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EMI
EMI
EMI - Emira - Unaudited Financial Results For The Six Months Ended 31
December 2009 And Income Distribution Declaration
Emira Property Fund
(A property fund created under the Emira Property Scheme, registered in terms
of the Collective Investment Schemes
Control Act)
Share code: EMI & ISIN: ZAE000050712 ("Emira" or "the Fund")
UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED
31 DECEMBER 2009 AND INCOME DISTRIBUTION DECLARATION
51,84 cents distribution per PI, representing growth of 6,3%
1 117 cents net asset value per PI
187,4 cents or 18,5% 6-month total return
Consolidated statement of comprehensive income
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2009 31 Dec 2008 30 Jun
2009
R`000 R`000 R`000
Revenue 585 204 531 901 1 082 688
Operating lease rental 566 918 519 036 1 059 866
income and tenant
recoveries
Allowance for future rental 18 286 12 865 22 822
escalations
Property expenses (195 776) (172 746) (350 880)
Management expenses (17 478) (15 590) (31 843)
Administration expenses (21 219) (18 313) (39 023)
Depreciation (5 620) (5 392) (11 198)
Operating profit 345 111 319 860 649 744
Net fair value (114 313) 95 957 (83 511)
(deficit)/gain on
investment properties
Change in fair value as a (18 286) (12 865) (22 822)
result of straight-lining
lease rentals
Change in fair value as a 820 (6 792) (6 717)
result of amortising
upfront lease costs
Change in fair value as a (96 847) 115 614 (53 972)
result of property
(depreciation)/appreciation
in value
Profit on sale of - - -
investment property
Profit before finance costs 230 798 415 817 566 233
Net finance costs (76 616) (306 072) (307 774)
Finance income 2 574 6 143 11 902
Finance costs (79 190) (312 215) (319 676)
Interest paid and amortised (70 291) (57 931) (121 844)
borrowing costs
Interest capitalised to 501 886 1 728
cost of developments
Preference share dividends (6 854) (8 050) (16 424)
paid
Unrealised loss on interest- (2 546) (247 120) (183 136)
rate swaps
Profit before income tax 154 182 109 745 258 459
expense
Income tax expense
Deferred taxation 8 721 17 633 66 571
- Revaluation of investment 8 492 420 54 441
properties
- Other 229 17 213 12 130
STC on preference share (685) (805) (1 642)
dividends paid
Profit for the period 162 218 126 573 323 388
attributable to equity
holders
Total comprehensive income 162 218 126 573 323 388
for the period
Reconciliation between
earnings and headline
earnings and distribution
Profit for the period 162 218 126 573 323 388
attributable to equity
holders
Adjusted for:
Net fair value 114 313 (95 957) 83 511
deficit/(gain) on
investment properties
Deferred taxation on (8 492) (420) (54 441)
revaluation of investment
properties
Headline earnings 268 039 30 196 352 458
Adjusted for:
Allowance for future rental (18 286) (12 865) (22 822)
escalations
Amortised upfront lease 820 (6 792) (6 717)
costs
Unrealised deficit on 2 546 247 120 183 136
interest-rate swaps
Deferred taxation - other (229) (17 213) (12 130)
Distribution payable to 252 890 240 446 493 925
participatory interest
holders
Distribution per
participatory interest
Interim (cents) 51,84 48,79 48,79
Final (cents) - - 52,46
Total (cents) 51,84 48,79 101,25
Number of PIs in issue at 487 827 492 818 487 827
the end of the period 654 989 654
Weighted average number of 487 827 492 818 491 194
PIs in issue 654 989 770
Earnings per participatory 33,25 25,68 65,84
interest (cents)
The calculation of earnings per participatory interest is based on
net profit for the period of R162,2 million (2008:
R126,6 million), divided by the weighted average number of
participatory interests in issue during the period of 487 827 654
(2008: 492 818 989).
Headline earnings per 54,95 6,13 71,76
participatory interest
(cents)
The calculation of headline earnings per participatory interest is
based on net profit for the period, adjusted for non-trading
items, of R268,0 million (2008: R30,2 million), divided by the
weighted average number of participatory interests in issue during
the period of 487 827 654 (2008: 492 818 989).
Consolidated statement of financial position
Unaudited Unaudited Audited
31 Dec 2009 31 Dec 2008 30 Jun 2009
R`000 R`000 R`000
Assets
Non-current assets
Investment properties 7 138 446 7 525 631 7 158 603
Allowance for future 171 112 142 869 152 826
rental escalations
Unamortised upfront lease 43 528 44 423 44 348
costs
7 353 086 7 712 923 7 355 777
Current assets
Trade and other 54 997 35 641 51 892
receivables
Derivative financial 4 271 - 6 817
instruments
Cash and cash equivalents 24 833 46 676 36 524
84 101 82 317 95 233
Non-current assets held 346 980 47 329 362 300
for sale
Total assets 7 784 167 7 842 569 7 813 310
Equity
Participatory interest 5 447 680 5 647 167 5 538 352
holders` capital and
reserves
Liabilities
Non-current liabilities
Redeemable preference 200 000 200 000 200 000
shares
Interest-bearing debt 1 444 929 1 138 775 1 373 316
Deferred taxation 237 380 295 040 246 101
1 882 309 1 633 815 1 819 417
Current liabilities
Short-term portion of long- - 100 000 -
term interest-bearing debt
Trade and other payables 201 288 163 974 199 627
Derivative financial - 57 167 -
instruments
Distributions payable to 252 890 240 446 255 914
participatory interest
holders
454 178 561 587 455 541
Total liabilities 2 336 487 2 195 402 2 274 958
Total equity and 7 784 167 7 842 569 7 813 310
liabilities
Abridged consolidated statement of cash flows
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2009 31 Dec 2008 30 Jun 2009
R`000 R`000 R`000
Cash generated from 331 973 324 129 664 501
operations
Investment income 2 574 6 143 11 902
Interest paid (70 291) (57 931) (121 844)
Preference share (6 854) (8 050) (16 424)
dividends paid
Taxation paid (838) (805) (1 228)
Distribution to (255 914) (235 075) (473 086)
participatory interest
holders
Net cash generated from 650 28 411 63 821
operating activities
Acquisition of investment (89 630) (179 193) (311 112)
properties and furniture
and equipment
Proceeds on disposal of
investment properties and
furniture and
equipment 5 676 18 633 21 029
Net cash used in (83 954) (160 560) (290 083)
investing activities
Repurchase of - - (52 151)
participatory interests
Preference shares issued - 110 000 -
Increase in interest- 71 613 - 246 112
bearing debt
Net cash generated from 71 613 110 000 193 961
financing activities
Net decrease in cash and (11 691) (22 149) (32 301)
cash equivalents
Cash and cash equivalents 36 524 68 825 68 825
at the beginning of the
period
Cash and cash equivalents 24 833 46 676 36 524
at the end of the period
Related parties and related party transactions
Momentum Group ("Momentum") is the major participatory interest holder. At 31
December 2009, Momentum owned 28,9% of the Fund`s participatory interests and
the Fund`s BEE partners - The Tiso Group, The Shalamuka Foundation, Avuka
Investments, The RMBP Broad Based Empowerment Trust and Mr B van der Ross-
held 12,5%. The remaining 58,6% were widely held.
The following transactions were carried out with related parties:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2009 31 Dec 2008 30 Jun 2009
R`000 R`000 R`000
Strategic Real Estate
Managers (Proprietary)
Limited
Expenditure comprising 17 478 15 590 31 843
asset management fees
Relationship: Associated
company of the FirstRand
Group
Rand Merchant Bank, a
division of FirstRand
Bank Limited
Long-term interest- 954 475 750 000 884 475
bearing debt
Net finance cost in 44 841 34 990 72 526
respect of long-term
interest-bearing debt
Cash on call - 16 000 6 000
Cash reserve 2 000 2 000 2 000
Finance income on cash on 701 3 856 5 467
call
Relationship: Associated
company of the FirstRand
Group
Eris Property Group 29 550 141 301 176 806
(Proprietary) Limited
Expenditure comprising: 27 402 31 203 58 620
property management fee
and letting commissions
Purchase consideration of - 90 100 90 100
TIS Corporate Park
Development expenditure 2 148 19 998 28 086
Relationship: Associated
company of the FirstRand
Group
The above transactions were carried out on commercial terms and
conditions no more favourable than those available in similar
arm`s length dealings at market-related rates.
Segmental information
Office Retail Industrial
Sectoral segments R`000 R`000 R`000
Revenue 252 031 240 451 92 722
Revenue 252 725 223 456 90 737
Allowance for future (694) 16 995 1 985
rental escalations
Segmental result
Operating profit 154 405 144 432 66 413
Investment properties 3 629 586 2 741 000 1 329 480
Geographical segments
Revenue
- Gauteng 188 587 164 647 70 184
- Western and Eastern Cape 31 543 19 446 9 041
- KwaZulu-Natal 21 424 36 440 13 497
- Free State 10 477 19 918 -
252 031 240 451 92 722
Investment properties
- Gauteng 2 744 404 1 850 500 1 029 100
- Western and Eastern Cape 511 382 242 200 152 500
- KwaZulu-Natal 270 100 440 500 147 880
- Free State 103 700 207 800 -
3 629 586 2 741 000 1 329 480
Segmental information (continued)
Adminis-
trative and
corporate Total
Sectoral segments R`000 R`000
Revenue - 585 204
Revenue - 566 918
Allowance for future rental escalations - 18 286
Segmental result
Operating profit (20 139) 345 111
Investment properties - 7 700 066
Geographical segments
Revenue
- Gauteng - 423 418
- Western and Eastern Cape - 60 030
- KwaZulu-Natal - 71 361
- Free State - 30 395
- 585 204
Investment properties
- Gauteng - 5 624 004
- Western and Eastern Cape - 906 082
- KwaZulu-Natal - 858 480
- Free State - 311 500
- 7 700 066
Consolidated statement of changes in equity
Partici- Revaluation Re-
patory and other tained
interest reserves earnings Total
R`000 R`000 R`000 R`000
Balance at 1 July 3 563 635 2 198 750 (1 345) 5 761 040
2008
Total - - 126 573 126 573
comprehensive
income for the
period
Distribution to - - (240 446) (240 446)
participatory
interest holders
Transfer to fair - (113 873) 113 873 -
revaluation
reserve (net of
deferred
taxation)
Balance at 31 3 563 635 2 084 877 (1 345) 5 647 167
December 2008
Balance at 1 July 3 511 484 2 028 213 (1 345) 5 538 352
2009
Total - - 162 218 162 218
comprehensive
income for the
period
Distribution to - - (252 890) (252 890)
participatory
interest holders
Transfer to fair - (90 672) 90 672 -
revaluation
reserve (net of
deferred
taxation)
Balance at 31 3 511 484 1 937 541 (1 345) 5 447 680
December 2009
Basis of preparation and accounting policies
The condensed consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS")
including IAS 34, and are in compliance with the Listings Requirements of the
JSE Limited. The accounting policies used in the preparation of these
financial statements are consistent with those used in the annual financial
statements for the year ended 30 June 2009.
Commentary
The Board of directors of Strategic Real Estate Managers (Pty) Ltd ("STREM")
is pleased to announce a distribution of 51,84 cents per Emira participatory
interest (PI) for the six months to 31 December 2009. This represents growth
in distributions of 6,3% on the previous comparable period.
Emira PI holders enjoyed a healthy total return of 18,5% during the six
months to 31 December 2009, comprising capital appreciation of 13,3% and an
income return of 5,2%, which represents the distributions actually paid out
during the period under review. This strong capital rise in Emira`s PI price
was ahead of the SA Listed Property Index, which appreciated by 11,8% over
the period. The listed property sector, including Emira, benefitted from the
market`s expectation of a recovery in global growth and resultant buoyant
stock market conditions, which saw the All Share Index rising by 25% in the
six months. The percentage of Emira PIs in issue that traded in the six-month
period equated to 14,8%.
As has been the case for the past three years, management continues to
improve the quality of the Emira portfolio through the acquisition of new
properties and refurbishment of existing assets, funded by long-term debt, as
well as the disposal of those properties deemed to be non-core. Activity in
the portfolio comprises the following:
- Three small, earnings enhancing projects totalling R4,4 million were
concluded during the period, which consisted of extensions for existing blue-
chip and longstanding tenants at Wonderpark Shopping Centre, Ngwavuma
Shopping Centre and One Highveld;
- A further four more substantial projects worth approximately R166,8 million
are still underway, which include (i) the refurbishment and extension of
Randridge Mall and the introduction of additional national tenants at the
centre (R126,2 million) (ii) extensions to Southern Centre in Bloemfontein to
accommodate several national tenants (R14,9 million) (iii) the general
upgrade of Wesbank House in the Cape Town CBD in order to capitalise on
higher rentals (R11 million), and (iv) the recently approved modernisation
and refurbishment of Rigel Office Park after the park was vacated by its
single tenant late in 2009 (R14,7 million);
- In order to capitalise on relatively attractive construction costs in the
current market, in November 2009 the STREM Board approved capital spend of
R291,8 million for the complete demolition and reconstruction of 15,600 m2 of
prime office space at Podium House in Menlyn (R255,6 million) and the
refurbishment of 6,745 m2 of office space at FNB Heerengracht (R36,2
million). Both these projects will substantially improve the quality of
office space on offer and ensure sustainable earnings for the Fund`s
investors, although construction will only commence upon the Fund being able
to pre-let 50% of the available space in each building. Marketing of the
space is underway and management is optimistic that given the buildings`
exceptional locations and attractive rental levels, tenant interest will be
good.
- The disposal of non-core buildings continued during the period, with three
sectionalised units at Georgian Place being transferred out of the Fund,
while the sale of two buildings (Nampak and Howick Gardens) have gone
unconditional. Offers have recently been accepted for QD House and Rinaldo
Park, but are still subject to suspensive conditions being met. Several of
the properties on the disposal list were placed for sale at auction during
the period, although the Fund`s asking prices were not met and these
properties will be retained until market conditions improve.
Results
The period under review was noticeably tougher than the comparable period
last year, with operating conditions being impacted by rising vacancies,
increasing tenant arrears and downward pressure on rentals. Despite the
tougher economic environment and resultant rise in vacancies from 7,5% in
June 2009 to 9,2% by December 2009, Emira`s portfolio showed further growth
in rentals.
Excluding the straight-line adjustments from future rental escalations,
revenue rose by 9,2% over the comparable period. This was the result of
organic growth in income from the existing portfolio, the inclusion of
properties acquired in the previous financial year for the full period, one
new property being transferred to Emira during the period under review, as
well as the conclusion of several capital projects in the previous financial
year, which contributed for the full six months.
Property expenses, when adjusted for amortised upfront lease costs, rose by
8,6%, which was below revenue, largely as a result of reduced leasing
commissions, reflective of the tougher underlying market. Conservative
provisioning in the previous financial year with respect to bad debts also
enabled the Fund to reduce the charge to the income statement when compared
to the December 2008 period.
The higher average PI price versus the comparable period, together with
increased levels of gearing, resulted in asset management expenses showing a
12,1% rise over the six months.
Net interest costs excluding unrealised gains or losses on interest rate
swaps rose by 25,1%. This was due to increased levels of gearing in the Fund,
which was used to fund the acquisitions and capital projects mentioned
earlier and the PI buybacks effected in March 2009. Moreover, lower interest
rates meant that interest earned was sharply lower.
Net asset value declined marginally (-1,6%) in the six months from 1135 cents
(1186 cents excluding the deferred tax provision) to 1117 cents (1165 cents),
largely as a result of a reduction in the value of investment properties.
This slight downward revaluation of investment properties was driven by
rising vacancies and downward pressure on rentals experienced by the market
as a whole. Management is confident that property valuations are realistic,
as is evidenced by the recent sale of the non-core properties at values in
line with, or slightly in excess of, book value.
Distribution statement
Six months Six months Year
ended ended ended
31 Dec 2009 31 Dec 2008 % 30 Jun 2009
R`000 R`000 change R`000
Operating lease 566 918 519 036 9,2 1 059 866
rental income and
tenant recoveries
excluding
straight-lining
of leases
Property expenses (194 956) (179 538) 8,6 (357 597)
excluding
amortised upfront
lease costs
Net property 371 962 339 498 9,6 702 269
income
Asset management (17 478) (15 590) 12,1 (31 843)
expenses
Administration (21 219) (18 313) 15,9 (39 023)
expenses
Depreciation (5 620) (5 392) 4,2 (11 198)
Net interest cost (74 755) (59 757) 25,1 (126 280)
Interest paid and (70 291) (57 931) 21,3 (121 844)
amortised
borrowing costs
Interest 501 886 (43,5) 1 728
capitalised to
the cost of
developments
Preference share (6 854) (8 050) (14,9) (16 424)
dividends paid
STC on preference (685) (805) (14,9) (1 642)
share dividends
paid
Investment income 2 574 6 143 (58,1) 11 902
Distribution 252 890 240 446 5,2 493 925
payable to
participatory
interest holders
Number of units 487 827 654 492 818 989 487 827 654
in issue
Distribution per 51,84 48,79 6,3 101,25
participatory
interest (cents)
Company Secretary
On 16 February 2010 Desiree Isserow resigned as Company Secretary and Martin
Harris was appointed in her stead.
Prospects
The Fund`s strategy of improving the quality of the portfolio through
acquisitions and refurbishments - funded by prudent, long-term gearing - as
well as the disposal of non-core assets will continue.
Although the economy has recently shown signs of growth and expectations are
that this will continue, the property sector tends to lag the general
economic recovery. Conditions within the portfolio are therefore expected to
remain challenging and, as was stated in the prospects statement after the
release of results for the year to June 2009, tenant retention and minimising
bad debts will be the key drivers of income growth. Nonetheless, given a
growing income stream from the existing portfolio, as well as careful cost
management, the STREM Board believes that the Fund will show a similar level
of growth in distributions for the twelve months to June 2010, as that
achieved for the six months to December 2009.
The forecast financial information on which this statement has been based has
not been reviewed or reported on by the Fund`s auditors.
Income distribution declaration
Notice is hereby given that an interim cash distribution of
51,84 cents (2008: 48,79 cents) per participatory interest has been declared
payable to participatory interest holders, on Monday, 15 March 2010.
Last day to trade cum distribution Friday, 5 March 2010
Participatory interests trade ex
distribution Monday, 8 March 2010
Record date Friday, 12 March 2010
Payment date Monday, 15 March 2010
PI certificates may not be dematerialised or rematerialised between Monday, 8
March 2010 and Friday, 12 March 2010, both days inclusive.
By order of the STREM Board
Martin Harris Ben van der Ross James Templeton
Company secretary Chairman Chief executive officer
Sandton
16 February 2010
Acquisitions
Properties purchased and transferred to Emira during the six months to
December 2009
Property Sector Location GLA
(mSquared)
Taylor Blinds Industrial Montague Gardens
Cape Town 7 614
Acquisitions (continued)
Purchase Forward Effective
Property price (Rm) yield (%) date Tenants
Taylor Blinds 36,0 10,78 4 September Taylor Blinds
2009
Taylor Blinds is a modern, well located warehouse let to Taylor Blinds on a
long-term lease until September 2013. The purchase was earnings enhancing to
Emira and reflected a substantial discount to replacement cost on a R/m2
basis.
Disposals
In accordance with the strategy of the Fund, certain properties that are
underperforming or pose excessive risk to the fund are earmarked and disposed
of.
Properties transferred out of Emira during the six months to
December 2009
Property Sector Location GLA (m2)
Sections 9, 16 and 19
Georgian Place Office Kelvin
Gauteng 1 578
Properties transferred out of Emira during the six months to December 2009
(continued)
Valuation Sale Exit
Jun 09 price yield Effective
Property (Rm) (Rm) (%) date
Sections 9, 16 and
19
Georgian Place 5,6 5,6 3,9 15 July 2009,
28 July 2009 and
4 November 2009
Properties awaiting transfer out of Emira
Property Sector Location GLA (m2)
Nampak Industrial Denver 24 880
Howick Gardens Office Midrand 3 075
Properties awaiting transfer out of Emira (continued)
Valuation Sale Exit
Jun 09 price yield
Property (Rm) (Rm) (%) Effective date
Nampak 18,0 20,5 8,5 Expected March 2010
Howick Gardens 20,0 21,0 9,4 Expected March 2010
Vacancies
The portfolio vacancy at the end of December 2009 was 9,2%, a rise from 7,5%
in June 2009, with vacancies rising across all three sectors of the
portfolio. If the buildings that are currently at various stages of
refurbishment are excluded (FNB Heerengracht, Podium House, Rigel Park and
Randridge Mall), the adjusted vacancy stands at 7,5% as at December 2009 from
6,7% in June 2009.
In the office sector, Oracle House (5,922 mSquared) was let during the
period, although this was partially offset by the vacancy that arose at Rigel
Park (4,534 mSquared). Other significant vacancies include: Hurlingham Office
Park (static at 6,780 mSquared), (FNB Heerengracht (static at 6,520
mSquared), Podium House (increase of 608 mSquared to 4,456 mSquared),
Knightsbridge Manor (increase of 1,649 mSquared to 4,009 mSquared) and
Georgian Place (increase of 1,385 mSquared to 3,194 mSquared).
The rise in vacancies in the industrial sector is largely attributable to
4,970 mSquared of industrial space becoming vacant at Isando - Unitrans,
although vacancies also rose at various multi-tenanted mini- and midi-units.
Retail vacancies were concentrated at Randridge Mall (4,680 mSquared), which
is under refurbishment, Montana Value Centre (2,707 mSquared), WorldWear
Fashion Mall (2,519 mSquared) and Cresta Corner (2,178 mSquared).
Sector (m2) GLA Jun 09 Vacancy Jun 09 %
Office 449 129 61 011 13,6
Retail 380 269 18 866 5,0
Industrial 380 839 11 360 3,0
Total 1 210 237 91 237 7,5
Vacancies (Continued)
Sector (m2) GLA Dec 09 Vacancy Dec 09 %
Office 445 000 68 145 15,3
Retail 389 047 22 954 5,9
Industrial 387 635 21 195 5,5
Total 1 221 682 112 294 9,2
Valuations
One-third of Emira`s portfolio is valued by independent valuers at the end of
every financial year, with the balance being valued by the directors. At the
interim stage directors` valuations are used.
Total portfolio movement
Jun 2009 Dec 2009
Sector (R`000) R/m2 (R`000)
Office 3 679 586 8 193 3 629 586
Retail 2 732 279 7 185 2 741 000
Industrial 1 306 212 3 430 1 329 480
Total 7 718 077 6 377 7 700 066
Valuations (continued)
Difference Difference
Sector R/m2 (%) (R`000)
Office 8 156 (1,4) (50 000)
Retail 7 045 0,3 8 721
Industrial 3 430 1,8 23 268
Total 6 303 (0,2) (18 011)
After capital expenditure of R90,1 million, disposals of R5,7 million and
depreciation of R5,6 million, investment properties decreased in value by
R18,0 million, implying a slight downward revision in property values of
R96,8 million. This marginal decrease reflects deteriorating market
conditions and rising property yields.
Debt
Emira has a relatively low level of gearing, with available debt facilities
at attractive margins which will enable the Fund to acquire good quality
properties with sustainable income streams.
During the 2009 financial year, Emira was granted an additional loan facility
from FirstRand Bank Limited of R657 million. As at December 2009 Emira had a
total debt facility (including preference shares) available of R2 257
million, of which R1 654 million had been accessed.
Emira has entered into various swap agreements as set out below. As a result,
95,2% of the Fund`s debt has been fixed for periods of between three and
thirteen years. As at 31 December 2009, the weighted average cost of debt
equated to 9,56%.
Rate Term Amount % of
% (Rm) debt
1. Debt - Swap 10,05 January 2010 90,0 5,5
- Extended 9,87 March 2020
2. Debt - Swap 9,46 September 2011 110,0 6,7
- Extended 9,79 September 2021
3. Debt - Swap 9,78 April 2013 * 650,0 39,3
4. Debt - Swap 9,20 June 2013 500,0 30,2
- Extended (R200 million) 10,23 June 2023
- Extended (R100 million) 9,83 June 2023
5. Debt - Swap 10,25 October 2013 84,6 5,1
6. Debt - Swap 9,66 December 2014 100,0 6,0
7. Debt - Swap 10,11 April 2019 40,0 2,4
1 574,6 95,2
8. Debt - Floating 8,76 January 2019 79,9 4,8
Total 9,56 1 654,5 100,0
Less: Costs capitalised (9,6)
not yet amortised
Per balance sheet 1 644,9
*Existing debt swaps that were in place have been novated to RMB. These
revert back to Emira in April 2013 and continue until expiry, ranging between
October 2013 and November 2018.
Fund Manager: Strategic Real Estate Managers (Proprietary) Limited
Directors of the Fund manager: BJ van der Ross (Chairman)*,
JWA Templeton (Chief executive officer), MS Aitken*, BH Kent*,
NE Makiwane*, W McCurrie*, MSB Neser*, WK Schultze, NL Sowazi*,
PJ Thurling
*Non-executive director
Registered address: 3 Gwen Lane, Sandton, 2146
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Transfer secretaries: Computershare Investor Services (Proprietary) Limited,
70 Marshall Street, Johannesburg, 2001
www.emira.co.za
Date: 17/02/2010 17:17:02 Produced by the JSE SENS Department.
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