Redefine Properties Limited · JSE:RDF
Redefine Properties — H1 2025 Earnings Presentation
114 slides from Redefine Properties's earnings presentation, Feb 28, 2025
Slide 1: Group interim results for the six months ended 28 February 2025
Group interim results for the six months ended 28 February 2025 1
Slide 2: Our conversation
1 conversation Our 2 Strategic Investing Optimising Operating overview strategically capital efficiently Engaging Growing Wrap-up Supplementary talent reputation information
Slide 3: Strategic overview
Strategic overview Living the upside enables us to focus on what matters most
Slide 4: Who we are
Who we are A directly managed, focused and diversified real estate business R99.4 billion Property asset platform Poland R33.8 billion 26.6% Retail 1.7% Office 34.0% 5.0% Logistics Our PURPOSE Our MISSION Our VISION is to create and in this decade is to is to be the BEST 0.7% Self-storage manage spa
Slide 5: Key financial outcomes
Key financial outcomes The property cycle is beginning its upward trajectory Total SA REIT Distributable Dividend assets loan-to-value income per share per share R102.4 billion 41.2% 25.52 cents 20.42 cents FY24 | R101.9 billion FY24 | 42.3% HY24 | 25.34 cents HY24 | 20.27 cents SA REIT NAV Interest
Slide 6: Strategic outcomes
Strategic outcomes Remaining laser focused on the variables under our control LY Y AL L TL T O N TA TE E FICIEN AGE TALEN STRATEGIC I REPUTAT SE CAPI F IMI OW G A T T N R S P INV E O OP E E GR Total assets increased by R0.5 Loan-to-value ratio lowered by Distributable income growth of Awarded Top Em
Slide 7: Investing strategically
GROUP Investing strategically A quality, diversified portfolio that delivers sustainable returns
Slide 8: Our group property asset platform
Our group property asset platform A quality, well-located and diversified portfolio that delivers sustainable risk-adjusted real estate returns Group* South Africa** Poland HY25 FY24 HY25 FY24 HY25 FY24 Property assets under management (R'bn) 99.4 99.6 65.4 64.7 33.8 34.7 Total GLA ('000 m²) 6 241 6
Slide 9: Investing strategically: South Africa
SOUTH AFRICA Investing strategically A quality, diversified portfolio that delivers sustainable returns
Slide 10: South Africa asset portfolio
South Africa asset portfolio Limpopo A defensive portfolio of high-quality assets that has scale and is well diversified Gauteng Mpumalanga 73% North West Geographic South Africa* split by value HY25 FY24 Free State KwaZulu-Natal 5% Northern Cape Carrying value of properties R64.1bn R63.1bn Total GL
Slide 11: South Africa portfolio key outcomes
South Africa portfolio key outcomes Growth trajectory continues in a challenging operating environment Portfolio vacancy Active occupancy Renewal reversions GLA % 94.7% -9.1% 5.4% 11.4% 1.1% Portfolio 5.3% FY24 | 93.2% HY24 | -6.0% GMR % 2.3% 8.9% 0.8% Portfolio 4.2% Retail Office Industrial Change
Slide 12: South Africa retail portfolio
South Africa retail portfolio Diversified portfolio geared for growth Carrying value Number of properties Type by value R28.8bn 57 5% 13% FY24 | R28.3bn FY24 | 59 Super regional Number of tenants GLA Regional 42% 2 762 1 225 470 m² 40% Convenience Other FY24 | 2 807 FY24 | 1 219 584 m² Change in fai
Slide 13: South Africa retail portfolio key outcomes
South Africa retail portfolio key outcomes Improved operating metrics driven by sector recovery and strong demand Contribution to vacancy by type Vacancy by type Active occupancy Renewal reversions# 94.6% 0.4% 22% 5% Retail vacancy 4.3% FY24 | 95.0% HY24 | -0.5% Office vacancy 28.8% 5.4% Motor-relat
Slide 14: South Africa office portfolio
South Africa office portfolio High-quality portfolio located in well-performing nodes Carrying value Number of properties Value by grade R21.8bn 88 5% FY24 | R21.5bn FY24 | 86 Premium Number of tenants GLA A Grade 42% 53% 1 229 998 546 m² Secondary FY24 | 1 153 FY24 | 984 121 m² Change in fair value
Slide 15: South Africa office portfolio key outcomes
South Africa office portfolio key outcomes Supply and demand gap continues to dampen rental growth and renewal reversion improvement Contribution to vacancy by type Vacancy by type Active occupancy Renewal reversions# 88.6% -20.7% 19% 12% Premium Grade 3.7% FY24 | 88.8% HY24 | -13.6% A Grade 14.4% 1
Slide 16: South Africa industrial portfolio
South Africa industrial portfolio A defensive portfolio delivering consistent growth Carrying value Number of properties Value by grade R12.9bn 88 FY24 | R12.7bn FY24 | 90 8% 2% 16% Warehousing 12% Light manufacturing 8% Heavy grade industrial Number of tenants GLA Industrial units 283 1 503 755 m²
Slide 17: South Africa industrial portfolio key outcomes
South Africa industrial portfolio key outcomes Strong sector demand combined with reduced load shedding drives solid performance Contribution to vacancy by type Vacancy by type Active occupancy Renewal reversions# 98.9% 4.6% Warehousing 1.9% FY24 | 94.5% HY24 | 4.0% 35% Retail warehousing 3.7% 1.1%
Slide 18: South Africa alternative income streams
South Africa alternative income streams Supplementing individual building strategies by creating new revenue opportunities LED NETWORK EXPANSION NEW PROJECTS ▪ 20 large-format LED screens in malls and roadside locations Retail sector throughout South Africa, reaching over 160 million viewers ▪ Gener
Slide 19: Investing strategically: Poland
POLAND POLAND Investing strategically Strategic exposure to sectors with growth potential
Slide 20: Poland asset portfolio
Poland asset portfolio Bias to retail and logistics sectors will benefit from evolving real estate dynamics Poland EPP* ELI Self-storage HY25 FY24 HY25 FY24 HY25 FY24 HY25 FY24 Property asset platform (ZAR) R33.8bn R34.7bn R28.1bn R28.9bn R5.0bn R5.3bn R0.7bn R0.5bn Property asset platform (EUR) €1.
Slide 21: Poland portfolio salient features
Poland portfolio salient features Operating conditions are improving Share of e-commerce in total retail sales (%) Implementation of Significant focus on cost reduction plan eliminating unnecessary 14% to benefit FY25 complexity and high 12% leverage in JVs 10% 8% 6% 4% Institutional investment Powe
Slide 22: Reducing complexity and high leverage to focus on quality assets
Reducing complexity and high leverage to focus on quality assets Restructuring the Polish joint ventures holds the key to achieving this Action plan See-through LTV bridge Joint venture 0.4% 0.0% 47.2% 0.7% 1.4% -0.1% (0.1%) Pursue the sale of surplus land to residential developers, dispose 1.6% Hor
Slide 23: Poland EPP Core portfolio
Poland EPP Core portfolio An asset platform located in cities with the strongest consumer demand and growth potential Value of directly held Carrying value of Percentage of EPP’s core GLA by retail category property assets investment in JVs R17.6bn R8.7bn Fashion & Accessories 42.4% FY24 | R18.0bn F
Slide 24: Poland EPP Core portfolio key outcomes
Poland EPP Core portfolio key outcomes Stable operating metrics underpinned by improving consumer spend 2025 Occupancy Weighted avg. rent indexation rate EPP’s retail sales vs 99.2% trends by category 2024 FY24 | 99.1% 2.1% FY24 | 5.5% Cafe - Electronics -6% Renewal reversion# Weighted avg. unexpire
Slide 25: Poland EPP joint ventures
Poland EPP joint ventures Solid operating metrics driven by active approach to asset management HY25 Description Horse Group EPP Community Galeria Młociny Henderson PP Olsztyn** EPP % shareholding 50.0% 48.8% 70.0% 30.0% 50.0% Occupancy 98.2% 96.6% 96.6% 80.0% 100.0% Weighted average renewal reversi
Slide 26: Poland ELI portfolio
Poland ELI portfolio A modern logistics platform located in low-risk core markets Carrying value Developments in progress Geographical spread R20.2bn 16 460m2 FY24 | R20.0bn Cost of R0.2bn and 100% pre-let Tricity Active income producing GLA Diverse tenant base with 1 073 815m2 52.8% of GLA Białysto
Slide 27: Poland ELI portfolio key outcomes
Poland ELI portfolio key outcomes The Polish logistics market is evolving beyond big box facilities to service e-commerce, retail and logistics Tenant type by GLA Occupancy Renewal success rate by GLA 95.8% 8% FY24 | 93.4% 64.6% 8% 29% Production HY24 | 67.0% Distribution 13% 3PL Delivery Renewal gr
Slide 28: Update on ELI portfolio
Update on ELI portfolio Entered into an agreement for a mutual separation with Madison during March 2025 The division of assets into two portfolios has been agreed Geographical spread Each shareholder will manage their respective portfolio The permanent implementation of the division is subjec
Slide 29: Poland Self-storage
Poland Self-storage Creating a portfolio with excellent coverage of Polish cities offering the best self-storage prospects Carrying value Number of properties Geographical spread R670.2m 20 FY24 | R530.3m FY24 | 20 Tricity Active income-producing NLA Occupied NLA 27 948m2 18 412 (65.9%) Bydgoszcz FY
Slide 30: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Creating smart, sustainable and relevant spaces 2025 focus areas 2025 anticipated outcomes ▪ Create value through organic growth and asset optimisation ▪ Deliver growth in total return ▪ Allocate capital strategically into gro
Slide 31: Optimising capital
Optimising capital Focus on balance sheet strength to drive growth
Slide 32: Funding key outcomes
Funding key outcomes Improving credit metrics supports value creation Sources of cash flow of R3.0 billion R’m HY25 FY24 Cashflow from operations 1 355 Shares issued* 895 SA REIT LTV 41.2% 42.3% Local disposals 472 Interest cover ratio 2.2x 2.1x Net vendor loan repaid 107 Access to committed undrawn
Slide 33: SA REIT LTV ratio
SA REIT LTV ratio Reducing the LTV towards our medium-term target range of 38% to 41% 42.3% 1.5% 41.2% 0.1% 0.2% 0.3% (1.8%) (0.7%) (0.3%) (0.2%) (0.1%) (0.1%) FY24 FY24 Operating Op Cashflow DRIP DRIP SA SA disposals RET RET loan loan Valuation Valuation impacts Forex Forex International Internatio
Slide 34: Funding profile
Funding profile Proactive management of debt maturities lowers medium-term liquidity risks Refinanced R3.0 billion of debt maturing in FY25 and well progressed with the remaining R0.5 billion Healthy liquidity with R6.0 billion in undrawn committed facilities and cash to cover near-term maturiti
Slide 35: Interest rate hedging
Interest rate hedging Maintaining our agile risk management approach with shorter-dated hedging tenors During the period, cross-currency swaps (CCS) with a nominal value of €97.8 million and €58.0 million with weighted average fixed rate of 3.7% and floating rate margin of 1.6% over 6-month EURIBO
Slide 36: Diversification of funding sources
Diversification of funding sources A well diversified funding base lowers concentration risks Sources of debt HY25 Sources of debt FY24 ABSA 14% Standard Bank* 15% 19% Nedbank 14% ABSA 14% Standard Bank* 12% Nedbank 13% HY25 South Africa RMB 11% RMB 12% EPP Core Listed DCM 7% Santander Bank 6% 81% S
Slide 37: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Sourcing capital efficiently supports our long-term strategic growth 2025 focus areas 2025 anticipated outcomes ▪ Renew maturing debt facilities proactively, extend the debt ▪ Lower liquidity and concentration risk maturity pr
Slide 38: Operating efficiently
Operating efficiently Positive organic growth sustaining operating margins
Slide 39: Key outcomes
Key outcomes Delivering growth in a tough operating context Distributable income sensitivity analysis Active SA net property EPP Core net property (cents per share) income margin income margin 84.3% 85.8%^ Local EUR interest rate by 50bps 0.2 HY24 | 83.7% HY24 | 90.4% ZAR rate by 50bps 0.3 SA core d
Slide 40: Distributable income bridge
40 1 773 HY25 (62) Net forex losses (53) ZAR funding costs Headwinds (R167m) (22) SA EUR funding costs NPI of SA disposed (13) properties Our solid operational performance is offset by higher funding costs and forex volatility (6) Redefine Europe / ELI (6) SA other income (5) SA administration costs
Slide 41: NAV per share
NAV per share SA REIT NAV declined by 6.8 cents to 781.5 cents ELI 1.5 EUR SSI 0.2 PLN Properties 4.8 EUR CCS 3.4 Lango 0.2 USD EUR loans 0.6 Delta shares (0.2) EUR FEC 0.7 EPP (2.0) EUR EUR CCS (1.6) 4.1 2.6 4.6 (0.1) (1.0) 20.9 (8.0) (9.5) 788.3 781.5 (20.4) cents FY24 NAV Statutory Valuation Fair
Slide 42: Interim dividend for the six months ended February 2025
Interim dividend for the six months ended 28 February 2025 Consistently maintaining our payout ratio range of 80% to 90% Payout ratio considerations consistently applied to distributable Distributable income (DIPS) and dividend (DPS) per share income Maintaining relevance and defensively repositio
Slide 43: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Leveraging AI to scale our digital opportunities to drive efficiencies 2025 focus areas 2025 anticipated outcomes ▪ Improve renewal reversions, cost controls and cost recoveries ▪ Lift net operating profit margin to medium tar
Slide 44: Engaging talent
Engaging talent Empowering creativity, driving innovation, leading with purpose
Slide 45: Redefine's talent engagement key outcomes
Redefine’s talent engagement key outcomes The right people, at the right time, in the right place Employee retention rate Learnership Programme SA: 97.9% in its 12th year (FY24 | 90.8%) Received 12 000 applications for the 2025 intake Poland: 82.5% (FY24 | 92.5%) Employee net promotor score* Recogni
Slide 46: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control Building a collective of people who create and manage spaces for positive impact 2025 focus areas 2025 anticipated outcomes ▪ Build future-fit skills ▪ Develop an internal pipeline of scarce skills ▪ Cultivate an inclusive and
Slide 47: Growing reputation
Growing reputation Stakeholder collaboration is at the core of our sustainability journey
Slide 48: Making significant strides in our sustainability journey
Making significant strides in our sustainability journey Focused on managing the environmental and social impacts SOCIAL GOVERNANCE GOLD: SILVER: SILVER: Modernisation Modernisation of the Best Performance: Campaign of the Year: Year: Galeria Echo, Galaxy, Szczecin Pasaż Grunwaldzki, Kielce Wroclaw
Slide 49: Our industry leading ESG in action
Our industry leading ESG in action Our impacts lie at the heart of the long-term value creation ENVIRONMENTAL GOVERNANCE Seven (8) Net Zero 131 EPCs B climate IR winner in 2024 for One of the highest Issued over R15.6 Carbon (all buildings) readiness rating best mid cap ranked companies billion in g
Slide 50: Adapting our strategic priorities to evolving variables under our control
Adapting our strategic priorities to evolving variables under our control We are who we say we are 2025 focus areas ▪ Collaborate with key stakeholders ▪ Create sustainable socioeconomic impacts ▪ Reduce reliance on municipally supplied utilities 2025 anticipated outcomes ▪ Expand reach of sustainab
Slide 51: Wrap-up
Wrap-up The future of commercial real estate lies at the intersection of technology, flexibility and sustainability
Slide 52: Redefine has emerged from each reset event in significantly better shape
Redefine has emerged from each reset event in significantly better shape Commercial real estate cycles are closely tied to confidence and interest rates – trade wars affect both The real drivers of the big cycle changes that create the circumstances that led to reset events Technology Geopolitics Ac
Slide 53: Our game plan for the rest of FY25
Our game plan for the rest of FY25 We will continue to focus on the variables under our control by Living the Upside Disciplined capital allocation to secure sustainable growth Simplify joint ventures Recycle non-core assets to improve to reduce the see-through LTV the quality of asset platform Deli
Slide 54: Outlook
Outlook Maintaining our earnings guidance in an uncertain operating environment Our investment proposition Diversified Sustainable Engaged Consistent high-quality Funding model passionate delivery asset platform with solid credit and innovative of strategy positioned metrics human talent for growth
Slide 55: Disclaimer
Disclaimer This presentation may include forward-looking statements which statements are not based on historical information, but rather premised on certain assumptions, risks, estimates and/or uncertainties (“risks and uncertainties”), which are taken into consideration as at date of this presentat
Slide 56: Group interim results for the six months ended 28 February 2025
LV G E Group interim results for the six months ended 28 February 2025 56
Slide 57: Supplementary information
TY Supplementary information
Slide 58: Contents
Contents GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview 85 Redefine’s diversified property asset platform 59 South Africa | Sectoral and geographical split 86 Reconciliation of property related assets 60 South Africa | Sector type
Slide 59: Redefine's diversified property asset platform
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Redefine’s diversified property asset platform Portfolio valued at R99.4 billion Local property portfolio International property portfolio Property portfolio* 100.0% R65.2bn European Logistics platform 48.5% R5.0bn Retail 44.2% R28.8bn Stokado 80.6% R0.
Slide 60: Reconciliation of property-related assets
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Reconciliation of property-related assets RDF Group Europe head Property assets (R’m) Retail Office Industrial Specialised and ELI EPP* Stokado Lango office Total FY24 property asset platform 28 451 22 748 12 856 602 5 279 28 735 544 148 287 99 650 Move
Slide 61: Reconciliation of cash generated to total distributable income
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Reconciliation of cash generated to total distributable income HY25 HY24 (R’m) (R’m) Net cash inflow from operating activities (as per statement of cash flows) 1 846 1 162 Items in cash flows from operating activities, but not distributable 186 577 Work
Slide 62: Funds from operations
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Funds from operations HY25 HY24 SA REIT FUNDS FROM OPERATIONS (SA REIT FFO) PER SHARE (R’m) (R’m) Profit per IFRS Statement of Comprehensive Income (SOCI) attributable to the parent 1 495 1 094 Adjusted for:- Accounting/specific adjustments:- (456) (520
Slide 63: Funds from operations (continued)
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Funds from operations | (continued) HY25 HY24 (R’m) (R’m) SA REIT FFO: 1 770 1 776 Number of shares outstanding at the end of period (net of treasury shares) (millions) 6 948 6 752 SA REIT FFO per share (cents) 25.48 26.32 Company-specific adjustments 3
Slide 64: South Africa | Distributable income analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Distributable income analysis Head Total SA Total SA R’m Retail Office Industrial Specialised office HY25 HY24 Property portfolio revenue 2 061 1 482 761 39 1 4 344 4 123 Operating costs (including expected credit losses on trade receivab
Slide 65: International | Distributable income analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME International | Distributable income analysis Poland Africa Total Total RDF Self- EUR USD international international R’m EPP Europe storage head office head office HY25 HY24 Contractual rental income 1 108 – 29 – – 1 137 1 113 Investment income - – - –
Slide 66: South Africa | Portfolio income analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Portfolio income analysis Active portfolio NOI contribution Change R’m HY25 HY24 % Net operating income from investment properties 2 583 2 463 5.0 1% Net operating income from acquired/development properties (128) (30) 326.7% 21% 35% Net
Slide 67: South Africa | Active portfolio expenditure analysis
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME South Africa | Active portfolio expenditure analysis R’m Change % HY24 (457) Increased net municipals relates to reduced rates recoveries at 115 West Street (change in lease contract) and various vacancies within (17) 15.8% the office sector Higher repa
Slide 68: Group arrears and bad debts
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Group arrears and bad debts R’m HY25 FY24 FY23 Gross arrears Trade receivables 346.7 296.2 396.0 Municipal recoveries* 339.6 342.1 312.8 Less: Expected credit loss (ECL) provision (179.3) (162.9) (209.6) Net arrears 507.0 475.4 499.2 B/S I/S charge B/S
Slide 69: Income hedging position by currency and interest received
GROUP PROPERTY ASSETS AND DISTRIBUTABLE INCOME Income hedging position by currency and interest received Income hedging position by currency FY25 FY26 EUR amount (€’m) 20.0 17.5 FEC rate (R: €1) 23.2 24.4 HY25 HY24 Interest received (R’m) (R’m) Bank interest income 23.4 19.7 Interest of cross-curren
Slide 70: Group funding snapshot
FUNDING Group funding snapshot HY25 FY24 SA REIT BPR – LTV (min required < 50%) 41.2% 42.3% Average term of debt 3.4 years 3.7 years % of debt secured 71.8% 75.5% % of asset secured 69.5% 69.5% Weighted average cost of ZAR debt 9.2% 9.2% Weighted average cost of FX debt 4.7% 5.1% Weighted average co
Slide 71: JV funding snapshot
FUNDING JV funding snapshot Horse Galeria PP Description (HY25) Group* Community Młociny Henderson Olsztyn ELI Weighted average length of debt (years) 2.2 2.5 4.0 3.3 4.3 4.1 Weighted average cost of debt (%)** 4.6% 5.6% 3.1% 4.9% 4.9% 4.3% Weighted average debt amortisation per annum (%) 0.7% 1.9%
Slide 72: Loan-to-value calculation
FUNDING Loan-to-value calculation HY25 FY24 SA REIT BPR LTV ratio (R’m) (R’m) Value 99 443 99 649 Total assets 102 361 101 914 Less: Cash (936) (531) Less: Derivative financial assets (373) (400) Less: Trade and other receivables (including other monetary assets) (1 609) (1 334) Loan 40 988 42 106 I
Slide 73: Currency analysis of property assets and borrowings
FUNDING Currency analysis of property assets and borrowings HY25 FY24 Property Weighted Property Weighted Currency (R’m) assets Net debt NAV hedge avg cost assets Net debt NAV hedge avg cost Net ZAR* 65 390 24 018 36.7% 9.2% 64 755 24 638 38.0% 9.2% EUR* 33 210 16 850 50.7% 4.7% 34 204 17 293 50.6%
Slide 74: Analysis of secured and unsecured debt to property assets
FUNDING Analysis of secured and unsecured debt to property assets Assets Debt LTV (R’m) (R’m) (%) Secured 69 162 30 286 43.8% Local 48 025 19 740 41.1% Offshore 21 137 10 546 49.9% Unsecured 30 281 10 952 32.2% Local* 17 365 11 010 63.4% Offshore 12 916 (58) (0.4%) Group LTV without CCS 99 443 41 23
Slide 75: Debt funding profile
FUNDING Debt funding profile Debt and hedge maturity profile Equity headroom for the unsecured lender 19.1 67.3 69.1 65.6 57.3 14.0 51.5 8.4 9.3 R’bn R’bn 7.8 6.4 3.3 4.1 3.9 3.3 0.4 - - - FY25 FY26 FY27 FY28 FY29 FY30 >FY30 FY21 FY22 FY23 FY24 HY25 Debt incl CCS MTM Hedges Secured debt and secured
Slide 76: JV Debt maturity profile
FUNDING JV Debt maturity profile Horse Group Community Galeria Młociny Henderson PP Olsztyn ELI (R’m) % (R’m) % (R’m) % (R’m) % (R’m) % (R’m) % FY25 26.9 0.4% 68.8 1.0% - - 31.9 1.1% - - - - FY26 2 069.6 29.7% 791.6 11.8% - - 63.7 2.2% - - - - FY27 865.2 12.4% 3 213.3 47.8% - - 63.7 2.2% - - 834.9 1
Slide 77: South Africa | Disposal of non-core property assets
INVESTING ACTIVITIES South Africa | Disposal of non-core property assets Date of Amount Property Province transfer GLA (m²) (R’m) Yield(%) Retail 14 132 312.0 Bryanston Shopping Centre Gauteng Dec-24 11 849 248.0 9.1% Pro Shop Woodmead Gauteng Nov-24 2 283 64.0 8.7% Office 4 495 28.4 - Hillside Hous
Slide 78: South Africa | Non-current assets held for sale
INVESTING ACTIVITIES South Africa | Non-current assets held for sale Amount Property Province GLA (m²) (R’m) Yield(%) Retail 23 549 120.0 Besterbrown Mpumalanga 13 851 61.2 11.5% Riverside Junction Mpumalanga 9 698 58.8 11.5% Industrial 23 571 73.9 49 Steel Road Gauteng 11 965 43.9 5.2% 3 New Road*
Slide 79: South Africa | Acquisitions
INVESTING ACTIVITIES South Africa | Acquisitions Date of Amount Property Province transfer GLA (m²) (R’m) Yield(%) Retail 10 673 281.9 Pan Africa Shopping Centre – Phase 3 – 67.9% share Gauteng Nov-24 6 872 168.3 9.3% Pan Africa Shopping Centre – Phase 2 Gauteng Nov-24 3 801 113.6 9.3% Office - 8.8
Slide 80: South Africa | New developments
INVESTING ACTIVITIES South Africa | New developments Development Projected Total value of costs incurred Still to development cost Initial yield work completed during 2025 spend Completion Property Province GLA (m²) (R’m)* (%) (R’m)** (R’m)*** (R’m) date Completed 13 008 115.7 106.9 43.9 8.8 Office
Slide 81: South Africa | Redevelopment completed
INVESTING ACTIVITIES South Africa | Redevelopment completed Redevelopment Projected Total value of costs incurred development cost work completed during 2025 Completion Property Province (R’m)* (R’m)** (R’m)*** date Yield (%) Industrial 115.0 108.7 51.7 Nasrec Road Aeroton – New Scania Trucks Gauten
Slide 82: South Africa | Redevelopment in progress
INVESTING ACTIVITIES South Africa | Redevelopment in progress Redevelopment Projected Total value of costs incurred Still to development cost work completed during 2025 Completion spend Property Province (R’m)* (R’m)** (R’m)*** date (R’m) Yield (%) Retail 62.0 - - 62.0 Park Meadows – Building upgrad
Slide 83: South Africa | Infrastructure projects
INVESTING ACTIVITIES South Africa | Infrastructure projects Completion / Projected Total value of expected development cost work completed Infrastructure Still to completion Property Province (R’m)* (R’m)** costs (R'm)*** spend (R’m) date Industrial 173.3 115.6 15.6 57.7 S & J Industrial 90% share –
Slide 84: South Africa | Solar PV
INVESTING ACTIVITIES South Africa | Solar PV Plant size Capex Initial In progress (kWp) (R'm) return (%) Retail 8 229 113.1 18.9% Office 1 689 26.1 18.1% Industrial 3 386 50.0 19.5% Total 13 304 189.2 19.0% Plant size Installed (kWp) Retail 40 593 Office 4 613 Industrial 6 544 Total 51 750 Group int
Slide 85: South Africa | Portfolio overview
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview HY25 FY24 Description Retail Office Industrial Specialised Total* Total* Number of properties 57 88 88 3 236 238 Number of tenants 2 762 1 229 283 1 4 275 4 239 Total GLA (‘000 m²) 1 225 999 1 504 13 3 741 3 738 Total GMR (R'm) 23
Slide 86: South Africa | Sectoral and geographical split
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Sectoral and geographical split Valuation No. of GLA GMR By number (R’m) properties (m²) (R’000) Type by value of properties Type by GLA Type by GMR Sector 1% 1% 1% ⚫ Retail 28 802 57 1 225 470 237 213 20% 20% 25% 33% ⚫ Office 21 830 88 998 546 158
Slide 87: South Africa | Sectoral and geographical split
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Sectoral and geographical split Valuation GLA GMR (R’m) (m²) (R’000) Type by value Type by GLA Type by GMR Sector 4% 14% 9% 10% 5% 13% ⚫ Super regional 3 830 124 841 30 690 ⚫ Regional 11 612 475 211 94 393 ⚫ Convenience 12 093 510 186 99 186 42% 42%
Slide 88: South Africa | Top properties and tenants of total portfolio
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 properties and tenants of total portfolio Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Centurion Mall Gauteng 3 749 113 133 Macsteel 542 768 Alice Lane Gauteng 3 312 70 308 Foschini 95 847 Mall of the South Gauteng
Slide 89: South Africa | Top retail properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 retail properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Centurion Mall Gauteng 3 749 113 133 Foschini 70 367 Mall of the South Gauteng 1 872 66 949 Mr Price 60 476 Blue Route Mall Western Cape 1
Slide 90: South Africa | Top office properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 office properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Alice Lane Gauteng 3 312 70 308 Bowman Gilfillan 25 635 115 West Street Gauteng 1 205 36 546 Webber Wentzel 32 377 90 Rivonia Road Western
Slide 91: South Africa | Top industrial properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Top 10 industrial properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % 233 Barbara Road Gauteng 954 102 631 Macsteel 542 768 Hirt & Carter Cornubia KwaZulu-Natal 806 47 718 Hirt and Carter (SA) 47 718 10 Ru
Slide 92: South Africa | Specialised properties and tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Specialised properties and tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % Bedford Gardens Hospital Gauteng 402 12 817 Bedford Gardens Hospital 12 817 4 269 Park Central Gauteng 108 – Loftus Park Hotel - 25% share Ga
Slide 93: South Africa | Portfolio overview – Talis
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Portfolio overview – Talis HY25 FY24 Description Office Industrial Total Total Number of properties 10 1 11 11 Number of tenants 62 6 68 62 Total GLA (‘000 m²) 130 26 156 153 Total GMR (R'm) 2 11 13 12 Vacancy (%) total 27.8% – 27.8% 29.8% Asset val
Slide 94: South Africa | Talis properties and top 10 tenants
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Talis properties and top 10 tenants Value GMR Property Region (R’m) % GLA (m²) % Tenant GLA (m²) % (R’000) % 61 Jorrisen Street Gauteng 196 19 123 Government 99 149 240 & 260 Justice Mohamed St Gauteng 167 12 726 Pepkor 6 365 12 Piet Rautenbach Stre
Slide 95: South Africa | Undeveloped land
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | Undeveloped land Value Property# Province (R'm) S & J Industrial Estate – 90% share Gauteng 784.0 Galleria – 90% share Gauteng 141.1 Atlantic Hills – 55% share Western Cape 44.5 Erf 179205 Western Cape 35.2 4 Keyes Avenue Gauteng 31.9 Erf 25784_Elbe
Slide 96: South Africa retail portfolio | Turnover comparison by business type
SOUTH AFRICA – OPERATING ACTIVITIES South Africa | retail portfolio – Turnover comparison by business type HY25 HY24 R35,000 104% R30,000 R25,000 R20,000 R15,000 107% 101% R10,000 R5,000 103% 103% 103% 98% 101% 115% 104% 106% R0 Total Groceries & Apparel Pharmacy & Food & Hardware Homeware & Electro
Slide 97: Overview of Poland joint ventures
POLAND – OPERATING ACTIVITIES Overview of Poland joint ventures Horse Group EPP Community Galeria Młociny Henderson PP Olsztyn ELI Effective interest 50.0% 48.8% 70.0% 30.0% 50.0% 48.5% Carrying value of investment in JV R3.9bn R2.8bn R2.6bn R0.4bn R0.2bn R4.3bn Total assets R14.9bn R13.7bn R7.5bn R
Slide 98: EPP portfolio overview (including JVs)
POLAND – EPP OPERATING ACTIVITIES EPP portfolio overview (including JVs) EPP JVS Horse EPP Galeria Description EPP Core Group Community Młociny Henderson PP Olsztyn EPP total FY24 % EPP share in JV 100% 50% 48.8% 70% 30% 50% Number of properties 5 11 15 1 3 1 36 36 Number of tenants 676 565 728 190
Slide 99: Poland EPP joint ventures
POLAND – EPP OPERATING ACTIVITIES Poland EPP joint ventures Commenced takeover of space contractually agreed to be surrendered by Auchan. Lease agreements with Half Price signed in M1 Poznań, M1 Radom and M1 Zabrze. New anchor stores opened - Sinsay (M1 Bytom) and Sportsdirect (M1 Zabrze) 50% De
Slide 100: Poland retail market
POLAND – EPP OPERATING ACTIVITIES Poland retail market At the end of 2024, the total stock of modern retail space in Poland amounted to 17.7 million m² of GLA including approximately Shopping centre 10.0 million m² of shopping centres, 3.2 million m² of retail parks, 2.7 million m² of standalone w
Slide 101: EPP core top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES EPP core top 10 properties and tenants of total portfolio EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % Galaxy 277 5 323 56 710 Auchan 29 927 Galeria Echo Kielce 226 4 330 71 727 CCC Group 14 876 Pasaż Grunwaldzki 222 4 27
Slide 102: EPP Horse Group JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES EPP Horse Group JV top 10 properties and tenants of total portfolio (50% shareholding) EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % M1 Kraków 130 2 494 49 805 Auchan 132 373 M1 Czeladź 113 2 174 53 074 OBI 90 386 M1 Marki
Slide 103: EPP Community JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES EPP Community JV top 10 properties and tenants of total portfolio (48.8% shareholding) EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % Galeria Amber 94 1 811 33 765 LPP Group 29 125 Park Rozwoju 73 1 394 34 676 CCC Group 18
Slide 104: EPP Henderson JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES EPP Henderson JV top 10 properties and tenants of total portfolio (30% shareholding) EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % O3 Business Park 118 2 268 56 840 HCL 10 464 Malta Office Park 60 1 154 28 440 Philips 9 03
Slide 105: Galeria Młociny JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES Galeria Młociny JV top 10 properties and tenants of total portfolio (70% shareholding) EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % Młociny 381 7 308 81 124 Inditex Group 6 187 Inter Cars 6 075 Primark 5 839 CCC Group 4 1
Slide 106: Power Park Olsztyn JV top 10 properties and tenants
POLAND – EPP OPERATING ACTIVITIES Power Park Olsztyn JV top 10 properties and tenants of total portfolio (50% shareholding) EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % PP Olsztyn 32 611 32 597 Auchan 16 556 OBI 7 495 Media Markt 2 416 Max Burger 2 155 Ac
Slide 107: EPP BREEAM certifications
POLAND – EPP OPERATING ACTIVITIES EPP BREEAM certifications In-use part 1: In-use Part 2: In-use part 1: In-use Part 2: Asset Building Asset Building Asset Performance* Management** Asset Performance* Management** EPP Core Galaxy Very Good Excellent EPP Community JV Astra Park Excellent Excellent Ga
Slide 108: Poland logistics market
POLAND – ELI OPERATING ACTIVITIES Poland logistics market In 2024, Polish logistics investments reached €1.26 billion, up 27% from the previous year, with steady capital 1 inflows reflecting improved investor confidence Stock with GLA 34.5 million m² Leasing reached 5.8 million m² in 2024, a 4%
Slide 109: ELI JV top 10 properties and tenants of total portfolio
POLAND – ELI OPERATING ACTIVITIES ELI JV top 10 properties and tenants of total portfolio EUValue Value GMR GMR Property (R’m) (R’m) GLA (m²) Tenant GLA (m²) % (EUR’000) (R’000) % Lublin Logistics 89 1 700 87 703 Weber 78 734 Warsaw Logistics 77 1 480 72 282 LPP 64 224 Bielsko Logistics 76 1 460 71
Slide 110: ELI net operating income
POLAND – ELI OPERATING ACTIVITIES ELI net operating income HY25 HY24 HY25 HY24 (EUR’m) (EUR’m) (R’m) (R’m) Active assets * 16.1 15.2 310.2 307.5 Other assets ** 1.7 0.7 32.5 13.9 Active joint ventures * 1.6 1.6 31.0 32.3 Other joint ventures ** 2.3 1.0 44.1 20.3 Total NOI 21.7 18.5 417.8 373.9 NOI m
Slide 111: ELI developments completed
POLAND – ELI OPERATING ACTIVITIES ELI developments completed Total GLA Development Development Pre let Property (m²) cost (EUR'm) cost (R'm) (%) Warsaw Kinetyczna Logistics phase 1A^ 11 612 17.7 340.2 100.0% Total 11 612 17.7 340.2 100.0% ^ 50% joint venture with Panattoni Group interim results for
Slide 112: ELI developments under construction
POLAND – ELI OPERATING ACTIVITIES ELI developments under construction Total GLA Development Development Pre-let Anticipated Property (m²) cost (EUR'm) cost (R'm) (%) completion date Warsaw Błonie Logistics phase II 16 460 10.4 199.6 100.0% Jul-25 Total 16 460 10.4 199.6 100.0% Group interim results
Slide 113: ELI land holdings
POLAND – ELI OPERATING ACTIVITIES ELI land holdings Total GLA Fair value Fair value Property (m²) (EUR’m) (R’m) Tychy II Logistics 35 356 Lodz Logistics 34 395 Warsaw Airport Logistics 34 273 Bielsko-Biala phase III 24 255 Targówek Logistics^ 22 784 Opole Logistics phase II 15 434 Wroclaw Logistics
Slide 114: EPP BREEAM certifications
POLAND – EPP OPERATING ACTIVITIES EPP BREEAM certifications Asset BREEAM Certification Asset BREEAM Certification New buildings Bielsko Logistics phase I Very good New buildings Kraków Skawina II Logistics Very good Bielsko Logistics phase II Good Kraków Skawina III Logistics Excellent Ruda Logistic