Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — H1 2022 Earnings Presentation
128 slides from Emira Property Fund's earnings presentation, February 2022
Slide 1: Emira Property Fund 2022 Interim results
_ 2022 Interim results
Slide 2: Overview, Financials, Portfolio, Investments, Outlook
Emira Property Fund — Overview › Our story › Metrics — Financials › Distribution statement › Balance sheet — Portfolio › Direct — Investments › Recycling › Transcend › Enyuka › US — Outlook
Slide 3: Geoff Jennett CEO
Emira Property Fund Geoff Jennett CEO
Slide 4: Our story
Emira Property Fund 3 OVERVIEW Interim Results 2022 Our story The last 2 years How did we manage Coming through this Going forward — Global pandemic — Skilled and right team — Robust results — Challenging SA economy — Huge disruption — Strategic plans — Balance sheet strength — Persevere and endure
Slide 5: Key metrics
Emira Property Fund 4 OVERVIEW Interim Results 2022 Key metrics Distributable Acquisitions Vacancies LTV income per share None 6.1% 41.8% 62.99c Post ½ year (63.84c) R103m (Jan 22) -1.3% Tenant retention ICR 86% (gross rental) 2.8x NAV Disposals 1 540c None (1 518c) Post ½ year US investments Divide
Slide 6: Greg Booyens CFO
Emira Property Fund Greg Booyens CFO
Slide 7: Distribution statement
Emira Property Fund 6 FINANCIALS Interim Results 2022 Distribution statement DEC 20 DEC 21 Dividend Distributable Cashflow Dividend Variance R’000 payable earnings adjustments payable % Direct portfolio Revenue 767 655 742 197 2 302 743 282 (3.2) Property expenses (343 697) (357 613) (2 303) (359 91
Slide 8: Dividend per share (cents)
Emira Property Fund 7 FINANCIALS Interim Results 2022 Dividend per share (cents) 70 5.1 (7.7) (1.1) 7.8 (0.1) 0.1 0.8 (0.3) 60 5.1 56.59 52.00 2.4 7.8 0.1 1.6 0.3 50 0.1 0.5 (0.3) (0.7) (0.4) (0.3) 40 (6.7) (3.1) (0.1) (1.7) USA Transcend Enyuka Taxation Held properties Covid 19 - discounts December
Slide 9: Balance sheet
Emira Property Fund 8 FINANCIALS Interim Results 2022 Balance sheet R’000 JUN 21 DEC 21 % CH Investment properties 9 782 9 857 0.8 Indirect investments Enyuka 657 654 (0.6) Indirect local Transcend 439 548 24.8 USA Indirect offshore 1 700 1 906 12.1 Loans receivable 357 353 (1.2) Other assets 346 32
Slide 10: Valuation summary
Emira Property Fund 9 FINANCIALS Interim Results 2022 Valuation summary Direct property portfolio JUN 2021 DEC 2021 Valuation (Rm)^ 9 742 9 788 Number of properties 77 77 % of the portfolio valued externally 31 - Valuation rate (R/m²) — Retail 15 577 15 773 — Office 18 568 18 367 — Industrial 5 206
Slide 11: Collections vs billings (net of discounts)
Emira Property Fund 10 FINANCIALS Interim Results 2022 Collections vs billings (net of discounts) For 6-months ended 31 December 2021 NORMAL RENTALS DEFERRED RENTALS Billings (incl. VAT) Collections (incl. VAT) 102% R871m 416% R2.6m
Slide 12: Debt expiry profile (Rm)
Emira Property Fund 11 FINANCIALS Interim Results 2022 Debt expiry profile (Rm) 400 350 300 250 200 150 100 50 0 Mar 22 Apr 22 Jul 22 Jul 22 Sep 22 Sep 22 Nov 22 Nov 22 Nov 22 Mar 23 May 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 Apr 25 Jun 25 Jul 2
Slide 13: Interest rate swap profile (Rm)
Emira Property Fund 12 FINANCIALS Interim Results 2022 Interest rate swap profile (Rm) 1,200 1,000 800 600 400 200 - JUN 22 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 (%) 77.5 2.0 7.24
Slide 14: 1.5% increase in NAV per share
Emira Property Fund 13 FINANCIALS Interim Results 2022 Net asset value per share (cents) 38 3 1,550 78 1 540 (14) (3) 3 3 3 (10) 1 518 (1) 57 1,500 66 1,450 1 484 1 452 1,400 Jun 21 Treasury shares Investment Enyuka Transcend USA investments Revaluation of Expected credit Other/IFRS Change in divide
Slide 15: Performance - Directly held South African
Emira Property Fund Directly held South African Performance Ulana van Biljon COO Key portfolio metrics as at December 2021
Slide 16: Operational update
Emira Property Fund 15 PORTFOLIO Interim Results 2022 Operational update — Working environment the first half of FY22 still tough — Most businesses still uncertain of the full impact that the Pandemic has operations — Additional restrictions (third wave), the unrest and the fourth wave — Some signs
Slide 17: Vacancy per sector (%)
Emira Property Fund 16 PORTFOLIO Interim Results 2022 Vacancy per sector (%) 20% 17.0 18.2 14.9 15% 10% 6.4 7.8 5.9 6.4 6.1 6.0 4.6 3.4 4.1 3.6 3.9 3.5 2.6 3.0 2.5 5% 2.4 2.7 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL RESIDENTIAL (SAPOA 16.0%) (SAPOA 6.0%) (SAPOA 5.9%) (excl Residential) (The Bolton) D
Slide 18: Office sector
Emira Property Fund 17 PORTFOLIO Interim Results 2022 Office sector — Recovery mostly dependent on decent economic growth — Business confidence still weak (uncertainty of increasing inflation, interest rates, unemployment) — Could impact the take-up of new space, which all will potentially lead to f
Slide 19: Key performance metrics
Emira Property Fund 18 PORTFOLIO Interim Results 2022 Key performance metrics AT 31 DECEMBER 2021 Tenant retention Rent reversions Escalations WALE 86% by gross rental (82% Jun 21) -17.7% fund* (-14.6% Jun 21) 6.8% Fund (7.1% Jun 21) 2.8 years Fund (2.6 years Jun 21) 88% by GLA -18.0% renewals 7.1%
Slide 20: Major lease expiries by gross rental
Emira Property Fund 19 PORTFOLIO Interim Results 2022 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 Epping Warehouse Industrial Devland Burgersfort Dec 21 13 662 Monthly,
Slide 21: Major early renewals (1 000m²+)
Emira Property Fund 20 ANNEXURES — OPERATIONS Interim Results 2022 Major early renewals (1 000m²+) Property Sector Tenant Lease end GLA (m2) Status Renewed – 13 years from 1 July 21, extension Makro Crown Mines Urban Retail Makro SA-Selby Jun 24 18 956 of 10 years from original Lease expiry date Siz
Slide 22: ESG
Emira Property Fund 21 PORTFOLIO Interim Results 2022 ESG —Recognised and embraced the importance of ESG for many years —Remains very important component of daily operations, assess and review ongoing basis —Comprehensive reporting in Integrated Annual Report
Slide 23: ESG
Emira Property Fund 22 PORTFOLIO Interim Results 2022 ESG ENVIRONMETAL SOCIAL GOVERNANCE Emira’s purpose to be great in the provision of great At Emira we believe in being ethical and responsible The application of King IV 6 principles is embedded in our real estate, includes minimising the impact o
Slide 24: Closing
Emira Property Fund 23 PORTFOLIO Interim Results 2022 Closing The Emira team together with our property managers and service providers will continue to provide great real estate and ensure that our processes are aligned with what is required to achieve our objectives and ultimately maintain the valu
Slide 25: Geoff Jennett CEO
Emira Property Fund Geoff Jennett CEO
Slide 26: Key metrics - Investments
Emira Property Fund 25 INVESTMENTS Interim Results 2022 Key metrics Recycling Transcend Enyuka United States — Post half year transfers — 34.9% stake increased to — Our joint venture in lower — Representing 14.8% › Acquired Northpoint 39.2% LSM retail with One Prop of total assets (R103m) — 31.18c 2
Slide 27: Transcend – Residential
Emira Property Fund 26 INVESTMENTS Interim Results 2022 Transcend – Residential — Equity underwrite Dec 21 — Portfolio of 22 stabilised properties — IHS, excellent team — R88m additional investment — 4 012 (vs 4 167) units — Board seat — Increased shareholding to 39.22% — 93.42% stabilised occupancy
Slide 28: Enyuka – lower LSM retail
Emira Property Fund 27 INVESTMENTS Interim Results 2022 Enyuka – lower LSM retail Operational update (vs Jun 21) Unrest update — Vacancy 3.2% (4.5%) — Five buildings looted, nearly all tenants trading — Tenant retention 84% by gross rental (80%) — Nongoma, structurally damaged due to the fire — Rent
Slide 29: US portfolio summary
Emira Property Fund 28 INVESTMENTS Interim Results 2022 US portfolio summary Properties Vacancies (by GLA) Lease expiry profile (GLA) Significant progress 11 Total 5.91% (vs 7.1% – Jun 21) Year 1 1.2% Vacancy reduced to < 6%, 3 Portfolio value Year 2 6.8% properties at 100% occupancy USD574.7m Tenan
Slide 30: Moore Plaza — Texas
Emira Property Fund 29 US PORTFOLIO Interim Results 2022 Moore Plaza — Texas
Slide 31: 32 East — Ohio
Emira Property Fund 30 US PORTFOLIO Interim Results 2022 32 East — Ohio
Slide 32: Newport Pavilion / Kentucky
Emira Property Fund 31 US PORTFOLIO Interim Results 2022 Newport Pavilion / Kentucky
Slide 33: Geoff Jennett CEO
Emira Property Fund Geoff Jennett CEO
Slide 34: Outlook: Recap, Can expect, In closing
Emira Property Fund 33 OUTLOOK Interim Results 2022 Recap Can expect In closing — Tough past 2 years — Continue to perform, even though — Follow our purpose — Robust operational result challenging environment — Remain on our long term diversified — Geared to face SA challenges — Continue to investig
Slide 35: Emira Property Fund
Emira Property Fund
Slide 36: Operations
Emira Property Fund Operations
Slide 37: Number of properties
Emira Property Fund 36 ANNEXURES — OPERATIONS Interim Results 2022 Number of properties 120 111 104 100 79 78 77 77 80 60 40 20 0 DEC 17 DEC 18 DEC 19 DEC 20 JUN 21 DEC 21 NUMBER OF PROPERTIES PER SECTOR — JUN 21 VS DEC 21 40 37 37 30 20 20 19 19 20 10 1 1 0 OFFICE URBAN RETAIL INDUSTRIAL RESIDENTIA
Slide 38: Sectorial spread of direct properties by GLA and value (%)
Emira Property Fund 37 ANNEXURES — OPERATIONS Interim Results 2022 Sectorial spread of direct properties by GLA and value (%) JUN 21 GLA SPLIT PER DEC 21 GLA SPLIT PER JUN 21 VALUE SPLIT PER DEC 21 VALUE SPLIT PER SECTOR (%) 821 586m² SECTOR (%) 821 175m² SECTOR (%) R9.7bn SECTOR (%) R9.8bn 4 4 4 3
Slide 39: Geographical spread by no. of buildings: Jun 21 vs Dec 21
Emira Property Fund 38 ANNEXURES — OPERATIONS Interim Results 2022 Geographical spread by no. of buildings: Jun 21 vs Dec 21 40 35 35 35 30 25 20 17 17 15 12 12 11 11 10 5 1 1 1 1 0 JOHANNESBURG PRETORIA WESTERN CAPE KWAZULU-NATAL BLOEMFONTEIN MPUMALANGA JUN 21 DEC 21
Slide 40: Geographical spread by value (%) and GLA (%)
Emira Property Fund 39 ANNEXURES — OPERATIONS Interim Results 2022 Geographical spread by value (%) and GLA (%) GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD BY VALUE (%) JUN 21 BY VALUE (%) DEC 21 BY GLA (%) JUN 21 BY GLA (%) DEC 21 5 5 5 5 4 4 4 4 6 6 6 6 1 1 3 3
Slide 41: Average value per m² and property
Emira Property Fund 40 ANNEXURES — OPERATIONS Interim Results 2022 Average value per m² and property AVERAGE VALUE PER m² R/m² 20,000 -1.1% 1.3% 15,000 18,568 18 367 0.5% 15,577 15 773 10,000 1.4% 11,783 11 846 5,000 5,206 5 280 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 DEC 21 AVERAGE VALUE PER
Slide 42: Office sector exposure — quality improvement
Emira Property Fund 41 ANNEXURES — OPERATIONS Interim Results 2022 Office sector exposure — quality improvement NUMBER OF PROPERTIES AVERAGE VALUE PER GRADE OF OFFICE GRADE OF OFFICE PROPERTY (Rm) PORTFOLIO BY VALUE (%) PORTFOLIO BY VALUE (%) 2011 2021 4 3 2 1 1 4 2 1 2 3 2 1 1. 2011 73 1. 2011 52 1
Slide 43: Changes in the Office sector exposure of total direct SA portfolio — by value
Emira Property Fund 42 ANNEXURES — OPERATIONS Interim Results 2022 Changes in the Office sector exposure of total direct SA portfolio — by value (%) 35 35 30 30 30 29 25 25 20 20 17 15 15 10 10 5 5 1 0 0 2011 2021 2011 2021 B-GRADE % A- AND P-GRADE %
Slide 44: Vacancy profile per sector and grade — by GLA (%)
Emira Property Fund 43 ANNEXURES — OPERATIONS Interim Results 2022 Vacancy profile per sector and grade — by GLA (%) 35% 30% 28.8 26.3 25.3 25% 21.1 20% 18.2 15.8 15% 13.4 11.4 12.1 10.9 10% 5.8 5.9 6.4 6.1 5% 3.4 4.1 3.6 3.9 3.5 2.4 2.7 2.6 3.0 1.5 0% OFFICE P OFFICE A OFFICE B URBAN RETAIL INDUSTR
Slide 45: Vacancy loss by gross rental (%)
Emira Property Fund 44 ANNEXURES — OPERATIONS Interim Results 2022 Vacancy loss by gross rental (%) 16% 13.9 14% 12.8 13.1 12% 10% 8% 6.1 6.4 6.1 6% 4.1 4% 3.7 3.6 3.3 3.2 2.8 2.9 2.8 2.2 2.3 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 JUN 21 DEC 21
Slide 46: Vacancy loss by sector and grade — by gross rental (%)
Emira Property Fund 45 ANNEXURES — OPERATIONS Interim Results 2022 Vacancy loss by sector and grade — by gross rental (%) 30% 27.0 25% 23.9 22.2 20% 15% 13.0 12.1 12.3 10.1 10% 6.1 6.4 6.1 5% 4.1 3.6 3.2 3.3 3.2 2.8 2.9 2.8 2.2 2.3 0% PRIME + OFFICE A OFFICE B URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DE
Slide 47: Tenant retention (%)
Emira Property Fund 46 ANNEXURES — OPERATIONS Interim Results 2022 Tenant retention (%) 100% Hundreds 88 86 82 82 83 82 81 80 80% 77 78 77 72 60% 40% GROSS RENTALS m² NO. OF LEASES DEC 19 DEC 20 JUN 21 DEC 21 1H22: Expiries of 125 425m2 equals 267 leases or R15.9m gross rentals per month
Slide 48: Tenant retention per sector by gross rental (%)
Emira Property Fund 47 ANNEXURES — OPERATIONS Interim Results 2022 Tenant retention per sector by gross rental (%) 103% 91 91 92 93% 89 85 86 81 83 82 82 81 82 83% 78 73% 70 67 62 63% 53% 43% 33% 23% 13% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 JUN 21 DEC 21
Slide 49: 10 Major lease expiries by GLA
Emira Property Fund 48 ANNEXURES — OPERATIONS Interim Results 2022 10 Major lease expiries by GLA FY22 Property Sector Tenant Lease end GLA (m2) Status Epping Warehouse Industrial Devland Burgersfort Dec 21 13 662 Monthly, building transferred – 2 Feb 22 Menlyn Corporate Park Office King Price Insur
Slide 50: 10 Major lease expiries by gross rental
Emira Property Fund 49 ANNEXURES — OPERATIONS Interim Results 2022 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 Busy with negotiations 20 Anvil Road Industrial The Beverage Co
Slide 51: 10 Major lease expiries by GLA
Emira Property Fund 50 ANNEXURES — OPERATIONS Interim Results 2022 10 Major lease expiries by GLA FY23 Property Sector Tenant Lease end GLA (m2) Status Busy with negotiations 20 Anvil Road Industrial The Beverage Company Sep 22 12 250 (expected to renew – 3/5 years) Mitek Industrial Mitek Industries
Slide 52: Reversions total (gross rentals)
Emira Property Fund 51 ANNEXURES — OPERATIONS Interim Results 2022 Reversions total (gross rentals) AVG. AVG. NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 14 253 176.71 146.03 -17.4% Urban retail 68 004 176.36 144.16 -18.3% Industrial 51 176 74.37 62.14 -16.4% Total Dec 21
Slide 53: Reversions renewals (gross rentals)
Emira Property Fund 52 ANNEXURES — OPERATIONS Interim Results 2022 Reversions renewals (gross rentals) AVG. AVG. NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 13 015 178.00 147.28 -17.3% Urban retail 66 460 175.71 143.09 -18.6% Industrial 39 346 75.78 63.13 -16.7% Total Dec
Slide 54: Reversions new leases (gross rentals)
Emira Property Fund 53 ANNEXURES — OPERATIONS Interim Results 2022 Reversions new leases (gross rentals) AVG. AVG. NEW INCREASE/ SECTOR AREA EXPIRY RENTAL LEASE RENTAL DECREASE % Office 1 238 163.06 132.91 -18.5% Urban retail 1 544 204.13 190.50 -6.7% Industrial 11 830 69.71 58.87 -15.6% Total Dec 2
Slide 55: Weighted average lease escalations (%)
Emira Property Fund 54 ANNEXURES — OPERATIONS Interim Results 2022 Weighted average lease escalations (%) * 9% 8% 7.8 7.5 7.5 7.4 7.5 7.3 7.2 7.1 7.1 7.0 7.0 7.1 7% 6.9 6.8 6.7 6.4 6% 5% 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL DEC 19 DEC 20 JUN 21 DEC 21 * Based on occupied Fund GLA
Slide 56: Weighted average lease expiry (WALE) (years)
Emira Property Fund 55 ANNEXURES — OPERATIONS Interim Results 2022 Weighted average lease expiry (WALE) (years) 4.0 3.8 3.5 3.5 3.3 3.2 3.0 2.8 2.7 2.6 2.6 2.6 2.5 2.4 2.3 2.3 2.2 2.1 2.0 2.0 2.0 1.5 1.0 0.5 0.0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 DEC 20 JUN 21 DEC 21
Slide 57: Lease expiry profile by gross rental (%)
Emira Property Fund 56 ANNEXURES — OPERATIONS Interim Results 2022 Lease expiry profile by gross rental (%) 50% 45.8 45.9 44.2 45% 40% 35% 30% 26.0 25% 22.9 20.6 21.4 20% 18.1 18.4 15% 11.6 9.5 10% 8.1 5% 3.4 2.0 2.0 0.1 0.1 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (31/12/21)
Slide 58: Lease expiry profile — offices by gross rental (%)
Emira Property Fund 57 ANNEXURES — OPERATIONS Interim Results 2022 Lease expiry profile — offices by gross rental (%) 60% 51.2 50% 41.0 40% 36.8 30.8 30% 23.8 23.9 21.2 20.4 20% 14.4 10.7 10.2 9.5 10% 4.6 0.2 0.0 0.0 0.3 1.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (31/12/21) (2H
Slide 59: Lease expiry profile — urban retail by gross rental (%)
Emira Property Fund 58 ANNEXURES — OPERATIONS Interim Results 2022 Lease expiry profile — urban retail by gross rental (%) 60% 53.3 53.7 50% 44.5 40% 30% 28.1 21.7 20% 16.7 17.7 16.7 15.1 10.1 10% 7.1 6.1 3.8 2.7 2.6 0.0 0.1 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+ (31/12/21)
Slide 60: Lease expiry profile — industrial by gross rental (%)
Emira Property Fund 59 ANNEXURES — OPERATIONS Interim Results 2022 Lease expiry profile — industrial by gross rental (%) 45% 40.5 40% 35.8 35% 33.3 29.4 30% 25.9 26.6 25% 21.0 21.0 20.0 20% 16.8 14.6 15% 10% 9.1 5% 3.8 2.0 0.0 0.2 0.0 0.0 0% VACATED EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4+
Slide 61: Properties excluded from like-for-like
Emira Property Fund 60 ANNEXURES — OPERATIONS Interim Results 2022 Properties excluded from like-for-like The following are excluded from FY22 numbers: Purchases — None Land — 1 West land, Quagga land, Knightsbridge land, Portion 180 of the farm Brakfontein (Discovery) Disposals — Steiner Services (
Slide 62: Leases concluded: lease commencement 1 July 2021+
Emira Property Fund 61 ANNEXURES — OPERATIONS Interim Results 2022 Leases concluded: lease commencement 1 July 2021+ NEW RENEWAL TOTAL Number of leases 47 212 258 Offices 9 38 46 Urban Retail 17 132 149 Industrial 21 42 63 Total m² 14 612 118 821 133 433 Offices 1 238 13 015 14 253 Urban Retail 1 54
Slide 63: Emira net rentals
Emira Property Fund 62 ANNEXURES — OPERATIONS Interim Results 2022 Emira net rentals (excl. vacancies, parking, store-rooms, kiosks, ATMs, mezzanines) NO. OF OCCUPIED AVG NET RENTAL SECTOR BUILDINGS GLA (m²) (R/m²) Office: P-Grade 4 55 332 161.66 Office: A-Grade 14 61 999 158.02 Office: B-Grade 2 10
Slide 64: Tenant grading — by GLA (%)
Emira Property Fund 63 ANNEXURES — OPERATIONS Interim Results 2022 Tenant grading — by GLA (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 75 Hundreds 3 70% 60% 52 50% 46 1 2 40% 31 30% 26 22 23 20% 12 13 10% 1. A Grade 58 0% 2. B Grade 19 OFFICE URBAN RETAIL INDUSTRIAL 3. C Grade 23 A Grade B Grade C Gr
Slide 65: Tenant grading — by Gross Rental (%)
Emira Property Fund 64 ANNEXURES — OPERATIONS Interim Results 2022 Tenant grading — by Gross Rental (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% Hundreds 72 3 70% 59 60% 50% 47 2 1 40% 30 30% 24 23 20% 17 16 12 10% 1. A Grade 63 0% 2. B Grade 18 OFFICE URBAN RETAIL INDUSTRIAL 3. C Grade 19 A Grade B G
Slide 66: Tenant exposure by GLA
Emira Property Fund 65 ANNEXURES — OPERATIONS Interim Results 2022 Tenant exposure by GLA TENANT EXPOSURE – TOP TEN TENANTS (%) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) RTT GROUP 7.8 PICK N PAY 6.2 MASSMART 3.5 1 SHOPRITE CHECKERS 2.3 PEPKOR 2.2 2 WOOLWORTHS 1.8 DEVLAND 1.8 THE BEVERAGE COMPANY 1.6
Slide 67: Tenant exposure by gross rental
Emira Property Fund 66 ANNEXURES — OPERATIONS Interim Results 2022 Tenant exposure by gross rental TENANT EXPOSURE – TOP TEN TENANTS (%) TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) PICK N PAY 4.9 RTT GROUP 4.1 1 MASSMART 3.8 PEPKOR 3.1 KING PRICE INSURANCE 2.7 2 SHOPRITE CHECKERS 2.2 SA LOCAL GOVERNME
Slide 68: Potential new major capex projects
Emira Property Fund 67 ANNEXURES — OPERATIONS Interim Results 2022 Potential new major capex projects (not committed) MAJOR PROJECTS BEING CONSIDERED TYPE m² VALUE (Rm) CONSTRUCTION TIME The Tramshed – common area refurbishment Urban Retail N/A 25 4 months Menlyn Corporate Park – subdivision Office
Slide 69: Top properties by value
Emira Property Fund 68 ANNEXURES — OPERATIONS Interim Results 2022 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)
Slide 70: Environmental — reporting
Emira Property Fund 69 ANNEXURES — OPERATIONS Interim Results 2022 Environmental — reporting EMIRA’S APPROACH TO REPORTING CARBON DISCLOSURE PROJECT SCIENCE BASED TARGETS — An internal business resilience scorecard was developed for — A B was achieved on its 11th CDP submission report, which — SBTi
Slide 71: Environmental — energy
Emira Property Fund 70 ANNEXURES — OPERATIONS Interim Results 2022 Environmental — energy ENERGY MANAGEMENT ENERGY MANAGEMENT CLEAN ENERGY PRODUCTION — Operational capex of R6.4 million was spent — Mandatory rollout of Energy Performance Certifications — 9 PV farms have saved 4.8 million kWh in H1 F
Slide 72: Environmental — water, waste and biodiversity
Emira Property Fund 71 ANNEXURES — OPERATIONS Interim Results 2022 Environmental — water, waste and biodiversity WATER WASTE BIODIVERSITY — 21 water projects saving 45 095KL for H1 FY22 equal — Waste continues to be a focus and we have included it — An alignment and further improvement of our to 18
Slide 73: Back-up Power
Emira Property Fund 72 ANNEXURES — OPERATIONS Interim Results 2022 Back-up Power The breakdown of the coverage of the directly held SA portfolio by number of properties is as follows: 45% — 100% 100% Coverage per sector 38% — partial backup power 31% — Office 17% — none 14% — Retail 51% — Industrial
Slide 74: Enyuka
Emira Property Fund 73 ANNEXURES — OPERATIONS Interim Results 2022 Enyuka Dec 20 Jun 21 Dec 21 Number of properties 24 24 24 GLA of properties 156 279m² 157 123m² 157 070m² Property portfolio value R1.66bn R1.66bn R1.67bn Average value per m² R10 609 R10 592 R10 622 Average value per property R69m R
Slide 75: Financials
Emira Property Fund Financials
Slide 76: Year-on-year like-for-like growth net property income
Emira Property Fund 75 ANNEXURES — FINANCIALS Interim Results 2022 Year-on-year like-for-like growth net property income (Static portfolio — pre COVID-19 adjustments) 6% 4.2% 4% 2% 0% -2% -4% -2.4% -4.4% -4.2% -3.9% -6% -8% -7.7% -10% REVENUE PROPERTY EXPENSES NET PROPERTY INCOME DEC 20 DEC 21 Reven
Slide 77: Cost-to-income ratio (%)
Emira Property Fund 76 ANNEXURES — FINANCIALS Interim Results 2022 Cost-to-income ratio (%) (Before rental concession adjustments) 50% 48.3% 44.9% 45% 40% 39.2% 35% 31.4% 30% 28.3% 25% 20% 18.6% 15% 10% 5% 0% GROSS NET DEC 19 DEC 20 DEC 21 Inclusive of Property Management Fees
Slide 78: Cost-to-income ratio (%)
Emira Property Fund 77 ANNEXURES — FINANCIALS Interim Results 2022 Cost-to-income ratio (%) (After rental concession adjustments) 60% 50% 48.5% 46.0% 39.2% 40% 31.5% 29.2% 30% 20% 18.6% 10% 0% GROSS NET DEC 19 DEC 20 DEC 21
Slide 79: Property expense analysis (%)
Emira Property Fund 78 ANNEXURES — FINANCIALS Interim Results 2022 Property expense analysis (%) MUNICIPAL CHARGES 61 62 SECURITY EXPENSES 7 7 SERVICE CONTRACTS 6 6 BAD DEBTS 5 2 LEASING EXPENSES 5 4 PROPERTY MANAGEMENT FEE 5 5 RENT AND LEVIES PAID 4 2 MAINTENANCE 3 6 ADMINISTRATION EXPENSES 2 3 STA
Slide 80: Reconciliation of cash generated from operations to distributable income
Emira Property Fund 79 ANNEXURES — FINANCIALS Interim Results 2022 Reconciliation of cash generated from operations to distributable income Six months ended R’000 31 Dec 2021 Net cash flow from operating activities (as per statement of cash flows) (151 432) Items in cash flow from operating activiti
Slide 81: Foreign income: Weighted average hedged rate per reporting period
Emira Property Fund 80 ANNEXURES — FINANCIALS Interim Results 2022 Foreign income: Weighted average hedged rate per reporting period Nominal Forward rate Period (USD’000) against ZAR Jun 22 4 059 R15.86 Dec 22 4 095 R16.57 Jun 23 3 674 R16.76 Dec 23 4 054 R17.70 Jun 24 3 384 R17.60 Dec 24 3 166 R18.
Slide 82: Valuation parameters: Segmental
Emira Property Fund 81 ANNEXURES — FINANCIALS Interim Results 2022 Valuation parameters: Segmental JUN 2021 DEC 2021 Direct property portfolio RETAIL OFFICE IND RES TOTAL RETAIL OFFICE IND RES TOTAL Number of properties 19 20 37 1 77 19 20 37 1 77 GLA (m²) 306 736 160 486 342 507 — 809 728 306 753 1
Slide 83: Debt mix analysis
Emira Property Fund 82 ANNEXURES — FINANCIALS Interim Results 2022 Debt mix analysis Currency ZAR USD TOTAL Income producing assets (Rm) 11 343 1 906 13 249 Total facilities (Rm) 5 789 — 5 789 Reclassified as foreign debt through CCIRS (Rm) (974) 974 — Adjusted total facilities (Rm) 4 815 974 5 789
Slide 84: Debt funding cost
Emira Property Fund 83 ANNEXURES — FINANCIALS Interim Results 2022 Debt funding cost JUN 2021 DEC 2021 Average Average Fixed Average Average Fixed all-in rate fixed rate duration all-in rate fixed rate duration % % years % % years ZAR 8.32 6.72 1.8 8.15 6.67 1.7 USD 2.45 2.45 3.6 2.45 2.45 3.0 Total
Slide 85: Debt covenants: Emira
Emira Property Fund 84 ANNEXURES — FINANCIALS Interim Results 2022 Debt covenants: Emira Amount drawn Transaction LTV, (incl accrued Transaction LTV including derivatives Corporate LTV covenant Transaction ICR Corporate ICR Value of Amount Amount interest + Lender properties available Drawn derivati
Slide 86: Debt facilities by source (Rm)
Emira Property Fund 85 ANNEXURES — FINANCIALS Interim Results 2022 Debt facilities by source (Rm) 1800 27% 1600 26% 1400 1200 1000 16% 15% 800 600 9% 400 3% 3% 200 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam Investec Bank DMTN programme Drawn Undrawn
Slide 87: Loan to value calculation: Emira Group
Emira Property Fund 86 ANNEXURES — FINANCIALS Interim Results 2022 Loan to value calculation: Emira Group Rm Net interest bearing debt 5 532 Non-current portion 2 901 Current portion 2 292 Add back: Unamortised debt raising fees 5 Add: Net derivative liabilities/(assets) 248 Add: ESA and BEE SPV's d
Slide 88: Loan to value: look through
Emira Property Fund 87 ANNEXURES — FINANCIALS Interim Results 2022 Loan to value: look through Proportionally consolidate equity accounted investments As reported Enyuka Transcend USA Adjusted Rm Rm Rm Rm Rm Net interest bearing debt 5 532 426 351 2 298 8 608 Non-current portion 2 901 459 396 2 611
Slide 89: Interest cover ratio calculation: Emira Group
Emira Property Fund 88 ANNEXURES — FINANCIALS Interim Results 2022 Interest cover ratio calculation: Emira Group Measure 1 Measure 2* R'000 R'000 Profit before finance costs 484 984 484 984 Adjustments Exclude: Allowance for future rental escalations 19 160 19 160 Amortisation of lease costs and ten
Slide 90: Segmental loan-to-value and interest cover ratios
Emira Property Fund 89 ANNEXURES — FINANCIALS Interim Results 2022 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 Equity held (%) n/a 46.7 – 49.6 49
Slide 91: Cross-currency interest-rate swap exposure
Emira Property Fund 90 ANNEXURES — FINANCIALS Interim Results 2022 Cross-currency interest-rate swap exposure Weighted Weighted average average Weighted initial interest Interest average Foreign CCIRS vs Nominal Nominal exchange rate USD rate ZAR duration assets Foreign USD'000 R'000 rate (fixed) (f
Slide 92: DMTN: Programme terms
Emira Property Fund 91 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Programme terms Issuer Emira Property Fund Limited Short-term unsecured A1 (ZA) (stable outlook — May 2021) National scale ratings Long-term unsecured A (ZA) (negative outlook — May 2021) (Global Credit Rating Co, “GCR”) Long-t
Slide 93: DMTN: Treasury guidelines
Emira Property Fund 92 ANNEXURES — FINANCIALS Interim Results 2022 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 d
Slide 94: DMTN: Security arrangements
Emira Property Fund 93 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Security arrangements Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement ISSUER DEBT GUARANTOR TRUSTEE Acting on behalf of Group 1 Noteholders Emira Property Fund Freestone Mortga
Slide 95: DMTN: Secured property portfolio
Emira Property Fund 94 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio (Loan to value) Current position R’000 Value of secured portfolio 1 267 795 Notes in issue Existing – EPF023 130 000 – EPF017 200 000 – EPF018 1 000 000 – EPF021 70 000 500 000 LTV — actual (%) 39.6 L
Slide 96: DMTN: Secured property portfolio
Emira Property Fund 95 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio Offices Industrial — Albury Park — 1 Medical Road (previously Johnson & Johnson) — Hamilton House — 14-16 Boston Circle — Lone Creek — Denver Warehouse — Greenfields Urban retail — HBP Industrial Unit
Slide 97: DMTN: Secured property portfolio
Emira Property Fund 96 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio NUMBER OF PROPERTIES PER SECTOR – JUN 21 VS DEC 21 20 18 18 18 16 14 12 11 11 10 8 6 4 4 4 3 3 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 DEC 21
Slide 98: DMTN: Secured property portfolio
Emira Property Fund 97 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio JUN 21 GLA SPLIT PER DEC 2021 GLA SPLIT PER JUN 21 VALUE SPLIT PER DEC 2021 VALUE SPLIT PER SECTOR (%) SECTOR (%) SECTOR (%) R1.26BN SECTOR (%) R1.27BN 1 1 3 3 1 1 3 3 2 2 2 2 1. Urban Retail 28 1. Ur
Slide 99: DMTN: Secured property portfolio
Emira Property Fund 98 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio JUN 21 GEOGRAPHICAL DEC 2021 GEOGRAPHICAL JUN 21 GEOGRAPHICAL DEC 2021 GEOGRAPHICAL SPREAD BY GLA (%) SPREAD BY GLA (%) SPREAD BY VALUE (%) SPREAD BY VALUE (%) 5 5 5 5 4 4 1 1 1 1 4 4 3 3 3 2 3 2 2 2
Slide 100: DMTN: Secured property portfolio
Emira Property Fund 99 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio AVERAGE VALUE PER m² (R) 15,000 12,069 11,643 11,454 11,575 10,000 7,466 7,408 4,813 4,919 5,000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 DEC 21 AVERAGE VALUE PER PROPERTY (Rm) 150 +7% 137 138 10
Slide 101: DMTN: Secured property portfolio
Emira Property Fund 100 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio VACANCY PROFILE BY GLA (%) 30% 24.9* 22.8 20% 10% 6.1 7.3^ 6.2 6.0 3.5 2.3# 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 21 DEC 21 * Albury Park (Aegis Media, 1 935m² — 30/09/2020) — consolidation of
Slide 102: DMTN: Secured property portfolio
Emira Property Fund 101 ANNEXURES — FINANCIALS Interim Results 2022 DMTN: Secured property portfolio LEASE EXPIRY PROFILE BY GROSS RENTAL (%) * 14-16 Boston Circle (Bidvest Data, 7 533m² — 30/06/2022) — finalising lease terms for 3 years 40% 35.8 35% 33.7 30.8 30% 27.2 25% 24.0 20% 15.2* 16.1 15% 12
Slide 103: 5 Major lease expiries by gross rental: 2H FY22
Emira Property Fund 102 ANNEXURES — FINANCIALS Interim Results 2022 5 Major lease expiries by gross rental: 2H FY22 Property Sector Tenant Lease end GLA (m²) Status 14-16 Boston Circle Industrial Bidvest Data Jun 22 7 533 Finalising lease terms – 3 years Not renewing as purchaser Universal Industria
Slide 104: 5 Major lease expiries by gross rental: FY23
Emira Property Fund 103 ANNEXURES — FINANCIALS Interim Results 2022 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 Finalising lease terms – 3/5 years Hamilton House Office Switchless Dec 22 1
Slide 105: DMTN: Secured property portfolio
Emira Property Fund 104 ANNEXURES — FINANCIALS Interim Results 2022 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 Albury Park Network Space, Faurie Nell Inc.,
Slide 106: US offshore
Emira Property Fund US offshore
Slide 107: US thesis — recap
Emira Property Fund 106 ANNEXURES — US OFFSHORE Interim Results 2022 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 pa
Slide 108: US co-investment strategy
Emira Property Fund 107 ANNEXURES — US OFFSHORE Interim Results 2022 US co-investment strategy — Dallas, Texas based — Over USD2.5 billion in commercial real — 22 professional staff estate investments closed — Over 100 years collective experience — Unanimous decision making between Emira and Rainier
Slide 109: US geographical exposure
Emira Property Fund 108 ANNEXURES — US OFFSHORE Interim Results 2022 US geographical exposure Ohio Indiana Missouri Kentucky Oklahoma Georgia Dallas Key Texas States with owned assets Owned asset location Florida Rainier HQ Latest acquisition – Newport Pavilion
Slide 110: US portfolio — The US economic environment
Emira Property Fund 109 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio — The US economic environment 15% 10% 5% 0% -5% -10% -15% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sources: US Bureau of Labor Statistics. US REAL GDP GROWTH Y-O-Y % US Unemployment Rate % US Bureau of Ec
Slide 111: US portfolio
Emira Property Fund 110 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio The US economic environment — GDP shows a v-shaped economic recovery as the US has continued to open up and return to full activity › Real GDP grew by 5.7 percent in 2021 to a level of USD22.99 trillion (USD20.89 trill
Slide 112: US portfolio
Emira Property Fund 111 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio Woodlands Square (Florida) Moore Plaza (Texas) San Antonio Crossing (Texas) University Town Center (Oklahoma) Belden Park Crossings (Ohio) 32 East (Ohio)
Slide 113: US portfolio
Emira Property Fund 112 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio Wheatland Towne Crossing (Texas) Truman’s Marketplace (Missouri) Newport Pavilion (Kentucky) Stony Creek Marketplace (Indiana) Dawson Marketplace (Georgia)
Slide 114: US portfolio
Emira Property Fund 113 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio Belden Park Moore Stony Creek Woodlands Truman’s Property Crossing 32 East Plaza Marketplace Square Marketplace ACQUISITION DATE 17 Oct 17 19 Jan 18 18 Jan 18 28 Mar 18 26 Oct 18 21 Dec 18 PURCHASE PRICE (USD) 67 000 0
Slide 115: US portfolio
Emira Property Fund 114 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio San Antonio Wheatland University Dawson Newport Property Crossing Towne Center Town Center Marketplace Pavilion Total ACQUISITION DATE 27 Feb 19 29 Mar 19 24 Jun 19 03 Feb 20 16 Jun 21 PURCHASE PRICE (USD) 20 480 000 3
Slide 116: US portfolio
Emira Property Fund 115 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio Belden Park Moore Stony Creek Woodlands Truman’s Property Crossing 32 East Plaza Marketplace Square Marketplace LOCATION North Canton, Ohio Cincinnati, Ohio Corpus Christi, Texas Noblesville, Indiana Tampa, Florida Gra
Slide 117: US portfolio
Emira Property Fund 116 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio San Antonio Wheatland University Dawson Newport Property Crossing Towne Center Town Center Marketplace Pavilion Total LOCATION San Antonio, Texas Dallas, Texas Norman, Oklahoma Dawsonville, Atlanta Newport, Kentucky GL
Slide 118: Valuation parameters: US portfolio
Emira Property Fund 117 ANNEXURES — US OFFSHORE Interim Results 2022 Valuation parameters: US portfolio Direct property portfolio DEC 2021 JUN 2021 Number of properties 11 11 GLA (ft²) 3 328 570 3 328 670 Valuation (USDm) 574.72 569.5 Average value per property (USDm) 52.25 51.78 Valuation rate (USD
Slide 119: US portfolio — leasing
Emira Property Fund 118 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio — leasing Area Ave expiry rental Ave new lease rental Ave duration Increase/decrease No. (ft²) (USD PSF P.A) (USD PSF P.A) (years) (%) REVERSIONS Renewals 16 111 561* 14.92 14.82 3.35 -0.7% New leases (with reversions)
Slide 120: US portfolio — Lease expiry profile by GLA and gross rental (%)
Emira Property Fund 119 ANNEXURES — US OFFSHORE Interim Results 2022 US portfolio — Lease expiry profile by GLA and gross rental (%) 70% 64.9 63.9 60% 50% 40% 30% 20% 18.0 16.3 10% 8.7 7.4 5.9 6.8 4.8 0.2 0.4 1.2 1.6 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (2021/12/31
Slide 121: US tenant exposure by GLA
Emira Property Fund 120 ANNEXURES — US OFFSHORE Interim Results 2022 US tenant exposure by GLA TOP 10 TENANTS OF THE TOTAL TJX Companies 9.0 PORTFOLIO (%) Burlington 5.6 Kohl's 5.4 Hobby Lobby and Mardell 5.0 1 2 Academy Sports 4.2 Kroger 4.1 Bealls 3.4 PetSmart 3.1 1. Top 10 tenants 45 2. Other ten
Slide 122: US tenant exposure by base rental
Emira Property Fund 121 ANNEXURES — US OFFSHORE Interim Results 2022 US tenant exposure by base rental TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TJX Companies 6.1 Burlington 4.2 AMC Theatres 4.1 1 PetSmart 3.3 Ulta Beauty Inc. 3.1 2 Hobby Lobby and Mardell 3.0 Academy Sports 2.6 Kohl's 2.4 1. Top 10
Slide 123: 10 Major lease expiries by rental: FY22
Emira Property Fund 122 ANNEXURES — US OFFSHORE Interim Results 2022 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 Stony Creek Marketplace Barnes & Noble Jan 22 21 980 (red
Slide 124: Major lease expiries by rental: FY23
Emira Property Fund 123 ANNEXURES — US OFFSHORE Interim Results 2022 Major lease expiries by rental: FY23 Property Tenant Lease end GLA (SF) Status Belden Park Crossings DSW Jan 23 31 859 Expecting to renew on reduced premises University Town Center Office Depot Feb 23 20 813 Expecting to renew Univ
Slide 125: Allocation (%) — total assets
Emira Property Fund 124 ANNEXURES Interim Results 2022 Allocation (%) — total assets DEC 20 DEC 21 US 11.3 11.3% 14.8 14.8% OFFICE 24.7 22.7 URBAN RETAIL 38.9 37.5 INDUSTRIAL 14.7 83.5% 14.0 80.2% RESIDENTIAL 5.0 5.8 LAND 0.2 0.2 RURAL RETAIL (ENYUKA) 5.2 5.2% 5.1 5.1%
Slide 126: Disposals – post half-year end
Emira Property Fund 125 ANNEXURES Interim Results 2022 Disposals – post half-year end GLA Book value Sale price Exit yield Effective Property Location Sector (m²) (Rm) (Rm) (%) date Epping Warehouse Cape Town Industrial 23 922 94.0 94.25 ±6.0 02 Feb 22 Epsom Downs Shopping Centre Johannesburg Retail
Slide 127: Northpoint acquisition - post half-year end
Emira Property Fund 126 ANNEXURES Interim Results 2022 Northpoint acquisition - post half-year end Brackenfell, CT — 16 415m² — Multi-tenanted — Transfer date 20 Jan 2022 — R103m — Wale 1.65 years — R6 275/m² — Yield ±11.5% — W. Ave rental R76.34/m² — Occupancy 100%, 1-year rental guarantee for cert
Slide 128: Forward-looking statements
Emira Property Fund 127 ANNEXURES Interim Results 2022 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