial Portfolio Tenant retention • Due to 3 large renewals, namely: WALE › Intercare Sub-acute at The View (1 508m² – 5 years) 82.8% by GLA (80.8%) › Food Lovers Market at Springfield (7 752m² – 10 years) › RTT G
Slide 15: Key Portfolio Metrics: Commercial Portfolio
COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS: COMMERCIAL PORTFOLIO at 30 September 2024 ENERGY WATER BIODIVERSITY • 13 solar farms and the PV capacity • The state of water infrastructure • We planted 129 Bush is 12.2 MWp (megawatts peak) and water supply is a concern and Senecio at 28 properties • Add
Slide 16: Balance Sheet
COMMERCIAL PORTFOLIO BALANCE SHEET R’m Mar 24 Sep 24 % Ch DIRECT PORTFOLIO 12 191 12 139 (0.4) Commercial Portfolio 9 752 9 890 1.4 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO US 2 703 2 563 (5.2) DL Invest Group — 1 868 100.0 Loans receivable 236 211 (10.6) Other assets 475 412 (13.2
Slide 17: Valuation Summary: Commercial Portfolio Like-for-Like
COMMERCIAL PORTFOLIO VALUATION SUMMARY: COMMERCIAL PORTFOLIO – LIKE-FOR-LIKE COMPARISON † Mar 24 Sep 24 Valuation (Rm)^ 7 543 8 055 Number of properties 44 44 % of the portfolio valued externally 100% 100% Valuation rate (R/m²) • Retail 17 942 19 171 • Office 18 326 19 369 • Industrial 5 594 6 066 D
Slide 18: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 17
Slide 19: Distribution Statement
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Sep 23 Sep 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 INDIRECT PORTFOLIO Enyuka 35 758 — (100) US 113 750 110 971 (2.4) Gross 100 897 117 390 16.3
Slide 20: Key Portfolio Metrics: Residential Portfolio
RESIDENTIAL PORTFOLIO KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2024 (VS 31 MARCH 2024) Residential Portfolio Properties Number of units Vacancies total portfolio (by units) 21 (21) 3 588 3.3% excluding held for sale units (3 775) (2.6%) Transcend 3 561 Bolton 27 Total portfolio including held for sale
Slide 21: Balance Sheet
COMMERCIAL PORTFOLIO BALANCE SHEET R’m Mar 24 Sep 24 % Ch DIRECT PORTFOLIO 12 191 12 139 (0.4) Commercial Portfolio 9 752 9 890 1.4 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO US 2 703 2 563 (5.2) DL Invest Group — 1 868 100.0 Loans receivable 236 211 (10.6) Other assets 475 412 (13.2
Slide 22: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 21
Slide 23: Disposals: SA Commercial
DISPOSALS: SA COMMERCIAL DISPOSALS FY25 Disposals contracted for Book Gross Sale value price Effective Property name Province Sector GLA m² R R date TRANSFERRED Park Boulevard KwaZulu-Natal Urban Retail 5 357 60 300 000 61 000 000 10 Apr 2024 HBP Commercial Unit Gauteng Industrial 2 429 26 100 000 2
Slide 24: Disposals: SA Residential
DISPOSALS: SA RESIDENTIAL DISPOSALS FY25 Disposals contracted for Gross Sale Total Property name Province Book value Price units R R TRANSFERRED 67 on 7th Gauteng 3 1 819 589 2 046 700 Birchwood Village Gauteng 35 32 948 731 32 615 100 Jackalberry Close Gauteng 12 7 013 474 7 651 850 Parklands Weste
Slide 25: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 24
Slide 26: Distribution Statement
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Sep 23 Sep 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 INDIRECT PORTFOLIO Enyuka 35 758 — (100) US 113 750 110 971 (2.4) Gross 100 897 117 390 16.3
Slide 27: Key Portfolio Metrics: US Portfolio
US PORTFOLIO KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2024 (VS 31 MARCH 2024) US Portfolio Properties Vacancies Weighted average rent reversions 12 (12) 3.5% -0.3% (53 078 SF) Average property value (3.6%) (+5.8%) USD 57.9m Conn’s update • Home goods and furniture retailer filed Lease expiry profile (r
Slide 28: Balance Sheet
COMMERCIAL PORTFOLIO BALANCE SHEET R’m Mar 24 Sep 24 % Ch DIRECT PORTFOLIO 12 191 12 139 (0.4) Commercial Portfolio 9 752 9 890 1.4 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO US 2 703 2 563 (5.2) DL Invest Group — 1 868 100.0 Loans receivable 236 211 (10.6) Other assets 475 412 (13.2
Slide 29: Overview of DL Invest
POLAND PORTFOLIO OVERVIEW OF DL INVEST DL INVEST • The DL Invest Group, headquartered in Luxembourg, properties in Poland • Owned and controlled by Dominik Leszczyński • Develop to own and manage, growth aspirations › Been in existence since 2007 › Currently employs 230 staff • Emira provides equity
Slide 30: Investment into DL Invest
POLAND PORTFOLIO INVESTMENT INTO DL INVEST DL INVEST • Initial 25% equity stake €55m acquired • 1 of 3 Board seats for Emira at a discount to its share of NAV of €101m • Second tranche of 20% equity €45m • Generates 7.2% escalating income yield • Excited to participate and help DL Invest grow • Rede
Slide 31: Distribution Statement
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Sep 23 Sep 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 INDIRECT PORTFOLIO Enyuka 35 758 — (100) US 113 750 110 971 (2.4) Gross 100 897 117 390 16.3
Slide 32: Balance Sheet
DL INVEST BALANCE SHEET R’m Mar 24 Sep 24 % Ch DIRECT PORTFOLIO 12 191 12 139 (0.4) Commercial Portfolio 9 752 9 890 1.4 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO US 2 703 2 563 (5.2) DL Invest Group — 1 868 100.0 Loans receivable 236 211 (10.6) Other assets 475 412 (13.2) TOTAL ASS
Slide 33: Key Portfolio Metrics: Poland Portfolio
POLAND PORTFOLIO KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2024 DL INVEST Properties and GLA Vacancies WALE 37 Logistics 16 Retail 13 Mixed-used 8 2.0% 5.5 YEARS 545 052m² Logistics Retail 1.4% 0.5% Logistics 78% Mixed-use 6.5% Retail 8% Mixed-use 14% Number of tenants Developments under construction Va
Slide 34: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 33
Slide 35: Distribution Statement
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Sep 23 Sep 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 INDIRECT PORTFOLIO Enyuka 35 758 — (100) US 113 750 110 971 (2.4) Gross 100 897 117 390 16.3
Slide 36: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 35
Slide 37: Distribution Statement
COMMERCIAL PORTFOLIO DISTRIBUTION STATEMENT Sep 23 Sep 24 Dividend Dividend Variance R’000 payable payable % DIRECT PORTFOLIO Commercial Portfolio 408 740 422 876 3.5 Residential Portfolio 85 079 88 475 4.0 INDIRECT PORTFOLIO Enyuka 35 758 — (100) US 113 750 110 971 (2.4) Gross 100 897 117 390 16.3
Slide 38: Balance Sheet
COMMERCIAL PORTFOLIO BALANCE SHEET R’m Mar 24 Sep 24 % Ch DIRECT PORTFOLIO 12 191 12 139 (0.4) Commercial Portfolio 9 752 9 890 1.4 Residential Portfolio 2 438 2 248 (7.8) INDIRECT PORTFOLIO US 2 703 2 563 (5.2) DL Invest Group — 1 868 100.0 Loans receivable 236 211 (10.6) Other assets 475 412 (13.2
Slide 39: Debt Expiry Profile (Rm)
FUNDING DEBT EXPIRY PROFILE (Rm) 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 Mar 2025 Sep 2025 Mar 2026 Sep 2026 Mar 2027 Sep 2027 Mar 2028 Sep 2028 Drawn Undrawn FY25 H1: refinances Average duration Upcoming Liquidity: /new loans: R1.3bn to expiry: 2.1 years refinances < 1yr: R2.3bn • undrawn d
Slide 40: Emira Property Fund Year-End Results 2024
EMIRA PROPERTY FUND YEAR-END RESULTS 2024 39
Slide 41: 12.3% Increase in NAV per Share
OTHER NET ASSET VALUE PER SHARE (CENTS) 2 000 159.7 1 975 7.1 1 945 1 950 78 1 925 (9.5) (4.1) (0.1) 30 (51.7) 62.4 1 900 29.0 1 875 1 850 1 825 81.7 1 800 1 775 1 883.1 1 750 1 733.1 0.3 1 725 1 700 55.3 1 675 1 677.8 1 650 Mar 24 Change in treasury Commercial & DL Invest US Forex IRS Expected cred
Slide 42: Geoff Jennett, CEO
GEOFF JENNETT CEO EMIRA PROPERTY FUND INTERIM RESULTS 2024 41
Slide 43: Outlook
OUTLOOK OUTLOOK PAST 6 MONTHS FOCUS FOR BALANCE EXPECT • Meaningful disposals OF FY25 • Marginally exceed Exec KPI target DIPS for FY25 • Investment into DL Invest • Ensure disposal transfers take place that will lower the • Another busy year for FY26 • DIPS of 63.51c LTV to 37-39% range • DPS of 62
Slide 44: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 43
Slide 45: Number of Properties
ANNEXURE – OPERATIONS: COMMERCIAL AND RESIDENTIAL PORTFOLIO NUMBER OF PROPERTIES 120 97 94 100 91 90 80 79 84 77 74 80 60 40 20 0 JUN 19 JUN 20 JUN 21 JUN 22 DEC 22 MAR 23 SEP 23 MAR 24 SEP 24 NUMBER OF PROPERTIES PER SECTOR 40 32 30 28 20 20 21 21 20 17 15 10 0 OFFICE URBAN RETAIL* INDUSTRIAL** RES
Slide 46: Sectoral Spread of Properties by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO SECTORAL SPREAD OF PROPERTIES BY GLA AND VALUE (%) GLA SPLIT PER SECTOR (%) MAR 2024 GLA SPLIT PER SECTOR (%) SEP 2024 VALUE SPLIT PER SECTOR (%) MAR 2024 VALUE SPLIT PER SECTOR (%) SEP 2024 749 687m2 717 764m2 R9.9bn R9.96bn Urban Retail 39 Urban Retail 3
Slide 47: Geographical Spread of Buildings by Number
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER 40 35 32 30 28 25 20 16 16 15 11 10 10 8 7 5 1 1 1 1 0 JOHANNESBURG* PRETORIA** WESTERN CAPE KWAZULU-NATAL*** BLOEMFONTEIN MPUMALANGA *Disposals: Makro **Disposal: *** Disposal: Aeroport (98 Loper Road) HBP Commer
Slide 48: Geographical Spread of Properties by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO GEOGRAPHICAL SPREAD OF PROPERTIES BY GLA AND VALUE (%) GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD BY GLA (%) MAR 2024 BY GLA (%) SEP 2024 BY VALUE (%) MAR 2024 BY VALUE (%) SEP 2024 Johannesburg 46 Johannesburg 44 Johan
Slide 49: Average Value of Properties per m² and Property
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO AVERAGE VALUE OF PROPERTIES PER m² AND PROPERTY AVERAGE VALUE PER m² 20 000 4.1% 7.3% 15 000 18 168 18 919 17 727 19 025 5.5% 10 000 13 160 13 879 6.1% 5 000 5 913 6 273 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL MAR 24 SEP 24 AVERAGE VALUE PER PROPERTY 400 11
Slide 50: Office Sector Exposure of Properties – Quality Improvement
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO OFFICE SECTOR EXPOSURE OF PROPERTIES – QUALITY IMPROVEMENT NUMBER OF PROPERTIES AVERAGE VALUE PER PROPERTY (Rm) GRADE OF OFFICE PORTFOLIO BY VALUE (%) GRADE OF OFFICE PORTFOLIO BY VALUE (%) JUN 2011 SEP 2024 2011 (Jun) 73 2011 (Jun) 52 P-grade 0 P-grade 51
Slide 51: Geographical Spread of Buildings by Number
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER 20 18 16 16 16 14 12 10 8 6 4 3 3 2 2 2 0 JOHANNESBURG PRETORIA WESTERN CAPE MAR 24 SEP 24 EMIRA PROPERTY FUND INTERIM RESULTS 2024 50
Slide 52: Geographical Spread of Properties by Value and Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO GEOGRAPHICAL SPREAD OF PROPERTIES BY VALUE AND UNIT (%) GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY VALUE (%) GEOGRAPHICAL SPREAD BY VALUE (%) MAR 2024 – 3 775 units SEP 2024 – 3 588 units MAR 2024 – R2.2bn SEP 2
Slide 53: Average Value of Properties per Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO AVERAGE VALUE OF PROPERTIES PER UNIT 600 000 595 516 595 000 590 000 585 360 585 000 580 000 575 000 570 000 565 000 560 000 555 000 550 000 RESIDENTIAL MAR 24 SEP 24 EMIRA PROPERTY FUND INTERIM RESULTS 2024 52
Slide 54: Vacancy Profile per Sector by GLA
ANNEXURE – OPERATIONS: TOTAL PORTFOLIO VACANCY PROFILE PER SECTOR BY GLA (%) 20% 18.2 18% 16% 14% 12.0 12% 11.6 10.9 10% 9.4 7.8 8% 6.1 6% 5.0 4.8 4.5 3.9 4.2 4.1 4.1 3.9 4% 3.6 3.4 3.3 3.5 3.2 2.6 2.6 2% 0.6 0.7 0.7 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL RESIDENTIAL (SAPOA 13.6%) (MSCI 4.4%) (MSCI
Slide 55: Vacancy Profile per Sector and Grade by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO VACANCY PROFILE PER SECTOR AND GRADE BY GLA (%) 35% 30% 28.8 25% 21.1 21.5 19.7 19.9 19.7 20% 15% 13.6 12.1 11.6 10.7 10.4 10% 9.4 9.3 8.7 7.5 6.1 4.8 5% 3.9 4.2 4.1 4.1 3.9 3.6 3.4 3.2 2.6 2.6 0.6 0.7 0.7 0% OFFICE P OFFICE A OFFICE B URBAN RETAIL INDUSTR
Slide 56: Vacancy Loss by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO VACANCY LOSS BY GROSS RENTAL (%) 16% 13.9 14% 12% 9.9 9.7 10% 9.1 8% 7.6 6.1 6% 4.7 4.2 4.1 4.1 4% 3.3 3.2 2.8 2.7 2.6 2.3 2.2 2% 0.5 0.5 0.5 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 21 DEC 22 SEP 23 MAR 24 SEP 24 EMIRA PROPERTY FUND INTERIM RESULTS 202
Slide 57: Vacancy Loss per Sector and Grade by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO VACANCY LOSS PER SECTOR AND GRADE BY GROSS RENTAL (%) 30% 27.0 25% 20.6 20% 18.7 18.6 18.6 15% 13.0 10% 9.1 9.1 8.5 6.9 6.1 4.7 5% 4.2 4.1 4.1 3.2 3.3 2.8 2.7 2.6 2.3 2.2 0.5 0.5 0.5 0% PRIME + OFFICE A OFFICE B URBAN RETAIL INDUSTRIAL TOTAL (COMMERCIAL) D
Slide 58: Tenant Retention
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT RETENTION (%) 100% Hundreds 86 88 83 83 83 84 79 80 81 79 81 79 80% 77 76 76 60% 40% GROSS RENTALS m² NO. OF LEASES DEC 21 DEC 22 SEP 23 MAR 24 SEP 24 FY25 YTD expiries: 94 640m² equals 273 leases or R12.8m gross rentals per month Early renewals (FY
Slide 59: Tenant Retention per Sector by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT RETENTION PER SECTOR BY GROSS RENTAL (%) 100% 91 91 92 88 88 89 88 85 86 83 81 80 80 81 80% 79 65 62 63 60 59 60% 40% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 21 DEC 22 SEP 23 MAR 24 SEP 24 EMIRA PROPERTY FUND INTERIM RESULTS 2024 58
Slide 60: Top Renewals by Gross Rental: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP RENEWALS BY GROSS RENTAL: FY25 Property Sector Tenant Lease end GLA (m2) Status Renewed – 5 years RTT ACSA Park Industrial RTT Group Dec 24 30 833 (on reduced space from 46 673m²) RTT Continental Industrial RTT Group Dec 24 12 921 Renewed – 2 years 2 m
Slide 61: Top Renewals by GLA: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP RENEWALS BY GLA: FY25 Property Sector Tenant Lease end GLA (m2) Status Renewed – 5 years RTT ACSA Park Industrial RTT Group Dec 24 30 833 (on reduced space from 46 673m²) RTT Continental Industrial RTT Group Feb 24 12 921 Renewed – 2 years 2 months Won
Slide 62: Major Lease Expiries by Gross Rental: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 10 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY25 Property Sector Tenant Lease end GLA (m2) Status Renewed – 5 years RTT ACSA Park Industrial RTT Group Dec 24 46 673 (reduced space to 30 833m²) RTT Continental Industrial RTT Group Dec 24 12 921 Renewed – 2 yea
Slide 63: Major Lease Expiries by GLA: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO 10 MAJOR LEASE EXPIRIES BY GLA: FY25 Property Sector Tenant Lease end GLA (m2) Status Renewed – 5 years RTT ACSA Park Industrial RTT Group Dec 24 46 673 (reduced space to 30 833m²) RTT Continental Industrial RTT Group Dec 24 12 921 Renewed – 2 years 2 mont
Slide 64: Top Expiries by Gross Rental: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP EXPIRIES BY GROSS RENTAL: FY25 EXCLUDING UNCONDITIONAL HELD FOR SALE/TRANSFERRED/RENEWED Property Sector Tenant Lease end GLA (m2) Status Lease with tenant for signature – 5 years Wonderpark Urban Retail Edgars Apr 24 3 998 (reduced space to 2 498m²) R
Slide 65: Top Expiries by GLA: FY25
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP EXPIRIES BY GLA: FY25 EXCLUDING UNCONDITIONAL HELD FOR SALE/TRANSFERRED/RENEWED Property Sector Tenant Lease end GLA (m2) Status Lease with tenant for signature – 5 years Wonderpark Urban Retail Edgars Apr 24 3 998 (reduced space to 2 498m²) Randridge
Slide 66: Top Expiries by Gross Rental: FY26
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP EXPIRIES BY GROSS RENTAL: FY26 EXCLUDING UNCONDITIONAL HELD FOR SALE/TRANSFERRED Property Sector Tenant Lease end GLA (m2) Status South African Local Menlyn Corporate Park Offices Oct 25 7 025 Busy with negotiations – 3 years Government Knightsbridge O
Slide 67: Top Expiries by GLA: FY26
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP EXPIRIES BY GLA: FY26 EXCLUDING UNCONDITIONAL HELD FOR SALE/TRANSFERRED Property Sector Tenant Lease end GLA (m2) Status South African Local Menlyn Corporate Park Offices Oct 25 7 025 Busy with negotiations – 3 years Government The Tramshed Urban Retai
Slide 68: Weighted Reversions Total by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED REVERSIONS TOTAL BY GROSS RENTALS Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 11 620 174.58 157.88 (9.6) Urban Retail 21 258 203.45 195.34 (4.0) Industrial 78 791 70.10 64.60 (7.9) Total Sep 24 111 669
Slide 69: Weighted Reversions Renewals by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED REVERSIONS RENEWALS BY GROSS RENTALS Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 9 119 130.73 115.41 (11.7) Urban Retail 19 678 185.82 182.01 (2.0) Industrial 66 678 60.58 53.28 (12.1) Total Sep 24 95 4
Slide 70: Weighted Reversions New Leases by Gross Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED REVERSIONS NEW LEASES BY GROSS RENTALS Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 7 851 203.75 197.32 (3.2) Urban Retail 2 316 237.25 179.38 (24.4) Industrial 4 591 74.34 73.60 (1.0) Total Sep 24 14 75
Slide 71: Weighted Average Lease Escalations
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED AVERAGE LEASE ESCALATIONS (%)* 8% 7.1 7.0 7% 6.8 6.7 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.5 6.5 6.5 6.5 6.4 6.3 6.3 6.3 6.2 6% 5% 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 21 DEC 22 SEP 23 MAR 24 SEP 24 *Based on occupied Fund GLA EMIRA PROPERTY FUN
Slide 72: Weighted Average Lease Expiry (WALE)
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO WEIGHTED AVERAGE LEASE EXPIRY (WALE) (YEARS) 4.0 3.5 3.5 3.3 3.2 3.2 3.2 3.0 2.9 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.6 2.6 2.5 2.5 2.1 2.0 2.0 2.0 1.8 1.5 1.0 0.5 0 0.0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 22 MAR 23 SEP 23 MAR 24 SEP24 EMIRA PROPERTY FUND IN
Slide 73: Lease Expiry Profile by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL (%) 50% 45% 44.2 44.1 39.5 40% 37.6 35% 30% 25.7 25.1 25% 22.9 22.2 21.4 22.2 20% 17.4 16.2 15% 12.4 11.0 9.5 9.5 10% 7.8 5.6 5% 3.1 2.0 0.0 0.4 0.0 0.2 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (30/0
Slide 74: Lease Expiry Profile — Offices
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE — OFFICES BY GROSS RENTAL (%) 55% 51.2 50% 47.2 45% 42.1 39.7 40% 35% 30% 27.1 27.6 25% 23.9 21.4 20% 18.0 17.3 16.5 14.2 14.4 15% 9.5 10.3 10% 8.2 5% 4.1 3.7 1.1 1.0 1.4 0.0 0.0 0.1 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3
Slide 75: Lease Expiry Profile — Urban Retail
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE — URBAN RETAIL BY GROSS RENTAL (%) 50% 44.5 45% 40.8 41.2 40.7 40% 35% 29.4 30% 28.1 24.7 25% 20.4 20% 17.7 17.4 16.7 13.6 14.5 15% 11.4 10.4 10% 7.8 7.1 6.0 4.4 5% 2.6 0.0 0.2 0.0 0.4 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR
Slide 76: Lease Expiry Profile — Industrial
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASE EXPIRY PROFILE — INDUSTRIAL BY GROSS RENTAL (%) 50% 46.7 45% 40% 35.8 34.5 35% 33.1 30% 28.9 26.6 26.9 27.4 27.5 25% 21.0 20% 14.6 14.3 14.6 13.8 15% 11.3 10% 6.5 5.6 6.5 5% 2.4 2.0 0.0 0.0 0.0 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3
Slide 77: Leases Concluded: Lease Commencement 1 April 2024+
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO LEASES CONCLUDED: LEASE COMMENCEMENT 1 APRIL 2024+ New Renewal Total Number of leases 33 153 185 Offices 11 38 49 Urban Retail 9 69 78 Industrial 13 46 58 Total m² 15 561 95 475 111 669 Offices 1 868 9 119 11 620 Urban Retail 1 580 19 678 21 258 Industrial
Slide 78: Emira Net Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA NET RENTALS (Excluding vacancies, parking, store-rooms, kiosks, ATMs, mezzanines) No. of Occupied Avg Net Rental Sector Buildings GLA (m²) (R/m²) Office: P-Grade 4 56 069 170.66 Office: A-Grade 14 74 103 158.05 Office: B-Grade 2 11 959 119.02 Urban R
Slide 79: Tenant Grading — by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT GRADING — BY GLA (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 75 Hundreds 70% 27 60% 51 50 50% 40 40% 30% 28 21 20% 13 60 12 10 13 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade GRADING • “A” Large national tenan
Slide 80: Tenant Grading — by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT GRADING — BY GROSS RENTAL (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 73 Hundreds 22 70% 60% 58 53 50% 40% 37 30% 23 19 14 20% 13 14 10 64 10% 0% A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Grade C Grade GRADING • “A” Large natio
Slide 81: Tenant Exposure by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT EXPOSURE BY GLA (%) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) RTT GROUP 8.6 PICK N PAY 6.5 30 SHOPRITE CHECKERS 2.6 PEPKOR 2.4 WOOLWORTHS 1.9 THE BEVERAGE COMPANY 1.8 70 KING PRICE INSURANCE 1.7 THE FOSCHINI GROU
Slide 82: Tenant Exposure by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TENANT EXPOSURE BY GROSS RENTAL (%) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) PICK N PAY 5.0 RTT GROUP 4.7 28 PEPKOR 3.5 KING PRICE INSURANCE 3.4 SHOPRITE CHECKERS 2.7 THE FOSCHINI GROUP 2.2 MR PRICE GROUP 2.1 72 SA LOC
Slide 83: Potential New Major Capex Projects
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO POTENTIAL NEW MAJOR CAPEX PROJECTS Major projects being considered Type m² Value (Rm) Construction time Quagga Shopping Centre – Refurbishment and new entrance Urban Retail N/A 29 12 months Ben Fleur – Checkers refurbishment Urban Retail 3 366 18.5 4 month
Slide 84: Top Properties by Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO TOP 10 PROPERTIES BY VALUE Property Node Classification GLA (m2) Major Tenants Wonderpark Pretoria North Retail – Regional Shopping 91 038 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²), Shopping Centre Centre Edgars (3 998
Slide 85: Environmental — Reporting
ANNEXURE – OPERATIONS: COMMERCIAL AND RESIDENTIAL PORTFOLIO ENVIRONMENTAL — REPORTING EMIRA’S APPROACH TO REPORTING CDP GREEN BUILINGS • Emira remains aligned with the relevant • CDP, formerly known as the ‘Carbon Disclosure • A focus on green buildings certifications where frameworks namely: Projec
Slide 86: Environmental — Energy
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO ENVIRONMENTAL — ENERGY 100% 91.9 89.9 90% 85.7 80% 75.1 72.1 70% 60% 50% 40% 30% 20% 13.7 13.4 15.8 14.3 6.6 8.0 9.1 10% 1.5 2.1 0.9 0% Grid electricity Renewable electricity Diesel JUN 21 JUN 22 MAR 23 MAR 24 SEP 24 ENERGY CONSUMPTION HIGHLIGHTS ENERGY MA
Slide 87: Environmental — Water, Waste and Biodiversity
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO ENVIRONMENTAL — WATER, WASTE AND BIODIVERSITY WATER WASTE BIODIVERSITY • Water scarcity (a physical climate risk) can impact • UN SDGs Goal 12 is part of Emira’s commitment • The climate and biodiversity crises are Emira’s operations intertwined, with the
Slide 88: Allocation (%) — Total
ANNEXURE – OPERATIONS: COMMERCIAL AND RESIDENTIAL PORTFOLIO ALLOCATION (%) — TOTAL Mar 24 SEP 24 US 18.7 18.7% 15.5 15.5% OFFICE 19.5 18.4 URBAN RETAIL 34.8 31.0 INDUSTRIAL 11.7 81.3% 10.9 73.2% RESIDENTIAL 15.1 12.7 LAND 0.2 0.2 DL INVEST 0.0 0.0% 11.3 11.3% EMIRA PROPERTY FUND INTERIM RESULTS 2024
Slide 89: Disposals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO DISPOSALS Approximate GLA Book value* Sale price net exit yield Effective Property Location Sector (m²) (Rm) (Rm) (%) date Park Boulevard Durban Retail 5 357 60.3 61.0 8.6 10 Ap 24 HBP Commercial Unit Pretoria Industrial 2 429 26.1 23.5 10.9 20 Jun 24 Aero
Slide 90: Key Portfolio Metrics Taking Into Account Sale of 19 Properties
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO KEY PORTFOLIO METRICS AT 30 SEPTEMBER 2024 TAKING INTO CONSIDERATION THE SALE OF 19 PROPERTIES Commercial Portfolio Properties Tenant retention WALE 44 (63) R8.1bn (R10.0bn) 87.8% by GLA (82.8%) 3.0 YEARS (2.8) 86.5% by gross rental (82.6%) Urban Retail 3.
Slide 91: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 90
Slide 92: Dividend per Share (Cents)
ANNEXURE – FINANCIALS DIVIDEND PER SHARE (CENTS) 2.7 3.5 (6.2) 0.2 0.5 90 80 70 61.74 3.5 4.9 0.8 0.4 62.39 1.4 0.2 60 (2.2) (7.1) (0.5) (0.7) 50 USA (net of haircut) Held properties Enyuka DL Invest Net Income Admin costs EUR interest September 2023 Sold properties USD interest September 2024 Net Z
Slide 93: Cost-to-Income Ratio: Commercial Portfolio
ANNEXURE – FINANCIALS COST-TO-INCOME RATIO (%): COMMERCIAL PORTFOLIO 50% 45.4 46.5 45.8 45% 40% 35% 30% 27.1 28.2 25.6 25% 20% 15% 10% 5% 0% GROSS NET SEP 23 MAR 24 SEP 24 EMIRA PROPERTY FUND INTERIM RESULTS 2024 92
Slide 94: Cost-to-Income Ratio: Residential Portfolio
ANNEXURE – FINANCIALS COST-TO-INCOME RATIO (%): RESIDENTIAL PORTFOLIO 50% 44.6 45% 43.4 40% 37.3 37.8 36.9 35% 30.6 30% 25% 20% 15% 10% 5% 0% GROSS NET SEP 23 MAR 24 SEP 24 EMIRA PROPERTY FUND INTERIM RESULTS 2024 93
Slide 95: Property Expense Analysis: Commercial Portfolio
ANNEXURE – FINANCIALS PROPERTY EXPENSE ANALYSIS (%): COMMERCIAL PORTFOLIO MUNICIPAL CHARGES 62 61 SECURITY EXPENSES 8 8 SERVICE CONTRACTS 7 7 CONSUMABLES 1 6 MAINTENANCE AND REFURBISHMENTS 4 4 PROPERTY MANAGEMENT FEE 5 5 RENT AND LEVIES PAID 4 3 ADMINISTRATION EXPENSES 3 2 LEASING EXPENSES 5 2 STAFF
Slide 96: Property Expense Analysis: Residential Portfolio
ANNEXURE – FINANCIALS PROPERTY EXPENSE ANALYSIS (%): RESIDENTIAL PORTFOLIO 40 MUNICIPAL CHARGES 48 18 PROPERTY MANAGEMENT FEE 15 11 MAINTENANCE AND REFURBISHMENTS 11 7 RENT AND LEVIES PAID 8 4 BAD DEBTS 6 5 SECURITY EXPENSES 5 4 STAFF-RELATED EXPENSES 3 7 ADMINISTRATION EXPENSES 3 1 SERVICE CONTRACT
Slide 97: Reconciliation of Cash Generated from Operations to Distributable Income
ANNEXURE – FINANCIALS RECONCILIATION OF CASH GENERATED FROM OPERATIONS TO DISTRIBUTABLE INCOME Six months ended R’000 30 Sep 2024 NET CASH FLOW FROM OPERATING ACTIVITIES (AS PER STATEMENT OF CASH FLOWS) (123 122) ITEMS IN CASH FLOW FROM OPERATING ACTIVITIES, BUT NOT RELATED TO DISTRIBUTABLE INCOME 3
Slide 98: Foreign Income: Weighted Average Hedged Rate per Reporting Period
ANNEXURE – FINANCIALS FOREIGN INCOME: WEIGHTED AVERAGE HEDGED RATE PER REPORTING PERIO D Nominal Forward rate Nominal Forward rate Period (EUR’000) against ZAR (USD’000) against ZAR Mar 25 1 290 20.49 3 901 18.57 Sep 25 1 304 20.94 3 891 18.80 Mar 26 1 327 21.40 3 284 19.77 Sep 26 1 342 21.88 3 184
Slide 99: Valuation Parameters: Commercial Portfolio
ANNEXURE – FINANCIALS VALUATION PARAMETERS: COMMERCIAL PORTFOLIO MAR 2024 SEP 2024 DIRECT PROPERTY PORTFOLIO RETAIL OFFICE IND TOTAL RETAIL OFFICE IND TOTAL Number of properties 17 20 32 69 15 20 28 63 GLA (m²) 292 889 161 013 295 785 749 687 268 659 160 776 288 329 717 764 Valuation (Rm)*^† 5 192 2
Slide 100: Valuation Parameters: Residential Portfolio
ANNEXURE – FINANCIALS VALUATION PARAMETERS: RESIDENTIAL PORTFOLIO Mar 24 Sep 24 Valuation (Rm) 2 248 2 100 Number of properties 21 21 % of the portfolio valued externally 100% 100% Valuation rate (R/m²) 595 516 585 360 Income capitalisation approach applied (No. of properties) 4 6 Direct sales appro
Slide 101: Debt Mix Analysis
ANNEXURE – FINANCIALS DEBT MIX ANALYSIS Currency ZAR USD EUR Total Income-producing assets (Rm) 12 273 2 571 1 868 16 712 Total facilities (Rm) 8 164 — — 8 164 Reclassified as foreign debt through CCIRS (Rm) (1 656) 790 866 — Adjusted total facilities (Rm) 6 508 790 866 8 164 Drawn facilities includ
Slide 102: Debt Funding Cost (Emira)
ANNEXURE – FINANCIALS DEBT FUNDING COST (EMIRA) Mar 2024 Sep 2024 Average Average Fixed Average Average Fixed all-in rate fixed rate duration all-in rate fixed rate duration % % years % % years ZAR 9.99 7.34 1.4 10.01 7.40 1.5 USD 3.21 3.21 1.4 3.40 3.40 1.5 EUR — — — 2.85 2.85 4.0 TOTAL 8.72 6.30 1
Slide 103: Debt Covenants: Emira
ANNEXURE – FINANCIALS DEBT COVENANTS: EMIRA Amount drawn Transaction LTV, Corporate LTV Transaction LTV including derivatives covenant Transaction ICR Corporate ICR Value of (incl accrued security/ Amount Amount interest + Lender properties available drawn derivatives) Prescribed Actual Prescribed A
Slide 104: Debt Facilities by Source (Rm)
ANNEXURE – FINANCIALS DEBT FACILITIES BY SOURCE (Rm) 2 000 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 EMIRA PROPERTY FUND INTERIM RESULTS 2024 103
Slide 105: Interest Rate Hedging Profile (Rm)
ANNEXURE – FINANCIALS INTEREST RATE HEDGING PROFILE (Rm) 1 200 1 000 800 600 400 200 0- Mar 2025 Sep 2025 Mar 2026 Sep 2026 Mar 2027 Sep 2027 74.2% 2.0 YEARS 8.39% hedged debt (drawn) weighted average duration to expiry weighted average all-in interest rate EMIRA PROPERTY FUND INTERIM RESULTS 2023 1
Slide 106: Loan to Value Calculation
ANNEXURE – FINANCIALS LOAN TO VALUE CALCULATION Rm NET INTEREST-BEARING DEBT 7 014 Non-current portion 4 628 Current portion 2 338 Add back: Unamortised debt raising fees 8 Add: Net derivative liabilities 3 Add: ESA and BEE SPV's debt 150 Less: Cash on hand (113) INCOME-PRODUCING ASSETS 16 712 Inves
Slide 107: Emira Loan-to-Value Bridge
ANNEXURE – FINANCIALS EMIRA LOAN-TO-VALUE BRIDGE 45 78 43 0.6 0.4 0.1 0.6 68 1.8 41 (0.9) (0.2) 39 (2.2) (0.6) 42.4 41.5 41.4 41.4 42.0 41.1 37 39.6 35 Mar 24 Property disposals Property DL Invest US Investment Currency Interest rate ECL on loans FY25 distributable Net debt Sep 24 (net of disposal r
Slide 108: Loan to Value: Look Through
ANNEXURE – FINANCIALS LOAN TO VALUE: LOOK THROUGH Proportionally consolidate equity investments As reported US DL Invest Adjusted Rm Rm Rm Rm NET INTEREST-BEARING DEBT 7 014 3 364 2 419 12 798 Non-current portion 4 628 3 647 2 565 10 839 Current portion 2 338 2 338 Add back: Unamortised debt raising
Slide 109: Interest Cover Ratio Calculation
ANNEXURE – FINANCIALS INTEREST COVER RATIO CALCULATION Measure 1 Measure 2 R'000 R'000 Profit before finance costs 1 707 181 1 707 181 ADJUSTMENTS EXCLUDE: Allowance for future rental escalations 2 965 2 965 Amortisation of lease costs and tenant installations 18 912 18 912 Depreciation 708 708 Net
Slide 110: Segmental Loan-to-Value and Interest Cover Ratios
ANNEXURE – FINANCIALS SEGMENTAL LOAN-TO-VALUE AND INTEREST COVER RATIOS Indirect investments (equity accounted) Emira Group US Accounting treatment n/a Equity accounted Equity held (%) n/a 46.7 – 49.6 Loan-to-value ratio (%) 42.0 57.1 Loan-to-value ratio covenant (%)* 50.0 n/a Interest cover ratio (
Slide 111: Cross-Currency Interest-Rate Swap Exposure
ANNEXURE – FINANCIALS CROSS-CURRENCY INTEREST-RATE SWAP EXPOSURE Weighted Weighted Nominal average average Weighted Foreign USD’00 initial interest Interest average asset (fair value) CCIRS vs 0/EUR’0 Nominal exchange rate USD/EUR rate ZAR duration USD’000/EUR’0 foreign 00 R'000 rate (fixed) (floati
Slide 112: Emira Property Fund
EMIRA PROPERTY FUND INTERIM RESULTS 2024 111
Slide 113: US Portfolio Summary
ANNEXURE – US OFFSHORE US PORTFOLIO SUMMARY (VS 31 MARCH 2024) Properties Average value per SF Rent reversions Average annual base rental 12 USD 181.85 -0.3% USD 14.39/SF (12) (USD 179.29) (+5.8%) (USD 14.26/SF) Portfolio value Vacancies (by GLA) Lease expiry profile (GLA) Renewals concluded USD 695
Slide 114: US Thesis — Recap
ANNEXURE – US OFFSHORE US THESIS — RECAP • First world economy • Undervalued subsector, focusing on open-air power centres with grocer component and value offering • Diversified, credit-quality tenant base • Asset by asset approach, with co-investment partners • Oct 2017 start • USD yields >10.5% •
Slide 115: US Geographical Exposure
ANNEXURE – US OFFSHORE US GEOGRAPHICAL EXPOSURE Ohio Indiana Missouri Kentucky Oklahoma Georgia Dallas Texas KEY Florida States with owned assets Owned asset location Rainier HQ EMIRA PROPERTY FUND INTERIM RESULTS 2024 114
Slide 116: Valuation Parameters: US Portfolio
ANNEXURE – US OFFSHORE VALUATION PARAMETERS: US PORTFOLIO Direct property portfolio Sep 2024 Mar 2024 Number of properties 12 12 GLA (SF) 3 822 675 3 884 818 Valuation (USDm) 695.1 696.5 Average value per property (USDm) 57.9 58.0 Valuation rate (USD/SF) 181.85 179.29 % of the portfolio valued exter
Slide 117: US Portfolio — Leasing
ANNEXURE – US OFFSHORE US PORTFOLIO — LEASING Weighted Weighted Area expiry rental new lease rental Ave duration Increase/decrease No. (SF) (USD/SF P.A.) (USD/SF P.A.) (years) (%) REVERSIONS Renewals 9 53 078 19.17 19.12 4.0 (0.3) New leases 0 0 0 0 0 0 TOTAL — REVERSIONS 9 53 078 19.17 19.12 4.0 (0
Slide 118: US Portfolio — Lease Expiry Profile by GLA
ANNEXURE – US OFFSHORE US PORTFOLIO — LEASE EXPIRY PROFILE BY GLA (SF) (%) 70% 66.4 60% 54.0 50% 40% 30% 20% 15.8 12.4 12.2 12.5 12.5 10% 3.6 3.5 4.6 0.7 1.8 0.0 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/09/2024) (FY25) (FY26) (FY27) (FY28) (FY29+) SEP 23 SEP 24 EMI
Slide 119: US Portfolio — Lease Expiry Profile by Rental
ANNEXURE – US OFFSHORE US PORTFOLIO — LEASE EXPIRY PROFILE BY RENTAL (%) 69.2 70% 60% 56.4 50% 40% 30% 20% 18.1 11.7 11.7 11.1 11.4 10% 6.6 1.1 2.7 0.0 0.0 0.0 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (30/09/2024) (FY25) (FY26) (FY27) (FY28) (FY29+) SEP 23 SEP 24 EMIRA
Slide 120: US Tenant Exposure by Rental
ANNEXURE – US OFFSHORE US TENANT EXPOSURE BY RENTAL TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 5.7 Burlington 4.3 32 Ulta Beauty Inc. 3.5 Kohl's 3.3 AMC Theatres 3.3 PetSmart 2.8 68 Hobby Lobby and Mardell 2.4 Office Depot 2.3 Best Buy 2.2 Top 10 ten
Slide 121: US Tenant Exposure by GLA
ANNEXURE – US OFFSHORE US TENANT EXPOSURE BY GLA (SF) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 8.3 Kohl's 6.8 Burlington 5.9 44 Hobby Lobby and Mardell 4.2 Lowe's Companies Inc. 3.6 56 Academy Sports 3.6 Kroger 3.4 Bealls 2.9 PetSmart 2.6 Top 10 te
Slide 122: Major Lease Expiries by Rental: FY25
ANNEXURE – US OFFSHORE 10 MAJOR LEASE EXPIRIES BY RENTAL: FY25 Property Tenant Lease end GLA (SF) Status Summit Woods Crossing Office Depot Oct 24 22 844 Renewed – 5 years Belden Park Crossings Cost Plus World Market Jan 25 18 000 Expected to renew – 1 year Newport Pavilion TJ Maxx May 24 23 250 Ren
Slide 123: Major Lease Expiries by Rental: FY26
ANNEXURE – US OFFSHORE 10 MAJOR LEASE EXPIRIES BY RENTAL: FY26 Property Tenant Lease end GLA (SF) Status Belden Park Crossing Kohl’s Jan 26 99 776 Expected to renew – 5 year option Trumans Marketplace Burlington Coat Factory Feb 26 64 930 Expected to renew Stony Creek Best Buy Mar 26 31 004 Expected
Slide 124: Forward-Looking Statements
ANNEXURE – US OFFSHORE FORWARD-LOOKING STATEMENTS This results presentation contains certain forward-looking statements relating to the financial performance and position of the Group. All forward-looking statements are solely based on the views and considerations of the directors. While these forwa
Emira Property Fund — H1 FY2025 Earnings Presentation on 6ix