Emira Property Fund Ltd. · JSE:EMI
Emira Property Fund — FY2023 Earnings Presentation
142 slides from Emira Property Fund's earnings presentation, March 2023
Slide 1: Emira Property Fund Year-End Results
EMIRA PROPERTY FUND YEAR-END RESULTS
Slide 2: Year-End Results 2023 agenda
EMIRA PROPERTY FUND YEAR-END RESULTS 2023 Overview Business unit approach Outlook Key metrics Commercial Portfolio Summary distribution Residential Portfolio 1 statement Enyuka US Corporate Funding Other
Slide 3: Overview
EMIRA PROPERTY FUND YEAR-END RESULTS 2023 2 Geoff Jennett CEO
Slide 4: Overview
OVERVIEW EMIRA PROPERTY FUND OVERVIEW YEAR-END RESULTS 2023 THE COMPARISON WHAT’S COMING DIVERSIFICATION — Effect of higher interest rates — Very important — 9 months vs 12 months — Loadshedding effects — More focus — Actually, a strong performance — Tools to limit risk — Potential effects of diluti
Slide 5: Key Metrics
OVERVIEW EMIRA PROPERTY FUND KEY METRICS YEAR-END RESULTS 2023 Distributable Income per Acquisitions Vacancies LTV Transcend 4.7% 44.0% share (DIPS): 9 months 106.76c consolidate (40.5%) (128.94c – 12 months) -17.2% Disposals Enyuka sale Tenant retention Dividend per share 77% 3 months DIPS 9 months
Slide 6: Summary Distribution Statement
OVERVIEW EMIRA PROPERTY FUND SUMMARY DISTRIBUTION STATEMENT R’000 Jun 22 Mar 23 Variance % YEAR-END RESULTS 2023 Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Enyuka 89 537 64 503 (28.0) US 158 959 154 106 (3.1) Corporate/Other (57 798) (56 942) 1.5 Funding (3
Slide 7: Commercial
EMIRA PROPERTY FUND YEAR-END RESULTS 2023 6
Slide 8: Distribution Statement
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Jun 22 Mar 23 Dividend Dividend Variance R’000 payable payable % YEAR-END RESULTS 2023 Direct Portfolio Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Indirect Portfolio Enyuka 89 537 64 503 (28.0)
Slide 9: Key Portfolio Metrics at March 2023
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 31 MARCH 2023 Commercial Portfolio YEAR-END RESULTS 2023 Properties Vacancies Office sector 71 (73) R9.7bn (R9.6bn) 4.7% (5.3%) Newlands Terraces Contact Centre Infrastructure (CCI) of 4 334m² Albury Park 3 leases ± 2 100m² Sectorial
Slide 10: Key Portfolio Metrics at March 2023
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 31 MARCH 2023 Commercial Portfolio YEAR-END RESULTS 2023 Weighted average rent reversions Lease expiry profile by gross rental Loadshedding -8.4% (-15.2%) Rolled over 4.2% — Since the start of 2023, load shedding Year 1 (FY24) 25.5% s
Slide 11: Key Portfolio Metrics: Commercial Portfolio
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS: COMMERCIAL PORTFOLIO at 31 March 2023 YEAR-END RESULTS 2023 CLEAN ENERGY WATER EFFICIENCY BIODIVERSITY — 9 PV farms — 76 198Kℓ is the total consumption — Beehive project continues to be — 26 608 panels from rainwater and groundwater a s
Slide 12: Balance Sheet
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND BALANCE SHEET R’000 Jun 22 Mar 23 % Ch Direct Portfolio 9 834 12 191 24.0 Commercial Portfolio 9 627 9 832 2.1 YEAR-END RESULTS 2023 Residential Portfolio 207 2 359 1 042.4 Indirect Portfolio Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 703 11.5 Loans re
Slide 13: Valuation Summary: Commercial Portfolio
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VALUATION SUMMARY: COMMERCIAL PORTFOLIO Jun 22 Mar 23 Valuation (Rm)^ 9 551 9 676 YEAR-END RESULTS 2023 Number of properties 73 71 % of the portfolio valued externally 36% 100% Valuation rate (R/m²) — Retail 16 393 16 872 — Office 18 382 18 223 — Industrial 5
Slide 14: Acquisitions and Disposals
COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND OVERVIEW YEAR-END RESULTS 2023 ACQUISITIONS DISPOSALS — Randjespark Industrial land R8.4m — Morgan Creek and Gateway landing transferred (7 884m²) (R78.9m) — Held for sale of R182,9m includes 2 commercial properties, 104 residential units at the Bolton and 32
Slide 15: Residential
EMIRA PROPERTY FUND 14 YEAR-END RESULTS 2023
Slide 16: Distribution Statement
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Jun 22 Mar 23 Dividend Dividend Variance R’000 payable payable % YEAR-END RESULTS 2023 Direct Portfolio Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Indirect Portfolio Enyuka 89 537 64 503 (28.0
Slide 17: Key Portfolio Metrics at March 2023
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 31 MARCH 2023 Residential Portfolio YEAR-END RESULTS 2023 Properties Number of units Average rent per unit 23 (1) 4 315 (282) R6 146 (R7 418) 16 Value Vacancies Average value per unit R2.4bn (R206.5m) 2.6% (1.1%) R565 078 (R732 270)
Slide 18: Balance Sheet
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND BALANCE SHEET R’000 Jun 22 Mar 23 % Ch Direct Portfolio 9 834 12 191 24.0 Commercial Portfolio 9 627 9 832 2.1 YEAR-END RESULTS 2023 Residential Portfolio 207 2 359 1 042.4 Indirect Portfolio Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 703 11.5 Loans r
Slide 19: Residential Portfolio: Transcend and The Bolton
RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND RESIDENTIAL PORTFOLIO YEAR-END RESULTS 2023 TRANSCEND THE BOLTON — New board in place — Converted office to residential — 68.15% ownership — Sectional title unit sales commencing — Sectional title units sales increasing — 98 units transferred in May 2023 rea
Slide 20: Enyuka
EMIRA PROPERTY FUND 19 YEAR-END RESULTS 2023
Slide 21: Distribution Statement
ENYUKA EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Jun 22 Mar 23 Dividend Dividend Variance R’000 payable payable % YEAR-END RESULTS 2023 Direct Portfolio Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Indirect Portfolio Enyuka 89 537 64 503 (28.0) US 158 959 15
Slide 22: Key Portfolio Metrics at March 2023
ENYUKA EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 31 MARCH 2023 Enyuka YEAR-END RESULTS 2023 Properties Vacancies Weighted average rent reversions 24 3.3% (2.8%) 2.1% (-3.3%) (24) Weighted average escalations Value Tenant retention 6.4% 21 R1.8bn 88% (6.5%) by gross rental (84%) WALE (R1.7bn) 2.2
Slide 23: Balance Sheet
ENYUKA EMIRA PROPERTY FUND BALANCE SHEET R’000 Jun 22 Mar 23 % Ch Direct Portfolio 9 834 12 191 24.0 Commercial Portfolio 9 627 9 832 2.1 YEAR-END RESULTS 2023 Residential Portfolio 207 2 359 1 042.4 Indirect Portfolio Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 703 11.5 Loans receivable 359 3
Slide 24: Enyuka Planned Disposal
ENYUKA EMIRA PROPERTY FUND ENYUKA PLANNED DISPOSAL YEAR-END RESULTS 2023 — R638.6m equity/shareholder loan value — Comp Com approved — Net R518.6m in cash with R120m deferred payment — Deferred payment interest serviced and secured by additional assets — 5-year term 23 — Final term to be settled
Slide 25: US
EMIRA PROPERTY FUND 24 YEAR-END RESULTS 2023
Slide 26: Distribution Statement
US EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Jun 22 Mar 23 Dividend Dividend Variance R’000 payable payable % YEAR-END RESULTS 2023 Direct Portfolio Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Indirect Portfolio Enyuka 89 537 64 503 (28.0) US 158 959 154 10
Slide 27: Key Portfolio Metrics at March 2023
US EMIRA PROPERTY FUND KEY PORTFOLIO METRICS AT 31 MARCH 2023 US Portfolio YEAR-END RESULTS 2023 Properties Vacancies Lease expiry profile (rental) 2.6% Rolled over 0.0% 12 Year 1 (FY24) Year 2 (FY25) 9.0% 6.8% (4.5%) (12) Year 3 (FY26) 12.8% Year 4 (FY27) 11.3% Year 5+ (FY28+) 60.1% Value Tenant re
Slide 28: Balance Sheet
US EMIRA PROPERTY FUND BALANCE SHEET R’000 Jun 22 Mar 23 % Ch Direct Portfolio 9 834 12 191 24.0 Commercial Portfolio 9 627 9 832 2.1 YEAR-END RESULTS 2023 Residential Portfolio 207 2 359 1 042.4 Indirect Portfolio Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 703 11.5 Loans receivable 359 349 (
Slide 29: US Portfolio
US EMIRA PROPERTY FUND US PORTFOLIO YEAR-END RESULTS 2023 — Rainier/Emira alliance remains strong — Still looking for acquisitions, longer term pipeline — More difficult environment with interest rate and debt uncertainty — Remain very “particular”, requiring all the parts to work — Very strong leas
Slide 30: Corporate
29 EMIRA PROPERTY FUND YEAR-END RESULTS 2023
Slide 31: Distribution Statement
CORPORATE EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Jun 22 Mar 23 Dividend Dividend Variance R’000 payable payable % YEAR-END RESULTS 2023 Direct portfolio Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Indirect Portfolio Enyuka 89 537 64 503 (28.0) US 158 959
Slide 32: Funding
EMIRA PROPERTY FUND 31 YEAR-END RESULTS 2023
Slide 33: Distribution Statement
FUNDING EMIRA PROPERTY FUND DISTRIBUTION STATEMENT Jun 22 Mar 23 Dividend Dividend Variance R’000 payable payable % YEAR-END RESULTS 2023 Direct portfolio Commercial Portfolio 768 655 615 568 (19.9) Residential Portfolio 53 329 100 271 88.0 Indirect Portfolio Enyuka 89 537 64 503 (28.0) US 158 959 1
Slide 34: Balance Sheet
FUNDING EMIRA PROPERTY FUND BALANCE SHEET R’000 Jun 22 Mar 23 % Ch Direct Portfolio 9 834 12 191 24.0 Commercial Portfolio 9 627 9 832 2.1 YEAR-END RESULTS 2023 Residential Portfolio 207 2 359 1 042.4 Indirect Portfolio Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 703 11.5 Loans receivable 359
Slide 35: Emira Loan-to-Value Bridge
FUNDING EMIRA PROPERTY FUND EMIRA LOAN-TO-VALUE BRIDGE YEAR-END RESULTS 2023 48 78 4.4 46 68 66 0.3 44 62 3.0 0.6 (3.7) (0.2) (0.1) 42 (0.8) 44.0 43.0 43.0 40 40.5 34 Jun 22 Transcend Property US Investment CCIRS & FEC IRS derivatives Dividend payment Net distributable Other (Capex net of Mar 23 acq
Slide 36: Debt Expiry Profile
FUNDING EMIRA PROPERTY FUND DEBT EXPIRY PROFILE (RM) YEAR-END RESULTS 2023 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend Emira Transcend 35 Sep 2023 Mar 2024 Sep 2024 Mar
Slide 37: Interest Rate Hedging Profile
FUNDING EMIRA PROPERTY FUND INTEREST RATE HEDGING PROFILE (RM) YEAR-END RESULTS 2023 1 000 900 800 700 600 500 400 300 200 100 0- 36 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026 Sep 2026 Mar 2027 Emira Transcend EMIRA TRANSCEND 69.5% hedged debt 74.0% hedged debt 1.6 years weighted average
Slide 38: Other
EMIRA PROPERTY FUND 37 YEAR-END RESULTS 2023
Slide 39: Balance Sheet
OTHER EMIRA PROPERTY FUND BALANCE SHEET R’000 Jun 22 Mar 23 % Ch Direct Portfolio 9 834 12 191 24.0 Commercial Portfolio 9 627 9 832 2.1 YEAR-END RESULTS 2023 Residential Portfolio 207 2 359 1 042.4 Indirect Portfolio Enyuka 639 639 — Transcend 585 — (100) US 2 424 2 703 11.5 Loans receivable 359 34
Slide 40: Net Asset Value per Share (cents)
OTHER EMIRA PROPERTY FUND NET ASSET VALUE PER SHARE (CENTS) YEAR-END RESULTS 2023 1 750 48 9 78 53 (16) 4 (14) 1 696 1 700 (33) 30 1 650 14 1 629 2 1 600 69 1 666 1 628 1 550 1560 7 1 500 39 Jun 22 Change in treasury Investment Transcend USA investments CCIRS & FEC IRS derivatives Expected credit Ot
Slide 41: Outlook
40 EMIRA PROPERTY FUND YEAR-END RESULTS 2023 Geoff Jennett CEO
Slide 42: Outlook: The Comparison
OUTLOOK EMIRA PROPERTY FUND THE COMPARISON YEAR-END RESULTS 2023 41 — 9 months vs 12 months — Strong past period performance — 67c NAV per share uplift — 30.35c dividend per share for 3 months
Slide 43: What's Coming
OUTLOOK EMIRA PROPERTY FUND WHAT’S COMING YEAR-END RESULTS 2023 42 — Effects of higher interest rates — Potential dilutionary disposal of — In IAR23, Exec KPI target for DIPS — Loadshedding costs Enyuka for 12 months to Mar 24 of 118.49c — Slower economy — Non accrual of income on Inani
Slide 44: Diversification
OUTLOOK EMIRA PROPERTY FUND DIVERSIFICATION YEAR-END RESULTS 2023 43 — Greater focus on diversification — Increasing available liquidity — Continue on our path to endure for the benefit of all stakeholders
Slide 45: Operations
45 EMIRA PROPERTY FUND YEAR-END RESULTS 2023
Slide 46: Number of Properties
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND NUMBER OF PROPERTIES YEAR-END RESULTS 2023 120 104 97 94 100 80 79 77 80 74 60 40 20 0 JUN 18 JUN 19 JUN 20 JUN 21 JUN 22 DEC 22 MAR 23 NUMBER OF PROPERTIES PER SECTOR — June 22 vs March 23 46 40 36 34 30 23 20 20 20 17 17 10 1 0 OFFICE
Slide 47: Sectorial Spread by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND SECTORIAL SPREAD OF PROPERTIES BY GLA AND VALUE (%) YEAR-END RESULTS 2023 GLA SPLIT PER SECTOR (%) JUN 2022 GLA SPLIT PER SECTOR (%) MAR 2023 VALUE SPLIT PER SECTOR (%) JUN 2022 VALUE SPLIT PER SECTOR (%) MAR 2023 775 496m2 762 779m2 R9
Slide 48: Geographical Spread of Buildings by Number
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER YEAR-END RESULTS 2023 40 35 32 32 30 25 20 17 17 15 48 12 11 10 10 9 5 1 1 1 1 0 JOHANNESBURG PRETORIA* WESTERN CAPE KWAZULU-NATAL** BLOEMFONTEIN MPUMALANGA * Disposal: Gateway Landing ** Dispo
Slide 49: Geographic Spread by GLA and Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHIC SPREAD OF PROPERTIES BY GLA AND VALUE (%) YEAR-END RESULTS 2023 GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD GEOGRAPHICAL SPREAD BY GLA (%) JUN 2022 BY GLA (%) MAR 2023 BY VALUE (%) JUN 2022 BY VALUE (%) MAR 20
Slide 50: Average Value of Properties per m² and Property
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND AVERAGE VALUE OF PROPERTIES PER M² AND PROPERTY YEAR-END RESULTS 2023 AVERAGE VALUE PER m² 20 000 -0.9% 2.9% 15 000 18 382 18 223 2.9% 16 393 16 872 10 000 12 316 12 685 4.2% 5 000 5 600 5 838 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN
Slide 51: Office Sector Exposure: Quality Improvement
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND OFFICE SECTOR EXPOSURE OF PROPERTIES – QUALITY IMPROVEMENT YEAR-END RESULTS 2023 NUMBER OF PROPERTIES AVERAGE VALUE PER PROPERTY (Rm) GRADE OF OFFICE PORTFOLIO BY VALUE GRADE OF OFFICE PORTFOLIO BY VALUE (%) 2011 (%) 2023 51 2011 73 201
Slide 52: Residential: Geographical Spread of Buildings
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHICAL SPREAD OF BUILDINGS BY NUMBER YEAR-END RESULTS 2023 20 18 17 16 14 12 10 8 52 6 4 4 2 2 1 0 0 0 JOHANNESBURG PRETORIA WESTERN CAPE JUN 22 MAR 23
Slide 53: Residential: Spread by Value and Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND GEOGRAPHICAL SPREAD OF PROPERTIES BY VALUE AND UNIT (%) YEAR-END RESULTS 2023 GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY UNIT (%) GEOGRAPHICAL SPREAD BY VALUE (%) GEOGRAPHICAL SPREAD BY VALUE (%) JUN 2022 – 282 UNITS MAR 23
Slide 54: Average Value of Properties per Unit
ANNEXURE – OPERATIONS: RESIDENTIAL PORTFOLIO EMIRA PROPERTY FUND AVERAGE VALUE OF PROPERTIES PER UNIT YEAR-END RESULTS 2023 800 000 732 270 700 000 600 000 565 078 500 000 400 000 300 000 54 200 000 100 000 0 RESIDENTIAL JUN 22 MAR 23
Slide 55: Vacancy Profile per Sector by GLA
ANNEXURE – OPERATIONS: TOTAL PORTFOLIO EMIRA PROPERTY FUND VACANCY PROFILE PER SECTOR BY GLA (%) YEAR-END RESULTS 2023 30% 25% 24.5 20% 19.1 17.0 15.0 15% 12.5 11.6 55 10% 6.9 6.4 6.0 5.3 5.3 4.8 4.7 5% 3.8 4.1 4.1 3.6 4.1 2.8 3.4 3.1 3.2 3.5 2.7 3.3 2.3 2.6 2.5 2.1 1.1 0% OFFICE URBAN RETAIL INDUST
Slide 56: Vacancy Profile per Sector and Grade
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VACANCY PROFILE PER SECTOR AND GRADE BY GLA (%) YEAR-END RESULTS 2023 30% 26.3 25.5 25% 21.5 21.7 20% 18.2 16.7 16.4 15% 13.4 12.2 12.0 10.5 10.7 10.7 10.4 56 10% 8.5 6.3 6.4 5.3 4.8 4.7 5% 3.8 4.1 4.1 3.6 4.1 2.8 3.4 3.1 3.2 3.5 2.3 2.
Slide 57: Vacancy Loss by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VACANCY LOSS BY GROSS RENTAL (%) YEAR-END RESULTS 2023 14% 13.1 12.3 12% 10.6 9.9 10% 8% 6.4 6% 5.4 5.6 57 4.7 4.7 4.3 4.1 4.1 4% 3.7 3.2 3.2 3.0 2.9 2.8 2.9 2.4 2.5 2.1 2.2 1.9 2% 0% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 19 JUN 20 J
Slide 58: Vacancy Loss per Sector and Grade
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND VACANCY LOSS PER SECTOR AND GRADE BY GROSS RENTAL (%) YEAR-END RESULTS 2023 30% 25.8 25% 23.9 20.6 20.8 20% 15% 13.9 12.3 11.4 11.5 9.9 58 10% 9.1 6.4 5.6 4.8 4.7 4.7 5% 3.8 3.7 4.1 3.2 3.2 2.9 4.1 2.9 2.8 2.4 2.5 2.2 3.0 2.1 1.9 0% PRI
Slide 59: Tenant Retention
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT RETENTION (%) YEAR-END RESULTS 2023 100% Hundreds 83 84 82 82 80 79 79 79 80% 77 78 78 78 76 76 70 60% 40% 59 GROSS RENTALS m² NO. OF LEASES JUN 20 JUN 21 JUN 22 DEC 22 MAR 23 FY23: Expiries of 144 653m² equals 394 leases or R17.
Slide 60: Tenant Retention per Sector
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT RETENTION PER SECTOR BY GROSS RENTAL (%) YEAR-END RESULTS 2023 100% 91 89 88 88 82 82 83 82 83 81 80 80% 79 78 79 79 77 67 67 63 60 60 60% 40% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 JUN 21 JUN 22 DEC 22 MAR 23
Slide 61: Major Lease Renewals: FY23
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE RENEWALS BY GROSS RENTAL: FY23 Property Sector Tenant Lease end GLA (m2) Status Technohub Industrial Kawari Wholesalers Aug 22 6 580 Renewed – 10 months YEAR-END RESULTS 2023 14-16 Boston Circle Industrial Bidvest Data Ju
Slide 62: Major Lease Expiries by Gross Rental: FY23
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY23 Property Sector Tenant Lease end GLA (m2) Status 20 Anvil Road Industrial The Beverage Company Sep 22 12 250 Renewed – 3 years YEAR-END RESULTS 2023 2 Frosterley Park Office Outworx Contact
Slide 63: Major Lease Expiries by GLA: FY23
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GLA: FY23 Property Sector Tenant Lease end GLA (m2) Status 20 Anvil Road Industrial The Beverage Company Sep 22 12 250 Renewed – 3 years YEAR-END RESULTS 2023 Mitek Industrial Mitek Industries Jan 23 6 604 Ren
Slide 64: Major Lease Expiries by Gross Rental: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY24 Property Sector Tenant Lease end GLA (m2) Status Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Expected to renew – 5 years YEAR-END RESULTS 2023 9 Long Office Dept of Public Works
Slide 65: Major Lease Expiries by GLA: FY24
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY GLA: FY24 Property Sector Tenant Lease end GLA (m2) Status Cambridge Park Industrial ITEC South Africa Dec 23 7 132 Expected to renew – 5 years YEAR-END RESULTS 2023 Technohub Industrial Kawari Wholesalers Jun
Slide 66: Weighted Reversions Total
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED REVERSIONS TOTAL BY GROSS RENTALS YEAR-END RESULTS 2023 Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 21 953 163.65 139.42 -14.8% Urban Retail 20 869 215.35 203.44 -5.5% Industrial 81
Slide 67: Weighted Reversions Renewals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED REVERSIONS RENEWALS BY GROSS RENTALS YEAR-END RESULTS 2023 Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 15 983 156.23 137.79 -11.8% Urban Retail 17 359 216.52 202.50 -6.5% Industrial
Slide 68: Weighted Reversions New Leases
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED REVERSIONS NEW LEASES BY GROSS RENTALS YEAR-END RESULTS 2023 Weighted Weighted new Increase/ Sector Area expiry rental lease rental Decrease % Office 5 971 183.51 143.76 -21.7% Urban Retail 3 510 209.57 208.10 -0.7% Industrial
Slide 69: Weighted Average Lease Escalations
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED AVERAGE LEASE ESCALATIONS (%)* YEAR-END RESULTS 2023 8% 7.7 7.5 7.3 7.3 7.1 7.0 7.0 7% 6.9 6.8 6.8 6.7 6.7 6.7 6.6 6.6 6.6 6.6 6.3 6.3 6.3 6% 5% 69 4% 3% OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 20 JUN 21 JUN 22 DEC 22 MAR 23 *
Slide 70: Weighted Average Lease Expiry (WALE)
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND WEIGHTED AVERAGE LEASE EXPIRY (WALE) (YEARS) Movement from June 22 to March 23: — Gateway Landing sold: Grit Procurement Solutions (4 833m²) — lease was expiring 31/03/2027 — Morgan Creek sold: Simba (4 283m²) — lease was expiring 31/08
Slide 71: Lease Expiry Profile by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE BY GROSS RENTAL (%) YEAR-END RESULTS 2023 60% 55% 50% 45% 40% 36.6 35% 29.2 29.6 30.1 30% 26.8 25.5 26.2 24.3 24.4 25% 22.0 21.8 20.8 20% 18.6 19.5 71 14.8 15.6 15% 10% 3.5 4.2 5% 2.3 2.9 0.9 0.2 0.0 0.2 0% VACATED
Slide 72: Lease Expiry Profile: Offices
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE — OFFICES BY GROSS RENTAL (%) YEAR-END RESULTS 2023 60% 55% 50% 45% 40% 35% 33.7 29.8 29.8 30.6 29.9 30% 27.6 25.8 25.8 25.9 25% 20.5 20.8 21.5 20.3 20% 72 16.0 15.5 16.3 15% 10% 5% 1.6 2.5 1.7 2.8 0.8 0.1 0.1 0.6 0
Slide 73: Lease Expiry Profile: Urban Retail
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE — URBAN RETAIL BY GROSS RENTAL (%) YEAR-END RESULTS 2023 50% 44.3 45% 40% 34.5 34.9 34.5 35% 30% 28.6 29.0 24.8 25% 22.9 21.2 20% 17.9 16.3 16.7 16.3 15.4 73 15.0 15% 12.9 10% 4.9 5% 3.1 3.3 2.3 1.0 0.2 0.0 0.0 0% V
Slide 74: Lease Expiry Profile: Industrial
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASE EXPIRY PROFILE — INDUSTRIAL BY GROSS RENTAL (%) YEAR-END RESULTS 2023 35% 33.1 32.6 30.7 30.2 29.5 30% 25.7 25.4 25.0 24.7 25% 23.3 23.3 20.4 20% 18.9 17.1 15% 13.4 74 10% 9.1 7.8 4.6 5% 2.4 1.0 1.4 0.2 0.0 0.2 0% VACATED EXPIRIES
Slide 75: Leases Concluded from 1 July 2022
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND LEASES CONCLUDED: LEASE COMMENCEMENT 1 JULY 2022+ YEAR-END RESULTS 2023 New Renewal Total Number of leases 71 183 254 Offices 18 50 68 Urban Retail 18 82 100 Industrial 35 51 86 Total m² 29 171 94 961 124 132 Offices 5 971 15 983 21 953
Slide 76: Emira Net Rentals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND EMIRA NET RENTALS (Excluding vacancies, parking, store-rooms, kiosks, ATMs, mezzanines) No. of Occupied Avg Net Rental YEAR-END RESULTS 2023 Sector Buildings GLA (m²) (R/m²) Office: P-Grade 4 56 166 163.59 Office: A-Grade 14 68 274 155.
Slide 77: Tenant Grading by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT GRADING — BY GLA (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 76 YEAR-END RESULTS 2023 Hundreds 23 70% 60% 53 53 50% 40% 34 30% 25 22 20% 13 13 15 62 11 10% 0% 77 A Grade Office Urban Retail Industrial B Grade C Grade A Grade B Gra
Slide 78: Tenant Grading by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT GRADING — BY GROSS RENTAL (%) TOTAL PORTFOLIO (%) PER SECTOR (%) 80% 73 YEAR-END RESULTS 2023 Hundreds 19 70% 60 60% 55 50% 40% 31 15 30% 20 20 20% 14 13 14 66 10% 0% 78 A Grade Office Urban Retail Industrial B Grade C Grade A Gr
Slide 79: Tenant Exposure by GLA
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT EXPOSURE BY GLA (%) YEAR-END RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) RTT GROUP 8.1 PICK N PAY 6.1 30 MASSMART 3.7 PEPKOR 2.5 Top 10 tenants SHOPRITE CHECKERS 2.4 Other tenants 7
Slide 80: Tenant Exposure by Gross Rental
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TENANT EXPOSURE BY GROSS RENTAL (%) YEAR-END RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) PICK N PAY 4.8 RTT GROUP 4.5 29 MASSMART 4.0 PEPKOR 3.4 Top 10 tenants KING PRICE INSURANCE 2.8 Oth
Slide 81: Potential New Major Capex Projects
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND POTENTIAL NEW MAJOR CAPEX PROJECTS YEAR-END RESULTS 2023 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 Shopping Centr
Slide 82: Top Properties by Value
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND TOP 10 PROPERTIES BY VALUE YEAR-END RESULTS 2023 Property Node Classification GLA (m2) Major Tenants Wonderpark Pretoria North Retail – Regional 91 038 Pick n Pay (12 867m²), Game (5 292m²), Checkers (4 709m²), Woolworths (4 642m²), Sho
Slide 83: Environmental: Reporting
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENVIRONMENTAL — REPORTING YEAR-END RESULTS 2023 EMIRA’S APPROACH TO REPORTING CARBON DISCLOSURE PROJECT SCIENCE BASED TARGETS — Emira continues its alignment to the relevant — Emira participates annually in CDP public — Emira has recent
Slide 84: Environmental: Energy
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENVIRONMENTAL — ENERGY Emira’s total energy consumption breakdown (%) 100% 97.1 97.1 91.9 89.9 YEAR-END RESULTS 2023 90% 80% 75.1 70% 60% 50% 40% 30% 20% 15.8 6.6 8.0 9.1 10% 2.1 2.1 0.8 0.8 1.5 2.1 0% Grid electricity Renewable electri
Slide 85: Environmental: Water, Waste and Biodiversity
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENVIRONMENTAL — WATER, WASTE AND BIODIVERSITY YEAR-END RESULTS 2023 WATER WASTE BIODIVERSITY — Water scarcity is a physical climate risk which can affect — Emira’s continued commitment to the UN SDGs, focusing on — Maintaining healthy e
Slide 86: Enyuka
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ENYUKA YEAR-END RESULTS 2023 Jun 22 Dec 22 Mar 23 Number of properties 24 24 24 GLA of properties 157 070m² 157 179m² 157 050m² Property portfolio value R1.72bn R1.73bn R1.77bn Average value per m² R10 951 R11 023 R11 255 Average value
Slide 87: Allocation: Total Assets
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND ALLOCATION (%) — TOTAL ASSETS YEAR-END RESULTS 2023 Jun 22 Mar 23 US 18.1 18.1% 17.5 17.5% OFFICE 21.9 18.9 URBAN RETAIL 35.7 31.9 INDUSTRIAL 13.5 77.1% 11.6 78.4% 87 RESIDENTIAL 5.9 15.8 LAND 0.1 0.2 RURAL RETAIL (ENYUKA) 4.8 4.8% 4.1
Slide 88: Disposals
ANNEXURE – OPERATIONS: COMMERCIAL PORTFOLIO EMIRA PROPERTY FUND DISPOSALS YEAR-END RESULTS 2023 GLA Book value Sale price Net exit yield Effective Property Location Sector (m²) (Rm) (Rm) (%) Date Morgan Creek Durban Industrial 4 283 25.2 32.0 ± 6.3 01 Mar 23 Gateway Landing Pretoria Industrial 9 371
Slide 89: Financials
89 EMIRA PROPERTY FUND YEAR-END RESULTS 2023
Slide 90: Cost-to-Income Ratio: Commercial Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND COST-TO-INCOME RATIO (%): COMMERCIAL PORTFOLIO YEAR-END RESULTS 2023 50% 45.8% 46.8% 45% 43.9% 40% 35% 29.0% 29.7% 30% 26.1% 25% 20% 90 15% 10% 5% 0% GROSS NET JUN 21 JUN 22 MAR 23
Slide 91: Cost-to-Income Ratio: Residential Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND COST-TO-INCOME RATIO (%): RESIDENTIAL PORTFOLIO YEAR-END RESULTS 2023 50% 46.3% 45% 41.8% 43.0% 40.4% 40% 37.4% 36.3% 35% 30% 25% 20% 91 15% 10% 5% 0% GROSS NET JUN 21 JUN 22 MAR 23
Slide 92: Property Expense Analysis: Commercial Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND PROPERTY EXPENSE ANALYSIS (%) : COMMERCIAL PORTFOLIO YEAR-END RESULTS 2023 MUNICIPAL CHARGES 60 59 SECURITY EXPENSES 8 7 MAINTENANCE 7 5 SERVICE CONTRACTS 6 6 CONSUMABLES * 1 7 PROPERTY MANAGEMENT FEE 5 5 LEASING EXPENSES 4 2 92 RENT AND LEVIES PAID 3 2 ADMI
Slide 93: Property Expense Analysis: Residential Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND PROPERTY EXPENSE ANALYSIS (%): RESIDENTIAL PORTFOLIO YEAR-END RESULTS 2023 MUNICIPAL CHARGES 30 39 PROPERTY MANAGEMENT FEE 20 15 MAINTENANCE 7 12 RENT AND LEVIES PAID 1 6 SECURITY EXPENSES 11 6 ADMINISTRATION EXPENSES 9 5 BAD DEBTS 1 5 93 MARKETING EXPENSES
Slide 94: Reconciliation of Cash Generated to Distributable Income
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND RECONCILIATION OF CASH GENERATED FROM OPERATIONS TO DISTRIBUTABLE INCOME Nine-months ended R’000 31 Mar 2023 Net cash flow from operating activities (as per statement of cash flows) (391 937) YEAR-END RESULTS 2023 Items in cash flow from operating activities
Slide 95: Foreign Income: Weighted Average Hedged Rate
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND FOREIGN INCOME: WEIGHTED AVERAGE HEDGED RATE PER REPORTING PERIO D YEAR-END RESULTS 2023 Nominal Forward rate Period (USD’000) against ZAR Sep 23 4 366 17.71 Mar 24 4 291 17.52 Sep 24 4 123 17.94 Mar 25 3 901 18.57 Sep 25 3 691 18.67 Mar 26 2 984 19.62 Sep 2
Slide 96: Valuation Parameters: Commercial Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND VALUATION PARAMETERS: COMMERCIAL PORTFOLIO YEAR-END RESULTS 2023 JUN 2022 MAR 2023 Direct property portfolio RETAIL OFFICE IND TOTAL RETAIL OFFICE IND TOTAL Number of properties 17 20 36 73 17 20 34 71 GLA (m²) 292 527 160 421 322 547 775 495 292 623 161 029
Slide 97: Valuation Parameters: Residential Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND VALUATION PARAMETERS: RESIDENTIAL PORTFOLIO YEAR-END RESULTS 2023 Direct property portfolio JUN 2022 MAR 2023 Number of properties 1 23 Number of units 282 4 315 GLA (m²) 11 815 224 518 Valuation (Rm) 207 2 438 Average value per unit (R’000) 732 565 Valuatio
Slide 98: Debt Mix Analysis
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT MIX ANALYSIS YEAR-END RESULTS 2023 Currency ZAR USD Total Income producing assets (Rm) 13 102 2 703 15 805 Total facilities (Rm) 6 367 6 367 Reclassified as foreign debt through CCIRS (Rm) (1 300) 1 300 — Adjusted total facilities (Rm) 5 067 1 300 6 367
Slide 99: Debt Funding Cost
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT FUNDING COST (EMIRA) YEAR-END RESULTS 2023 Jun 2022 Mar 2023 Average Average Fixed Average Average Fixed all-in rate fixed rate duration all-in rate fixed rate duration % % years % % years ZAR 8.55 6.69 1.8 9.51 6.81 1.6 USD 2.44 2.44 2.4 2.45 2.45 1.7
Slide 100: Debt Covenants
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT COVENANTS [EMIRA] YEAR-END RESULTS 2023 Amount drawn Transaction LTV, Corporate LTV Value of (incl accrued Transaction LTV including derivatives covenant Transaction ICR Corporate ICR security/ Amount Amount interest + Lender properties available Drawn
Slide 101: Debt Facilities by Source
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DEBT FACILITIES BY SOURCE: EMIRA (RM) YEAR-END RESULTS 2023 2 500 2 000 1 500 1 000 101 500 0 Rand Merchant Bank ABSA Nedbank Standard Bank Sanlam DMTN programme Drawn Undrawn
Slide 102: Loan to Value Calculation: Emira Group
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND LOAN TO VALUE CALCULATION: EMIRA GROUP YEAR-END RESULTS 2023 Rm Net interest-bearing debt 6 961 Non-current portion 4 293 Current portion 2 404 Add back: Unamortised debt raising fees 6 Add: Net derivative liabilities/(assets) 197 Add: ESA and BEE SPV's debt
Slide 103: Loan to Value: Look Through
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND LOAN TO VALUE: LOOK THROUGH YEAR-END RESULTS 2023 Proportionally consolidate equity-accounted investments As reported Enyuka US Adjusted Rm Rm Rm Rm Net interest-bearing debt 6 961 445 3 458 10 865 Non-current portion 4 293 461 3 771 8 525 Current portion 2
Slide 104: Interest Cover Ratio Calculation
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND INTEREST COVER RATIO CALCULATION: EMIRA Measure 1 Measure 2 R'000 R'000 Profit before finance costs 1 058 231 1 058 231 Adjustments YEAR-END RESULTS 2023 Exclude: Allowance for future rental escalations 12 522 12 522 Amortisation of lease costs and tenant in
Slide 105: Segmental Loan-to-Value and Interest Cover Ratios
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND SEGMENTAL LOAN-TO-VALUE AND INTEREST COVER RATIOS YEAR-END RESULTS 2023 Indirect investments (equity accounted) Emira Group Transcend US Enyuka Accounting treatment n/a Subsidiary Equity accounted Equity accounted Equity held (%) n/a 68.2 46.7 – 49.6 49.9 Lo
Slide 106: Cross-Currency Interest-Rate Swap Exposure
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND CROSS-CURRENCY INTEREST-RATE SWAP EXPOSURE YEAR-END RESULTS 2023 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) (floa
Slide 107: DMTN: Programme Terms
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: PROGRAMME TERMS Issuer Emira Property Fund Limited YEAR-END RESULTS 2023 Short-term unsecured A1 (ZA) (stable outlook — Nov 2022) National scale ratings Long-term unsecured A (ZA) (stable outlook — Nov 2022) (Global Credit Rating Co, “GCR”) Long-term s
Slide 108: DMTN: Treasury Guidelines
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: TREASURY GUIDELINES Topic Guidelines Achieved YEAR-END RESULTS 2023 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 dura
Slide 109: DMTN: Security Arrangements
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURITY ARRANGEMENTS YEAR-END RESULTS 2023 Counter Indemnity Debt Guarantee Counter Indemnity Agreement Mortgage Bond SPV Guarantee Agreement DEBT ISSUER GUARANTOR TRUSTEE Acting on behalf of EMIRA Group 1 Noteholders PROPERTY FUND Freestone Mortgage
Slide 110: DMTN: Secured Property Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO YEAR-END RESULTS 2023 Current position R’000 Value of secured portfolio 1 346 650 Notes in issue Existing — EPF023 130 000 — EPF017 200 000 — EPF018 100 000 110 — EPF021 70 000 500 000 LTV — actual (%) 37.4 LTV — covenant (%)
Slide 111: DMTN: Secured Property Portfolio
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO OFFICES INDUSTRIAL YEAR-END RESULTS 2023 — Albury Park — 1 Medical Road — Hamilton House — 14-16 Boston Circle — Lone Creek — Denver Warehouse — Greenfields — HBP Industrial Units URBAN RETAIL — Industrial Village Rustivia —
Slide 112: DMTN: Number of Properties per Sector
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO YEAR-END RESULTS 2023 NUMBER OF PROPERTIES PER SECTOR – JUN 22 VS MAR 23 18 17 17 16 14 12 11 11 10 8 6 112 4 3 3 3 3 2 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 22 MAR 23
Slide 113: DMTN: GLA and Value Split per Sector
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO YEAR-END RESULTS 2023 GLA SPLIT PER SECTOR (%) JUN 2022 GLA SPLIT PER SECTOR (%) MAR 2023 VALUE SPLIT PER SECTOR (%) JUN 2022 VALUE SPLIT PER SECTOR (%) MAR 2023 R1.3BN R1.3BN 113 Urban Retail 24 Urban Retail 24 Urban Retail
Slide 114: DMTN: Geographical Spread
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO YEAR-END RESULTS 2023 GEOGRAPHICAL SPREAD BY GLA (%) GEOGRAPHICAL SPREAD BY GLA (%) GEOGRAPHICAL SPREAD BY VALUE (%) GEOGRAPHICAL SPREAD BY VALUE (%) JUN 2022 MAR 2023 JUN 2022 MAR 2023 114 Johannesburg 45 Johannesburg 45 Joh
Slide 115: DMTN: Average Value per m² and Property
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO YEAR-END RESULTS 2023 AVERAGE VALUE PER m² R/m² 15 000 12 767 12 621 12 608 11 944 10 000 7 845 8 073 5 435 5 669 5 000 0 OFFICE URBAN RETAIL INDUSTRIAL TOTAL JUN 22 MAR 23 115 AVERAGE VALUE PER PROPERTY (Rm) 200 +7% 170 171
Slide 116: DMTN: Vacancy Profile and Escalations
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO YEAR-END RESULTS 2023 VACANCY PROFILE BY GLA (%) 25% 20.8 20% 18.1 15% 10% 4.3 4.9 3.5 5% 2.9 2.6 1.5 0% OFFICE* URBAN RETAIL INDUSTRIAL TOTAL JUN 22 MAR 23 116 ESCALATIONS (%) 10% 8.1 8% 6.9 7.4 7.0 7.3 6.5 6.5 6.8 6% 4% 2%
Slide 117: DMTN: Lease Expiry Profile
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL (%) YEAR-END RESULTS 2023 35% 32.7 29.7 30% 26.6 24.7 25% 22.3 20% 17.7 17.1 14.8 15% 117 10% 8.8 5.6 5% 0.0 0.0 0% Vacated Expiries rolled over Year 1 (FY24) Year 2 (FY25) Year 3 (FY26) Y
Slide 118: Major Lease Expiries by Gross Rental: FY23
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND 5 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY23 YEAR-END RESULTS 2023 Property Sector Tenant Lease end GLA (m²) Status 20 Anvil Road Industrial The Beverage Company Sep 22 12 250 Renewed – 3 years Northpoint Industrial Park Industrial Lluvia Sugar Distributors
Slide 119: Major Lease Expiries by Gross Rental: FY24
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND 5 MAJOR LEASE EXPIRIES BY GROSS RENTAL: FY24 YEAR-END RESULTS 2023 Property Sector Tenant Lease end GLA (m²) Status Northpoint Industrial Park Industrial Sanspar Engineering Oct 23 2 232 Expected to vacate Northpoint Industrial Park Industrial Emmay Commodit
Slide 120: DMTN: Top Tenants per Property
ANNEXURE – FINANCIALS EMIRA PROPERTY FUND DMTN: SECURED PROPERTY PORTFOLIO Top tenants per property by gross rental YEAR-END RESULTS 2023 1 Medical Road iMvula Healthcare Logistics 14-16 Boston Circle Bidvest Data 20 Anvil Road The Beverage Company Albury Park Network Space, Bouwers Inc, Scarab IT S
Slide 121: US Offshore
121 EMIRA PROPERTY FUND YEAR-END RESULTS 2023
Slide 122: US Portfolio Summary
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO SUMMARY YEAR-END RESULTS 2023 Properties Vacancies (By GLA) Lease expiry profile (GLA) 11 of 12 Properties 12 Total Year 1 8.2% Year 2 4.7% > 95% leased (12) 2.6% Year 3 13.1% (vs 4.5% – Jun 22) Year 4 12.6% Portfolio value Year 5+ 58.8% Renewa
Slide 123: US Thesis: Recap
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US THESIS — RECAP YEAR-END RESULTS 2023 — 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 partne
Slide 124: US Co-Investment Strategy
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US CO-INVESTMENT STRATEGY YEAR-END RESULTS 2023 — Dallas, Texas based — Over USD2.5 billion in commercial — 29 professional staff real estate investments closed — Over 100 years collective experience — Unanimous decision making between Emira and Rainier — U
Slide 125: US Geographical Exposure
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US GEOGRAPHICAL EXPOSURE YEAR-END RESULTS 2023 Ohio Indiana Missouri Kentucky 125 Oklahoma Georgia Dallas Texas KEY States with owned assets Florida Owned asset location Rainier HQ
Slide 126: US Portfolio: The US Economic Environment
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO The US economic environment — GDP still growing in real terms* INTERIM RESULTS 2023 › Real GDP increased at an annual rate of 1.3 % in the first quarter of 2023, a deceleration in growth from the 2.6% registered in the Q4 of 2022 — Unemployment
Slide 127: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Woodlands Square (Florida) Moore Plaza (Texas) San Antonio Crossing (Texas) YEAR-END RESULTS 2023 University Town Center (Oklahoma) Belden Park Crossings (Ohio) 32 East (Ohio) 127
Slide 128: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Wheatland Towne Crossing (Texas) Truman’s Marketplace (Missouri) Newport Pavilion (Kentucky) YEAR-END RESULTS 2023 Stony Creek Marketplace (Indiana) Dawson Marketplace (Georgia) Summit Woods Crossing (Missouri) 128
Slide 129: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO YEAR-END RESULTS 2023 Belden Park Moore Stony Creek Woodlands Truman’s San Antonio Property Crossing 32 East Plaza Marketplace Square Marketplace Crossing ACQUISITION DATE 17 Oct 17 19 Jan 18 18 Jan 18 28 Mar 18 26 Oct 18 21 Dec 18 27 Feb 19 PU
Slide 130: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO YEAR-END RESULTS 2023 Wheatland University Dawson Newport Summit Woods Property Towne Center Town Center Marketplace Pavilion Crossing Total ACQUISITION DATE 29 Mar 19 24 Jun 19 03 Feb 20 16 Jun 21 11 May 2022 PURCHASE PRICE (USD) 32 200 000 63
Slide 131: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Belden Park Moore Stony Creek Property Crossing 32 East Plaza Marketplace YEAR-END RESULTS 2023 LOCATION North Canton, Ohio Cincinnati, Ohio Corpus Christi, Texas Noblesville, Indiana GLA (SF) 484 360 188 912 377 985 204 811 VACANCY % BY GLA (S
Slide 132: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO Woodlands Truman’s San Antonio Wheatland Property Square Marketplace Crossing Towne Center YEAR-END RESULTS 2023 LOCATION Tampa, Florida Grandview, Missouri San Antonio, Texas Dallas, Texas GLA (SF) 315 084 309 130 145 819 206 854 VACANCY % BY
Slide 133: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO University Dawson Newport Summit Woods Property Town Center Marketplace Pavilion Crossing Total YEAR-END RESULTS 2023 LOCATION Norman, Oklahoma Dawsonville, Atlanta Newport, Kentucky Lee’s Summit, Missouri GLA (SF) 416 466 353 270 336 907 545 2
Slide 134: Valuation Parameters: US Portfolio
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND VALUATION PARAMETERS: US PORTFOLIO YEAR-END RESULTS 2023 Direct property portfolio Jun 2022 Mar 2023 Number of properties 12 12 GLA (SF) 3 882 869 3 884 802 Valuation (USDm) 693.9 698.6 Average value per property (USDm) 57.83 58.22 Valuation rate (USD/SF) 1
Slide 135: US Portfolio: Leasing
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO — LEASING YEAR-END RESULTS 2023 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 32 367 339 15.03 16.12 4.9 7.28% New leases 3 12 600 13.62
Slide 136: US Lease Expiry Profile by GLA
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO — LEASE EXPIRY PROFILE BY GLA (SF)(%) YEAR-END RESULTS 2023 70% 60% 57.9 58.8 50% 40% 30% 136 20% 14.0 13.1 13.8 11.6 10% 8.2 4.5 4.8 4.7 5.0 2.6 0.0 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (31/03/2023) (FY24) (F
Slide 137: US Lease Expiry Profile by Rental
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US PORTFOLIO — LEASE EXPIRY PROFILE BY RENTAL (%) YEAR-END RESULTS 2023 70% 60.1 60% 56.4 50% 40% 30% 137 20% 15.6 12.8 13.5 11.3 9.0 6.8 7.8 10% 6.7 0.0 0.0 0.0 0.0 0% VACANCY EXPIRIES ROLLED OVER YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5+ (31/03/2023) (FY24) (FY
Slide 138: US Tenant Exposure by GLA
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US TENANT EXPOSURE BY GLA (SF) YEAR-END RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 8.2 Kohl's 6.7 Burlington 4.7 Hobby Lobby and Mardel 4.1 42 Top 10 tenants Lowe's Companies Inc. 3.6 Other tena
Slide 139: US Tenant Exposure by Rental
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND US TENANT EXPOSURE BY RENTAL YEAR-END RESULTS 2023 TOP 10 TENANTS OF THE TOTAL PORTFOLIO (%) TENANT EXPOSURE — TOP 10 TENANTS (%) TJX Companies 5.7 Burlington 3.5 31 Ulta Beauty Inc. 3.4 Kohl's 3.4 Top 10 tenants AMC Theatres 3.3 Other tenants 139 PetSmart
Slide 140: Major Lease Expiries by Rental: FY23
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY RENTAL: FY23 Property Tenant Lease end GLA (m2) Status Summit Woods Crossing Ulta Feb 23 25 449 Renewed for 5 years YEAR-END RESULTS 2023 Belden Park Crossings DSW Jan 23 31 859 Renewed for 6 years University Town Center Office De
Slide 141: Major Lease Expiries by Rental: FY24
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND 10 MAJOR LEASE EXPIRIES BY RENTAL: FY24 Property Tenant Lease end GLA (m2) Status Woodlands Square Beall’s Dec 23 84 146 Expected to renew YEAR-END RESULTS 2023 Newport Pavilion Dick’s Sporting Goods Jan 24 45 000 Expected to renew San Antonio Crossing Conn
Slide 142: Forward-Looking Statements
ANNEXURE – US OFFSHORE EMIRA PROPERTY FUND FORWARD-LOOKING STATEMENTS This results presentation contains certain forward-looking statements relating to the financial performance and position of the Group. All forward-looking statements are solely based on the views and considerations of the director