EMIRA PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/130842/06)
JSE share code: EMI    ISIN: ZAE000203063
JSE Bond Company Code: EMII
LEI Number: 3789005E23C6259EAE70
(Approved as a REIT by the JSE)
(“Emira” or the “Fund” or the “Company”)

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2022 AND DIVIDEND DECLARATION

Nature of business

Emira is a diversified Real Estate Investment Trust (“REIT”), with a property portfolio of predominantly
South African assets, and a component of offshore assets in the USA. In line with its strategic
objectives, Emira’s property portfolio spans multiple sectors, namely office, retail, industrial and
residential. The Company is focused on growing the quality and value of its portfolio of property
investments, in order to sustain and enhance its distribution growth and value to shareholders.

Commentary

Distributable earnings for the six months ended 31 December 2022 (the “period”) improved by 15.0%
to R378.7m. After taking the adjustments to reflect the cash backed position into account, Emira’s
Board of Directors (the “Board”) has declared an interim dividend of 66.43 cents per share for the
period (December 2021: 56.59 cents). This is a period-on-period increase of 17.4%.

The Fund continues to benefit from the sectoral and geographic diversification of its business with its
industrial and retail portfolios performing well despite the challenging South African macroeconomic
environment. The office portfolio also had a strong performance in the period, albeit off a low base,
and while the sector appears to have stabilised, its fundamentals remain depressed.

The Fund is committed to its strategy of recycling capital and during the period it concluded a general
offer to Transcend shareholders, resulting in Emira obtaining control and thereby increasing its
exposure to the defensive residential sector.

Emira’s investments in the US delivered solid results for the period, once again validating the benefit
to the Group of its exposure to the stable US economy, especially amid the current global uncertainty.

The strong performance achieved for the period is attributable to decisions taken over recent years
on the strategic direction of the Fund, with active, hands-on asset management focusing on basic
property fundamentals and executing them with excellence.

Financial summary

The unaudited condensed consolidated interim financial results for the period, as compared to the six
months ended 31 December 2021 (“comparative period”), are set out below:

•     Directly held portfolio revenue increased by 16.3% to R840 million compared to R722 million
      for the comparative period;
•     Headline earnings per share increased by 30.3% to 74.66 cents compared to 57.29 cents for the
      comparative period;
•     Earnings per share increased by 82.8% to 117,04 cents compared to 64,02 cents for the
      comparative period;
•     Net asset value per share increased by 10.0% to 1 694.6 cents compared to 1 540.5 cents for
      the comparative period;
•     Distributable earnings increased by 15.0% to R379 million compared to R329 million for the
      comparative period; and
•     Dividend declared increased by 17.4% to 66.43 cents per share compared to 56.59 cents per
      share for the comparative period.

Dividend distribution declaration
The Board has approved, and notice is hereby given that an interim gross dividend of 66,43 cents per
share has been declared (December 2021: 56,59 cents), payable to the registered shareholders of
Emira on Monday, 13 March 2023. In making its decision on whether to pay out a dividend and the
quantum thereof, the Board has assessed the Company’s solvency and liquidity position, considering
the Company’s current position together with forecasts.

The issued share capital at the declaration date is 522 667 247 listed ordinary shares. The source of
the dividend comprises net income from property rentals, income earned from the Company’s equity-
accounted investments, interest earned on loans receivable and interest earned on cash on deposit.
Please refer to the condensed consolidated statement of comprehensive income for further
information.

Last day to trade cum dividend                            Tuesday, 7 March 2023
Shares trade ex-dividend                                  Wednesday, 8 March 2023
Record date                                               Friday, 10 March 2023
Payment date                                              Monday, 13 March 2023

Share certificates may not be dematerialised or rematerialised between Wednesday, 8 March 2023
and Friday, 10 March 2023, both days inclusive.

In accordance with Emira’s status as a REIT, shareholders are advised that the dividend meets the
requirements of a “qualifying distribution” for the purposes of section 25BB of the Income Tax Act,
No. 58 of 1962 (“Income Tax Act”). Accordingly, qualifying distributions received by local tax residents
must be included in the gross income of such shareholders (as a non-exempt dividend in terms of
section 10(1)(k)(aa) of the Income Tax Act), with the effect that the qualifying distribution is taxable
as income in the hands of the shareholder. These qualifying distributions are, however, exempt from
dividend withholding tax in the hands of South African tax resident shareholders, provided that the
South African resident shareholders have provided the following forms to their Central Securities
Depository Participant (“CSDP”) or broker, as the case may be, in respect of uncertificated shares, or
the transfer secretaries, in respect of certificated shares:

a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the transfer secretaries, as the case may be,
   should the circumstances affecting the exemption change or the beneficial owner cease to be the
   beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue
    Service. Shareholders are advised to contact their CSDP, broker or the transfer secretaries, as the
    case may be, to arrange for the abovementioned documents to be submitted prior to payment of
    the dividend, if such documents have not already been submitted.

Qualifying dividends received by non-resident shareholders will not be taxable as income and instead
will be treated as ordinary dividends but which are exempt in terms of the usual dividend exemptions
per section 10(1)(k) of the Income Tax Act. Any distribution received by a non-resident from a REIT
will be subject to dividend withholding tax at 20%, unless the rate is reduced in terms of any applicable
agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of
residence of the shareholder. Assuming dividend withholding tax will be withheld at a rate of 20%, the
net amount due to non-resident shareholders will be 53,14400 cents per share. A reduced dividend
withholding tax rate in terms of the applicable DTA, may only be relied on if the non-resident
shareholder has provided the following forms to their CSDP or broker, as the case may be, in respect
of the uncertificated shares, or the transfer secretaries, in respect of certificated shares:

a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA;
   and
b) a written undertaking to inform their CSDP, broker or the transfer secretaries, as the case may be,
   should the circumstances affecting the reduced rate change or the beneficial owner cease to be
   the beneficial owner, both in the form prescribed by the Commissioner for the South African
   Revenue Service. Non-resident shareholders are advised to contact their CSDP, broker or the
   transfer secretaries, as the case may be, to arrange for the abovementioned documents to be
   submitted prior to payment of the dividend if such documents have not already been submitted,
   if applicable.

Local tax resident shareholders as well as non-resident shareholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.

The Company’s tax reference number is 9995/739/15/9.

Short form announcement

This short form announcement is the responsibility of the Board, is only a summary of the information
in the full announcement and therefore does not contain full or complete details. Any investment
decisions by investors and/or shareholders should be based as a whole on consideration of the
unaudited condensed consolidated interim financial results for the six months ended 31 December
2022 which         were        released        on          SENS         and may be downloaded from
https://senspdf.jse.co.za/documents/2023/jse/isse/emie/Interims22.pdf
or may be requested via email from sponsor@questco.co.za. The full announcement is also available
on the Company’s website at: https://emira.co.za/financial-reporting/

Registered office: 1st Floor, Block A, Knightsbridge, 33 Sloane Street, Bryanston, 2191

Bryanston
15 February 2023

Sponsor
Questco Corporate Advisory Proprietary Limited
Ground Floor, Block C, Investment Place, 10th Road, Hyde Park, 2196
Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)