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Unaudited financial results for the six months ended 31 December 2013 and income distribution declaration
EMIRA PROPERTY FUND
Unaudited financial results for the six months ended 31 December 2013 and income distribution declaration
(A property fund created under the Emira Property Scheme, registered in terms of the
Collective Investment Schemes Control Act No. 45 of 2002)
Share code: EMI ISIN: ZAE000050712
(“Emira” or “the Fund”)
Tax number 0047/321/15/3
(Approved as a REIT by the JSE)
Growth in distribution +6,5%
Vacancies reduced to 5,1%
Net asset value 1 358c per PI, an increase of 2,5%
Commentary
The board of directors of Strategic Real Estate Managers (Pty) Ltd (“STREM”) is pleased to announce an interim
distribution of 59,31 cents per Emira participatory interest (PI) for the six months to 31 December 2013, representing an
increase of 6,5% on the previous comparable period.
Vacancies and tenant renewals: Vacancies decreased from 5,6% at June 2013 to 5,1% at December 2013, which represents a
decline in vacancies of 7 407m2, driven by substantial leasing in all sectors.
Major new leases concluded include: Five-year leases at Cochrane Avenue (5 870m²), 7 Naivasha Road
(4 673m²), and Lake Buena Vista (3 500m²).
Major renewals concluded: Defy Appliances (10 100m²), Taylor Blinds (7 794m²), Shoprite Checkers at Quagga Centre (5 715m²)
and Pick n Pay at Quagga Centre (4 878m²).
Disposals: The strategy to dispose of non-core buildings continued during the period under review. Four properties
totalling R119,0m, which had been sold but not yet transferred at 30 June 2013 - Georgian Place, 261 Surrey Avenue,
Fleetway House and Montana Value Centre - were transferred out of Emira during the period. Worldwear Fashion Mall and Lynnridge
Mall, have been sold unconditionally, although they have not yet been transferred out of the Fund, bringing the value of total
sales during the period to R328,8m.
Acquisitions and developments: Subsequent to the previous financial year end, the Fund took transfer of three
buildings in the Highgrove Office Park, Centurion, for R24,6m, taking the number of buildings owned in this A-Grade office park
to six, valued at R157,9m.
Acquisitions during the period comprised: (i) an industrial building of 7 533m² leased to Lithotech in Airport
Industria, Cape Town for R34,5m, transfer of which took place in February 2014 and (ii) a vacant stand in the N4 Gateway
Industrial Park for R12,4m on which a modern industrial facility of 9 371m² is to be developed at a total cost of R57,4m.
Transfer took place in January 2014.
Refurbishments and extensions: Several projects totalling approximately R545,5m are underway, the most significant of
which includes a major upgrade and extension to Wonderpark Shopping Centre, where the centre is being enlarged at a cost
of R 513m, from 63 000m² to 90 000 m² to accommodate existing national tenants including Game, Woolworths, Jet and Edgars
and the introduction of new anchor tenants including Checkers, Dis-Chem, Hi Fi Corp, PQ Clothing, Cotton On and The Hub.
Repurchases of Participatory Interests (“PI”s): The Board previously approved the implementation of a PI repurchase
programme which was confirmed by PI holders at the AGM in November 2013. In terms of the programme a portion of the
proceeds from the sale of the properties can be used to repurchase PIs in the open market.
In September 2013, the Fund purchased 4 876 300 PIs at a total cost of R68,1m.
The Fund will continue to repurchase PIs at prices considered beneficial to PI holders.
Gearing: Emira continued to take advantage of the lower rates of funding available in the debt capital markets.
Funding activities during the period included:
Date Amount All-in-rate
R’m
22 August 2013 Repayment of three-month commercial paper 400m 5,3%
22 August 2013 Issue of six-month commercial paper 399m 5,8%
22 August 2013 Issue of three-month commercial paper 100m 5,3%
13 September 2013 Issue of twelve-month commercial paper 230m 5,9%
7 November 2013 Roll over of twelve-month commercial paper 450m 5,9%
20 November 2013 Repayment of three-month commercial paper 100m 5,3%
20 November 2013 Issue of twelve-month commercial paper 100m 5,9%
In order to increase the fixed component of debt to 75% of total borrowings, subsidised swaps of R250m were entered
into in December 2013 commencing in July 2014, October 2014 and January 2015, at an average all-in rate of 7,12%.
Simultaneously, an existing swap of R200m was restructured, reducing the rate payable from 8,70% to 7,65%. This equates to a
saving of R2,1m per annum for Emira.
Growthpoint Australia Limited (“GOZ”): Emira participated in the rights issue held by GOZ in December 2013, taking up
an additional 2 441 777 units at AUD 2,45 per unit at a cost of R56,9m.
At December 2013 GOZ’s unit price as quoted on the ASX was AUD 2,47 resulting in Emira’s investment of 27 225 813
units, amounting to 5,7% of the units in issue, being valued at R626,3m.
Results
Contractual escalations on the bulk of the portfolio combined with significant leasing progress and stringent cost control,
including savings from the property management tender, have resulted in the Fund achieving an increase in distributable income
during the period.
Excluding the straight-lining adjustments in respect of future rental escalations, revenue rose by 6,8% over the
comparable period. This was positively impacted by the leasing of vacant space, acquisitions and organic growth from the
existing portfolio and increased recoveries of municipal expenses, offset by disposals.
Property expenses increased by 12,4% over the previous comparable period, mainly due to increases in municipal costs,
leasing expenses and refurbishment costs. Excluding these items, the balance of property expenses actually declined.
Income from the Fund’s listed investment in Australia increased by 17,5% due to an increase in the distribution per
unit received from GOZ, the depreciation of the rand against the Australian dollar and increased units being held as a
result of the Fund following its rights in respect of a rights issue held in December 2013. Excluding income received in
respect of the rights issue and the reinvestment of the December 2012 distribution, the increase amounted to 13,2%.
Net finance costs incurred were similar to those incurred in the previous period as a result of the utilisation of the
debt capital markets at reduced margins and the interest rate swap restructuring which took place during the period.
Net asset value increased by 2,5% from 1325 cents per PI at 30 June 2013, to 1358 cents per PI at 31 December 2013,
following the revaluation of investment properties and the investment in GOZ.
Distribution statement
Six months Six months Year
ended ended ended
31 December 31 December 30 June
R’000 2013 2012 % change 2013
Operating lease rental income and tenant recoveries excluding
straight-lining of leases 716 721 670 935 6,8 1 353 853
Property expenses excluding amortised upfront lease costs (285 778) (254 344) 12,4 (506 371)
Net property income 430 943 416 591 3,4 847 482
Income from listed investment 20 322 17 288 17,5 36 332
Management expenses
Reimbursement to STREM (12 867) (9 433) 36,4 (20 779)
Administration expenses (20 866) (22 189) (6,0) (44 227)
Depreciation (7 134) (5 874) 21,5 (12 006)
Net finance costs (118 341) (119 437) (0,9) (236 946)
Finance costs (123 530) (124 084) (0,4) (245 000)
Interest paid and amortised borrowing costs (131 313) (124 143) 5,8 (247 036)
Interest capitalised to the cost of developments 7 783 59 2 036
Investment income 5 189 4 647 11,7 8 054
Distribution payable to participatory interest holders 292 057 276 946 5,5 569 856
Number of units in issue 492 423 583 497 299 883 (1,0) 497 299 883
Distribution per participatory interest (cents) 59,31 55,69 6,5 114,59
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 6 months to December 2013
Property Sector Location GLA (m²) Valuation Sale Exit Effective date
June ’13 price yield
(Rm) (Rm) (%)
Georgian Place (sectional
title units) Office Kelvin, Gauteng 9 485 32,4 29,1 5,1 August, October
and November 2013
261 Surrey Avenue Office Ferndale, Gauteng 1 752 6,4 7,2 8,4 September 2013
Fleetway House Office Cape Town, CBD 7 090 33,4 32,7 3,3 October 2013
Montana Value Centre Retail Montana, Gauteng 9 717 39,2 50,0 7,0 October 2013
28 044 111,4 119,0
Properties sold but not yet transferred out of Emira at December 2013
Property Sector Location GLA (m²) Valuation Sale Anticipated
June ‘13 price effective date
(Rm) (Rm)
Worldwear Fashion Mall Retail Fairlands, Gauteng 14 172 37,0 34,8 March 2014*
Lynnridge Mall/Mews Retail Lynnwood Ridge, Pretoria 20 022 149,3 175,0 March 2014
34 194 186.3 209,8
* An effective possession date of 15 April 2013 has been agreed to with the purchaser.
Vacancies
Number of GLA (m²) Vacancy(m²) % Number of GLA (m²) Vacancy(m²) %
of buildings June June of buildings December December
June 2013 2013 December 2013 2013
2013 2013
Office 69 431 859 46 200 10,7 63 415 082 43 476 10,5
Retail 37 363 391 10 157 2,8 35 360 300 10 504 2,9
Industrial 42 338 568 7 387 2,2 43 338 327 2 358 0,7
Total 148 1 133 818 63 744 5,6 141 1 113 709 56 338 5,1
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
Sector June 2013 R/m2 Dec 2013 R/m2 Difference Difference
(R’000) (R’000) (%) (R’000)
Office 4 557 146 10 552 4 580 538 11 102 0,5 23 392
Retail 3 312 760 9 116 3 591 003 9 967 8,4 278 243
Industrial 1 530 500 4 521 1 571 000 4 609 2,6 40 500
9 400 406 8 291 9 742 541 8 739 3,6 342 135
Investment properties increased by R342,1m made up of capital expenditure including capitalised interest
predominantly at Wonderpark Shopping Centre, of R353,8m, less disposals of R119,0m, depreciation of R7,2m
and a net upward revision in property values of R114,5m.
Debt
Emira has a moderate level of gearing with debt to total assets at 31 December 2013 equating to 30,6%.
As at 31 December 2013, 75,7% of the Fund’s debt had been fixed for periods of between two and 11 years, with a
weighted average length of five years, nine months, at an average of 8,5%.
Weighted Weighted Amount (R’m) % of debt
average rate % average term
Debt - Swap 9,2 5 years 9 months 2 466,6 75,7
Debt - Floating 6,1 792,9 24,3
Total 8,5 3 259,5 100,0
Less: Costs capitalised not yet amortised (2,4)
Per statement of financial position 3 257,1
Directorate
The appointment of Mr Gerhard van Zyl to the Board of STREM, was approved by the Financial Services Board on
10 September 2013.
REIT status
Emira was awarded REIT status by the JSE, with effect from 1 July 2013.
Prospects
Notwithstanding relatively subdued economic growth, a continued focus on letting space and tenant retention, as well
as vigilant cost control, has yielded benefits to Emira PI holders. It is expected that the increase in distributions
payable in respect of the full financial year, will be similar to that achieved in the first half of the year.
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 59,31 cents (2012: 55,69 cents) per participatory interest
has been declared, payable to participatory interest holders on 17 March 2014. The source of the distribution comprises
net income from property rentals, income earned from the Fund’s listed property investment and interest earned on cash
on deposit. Please refer to the statement of comprehensive income for further details.
Last day to trade cum distribution Friday, 7 March 2014
Participatory interests trade ex distribution Monday, 10 March 2014
Record date Friday, 14 March 2014
Payment date Monday, 17 March 2014
PI certificates may not be dematerialised or rematerialised between Monday, 10 March 2014 and Friday, 14 March 2014,
both days inclusive.
In accordance with Emira’s status as a REIT, participatory interest (PI) holders are advised that the distribution
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 participatory interest holders (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 PI holder.
These qualifying distributions are, however, exempt from dividend withholding tax in the hands of South African tax resident
participatory interest holders, provided that the South African resident participatory interest holders have provided
the following forms to their Central Securities Depository Participant (“CSDP”) or broker, as the case may be, in respect
of uncertificated PIs, or the Transfer Secretaries, in respect of certificated PIs:
a) a declaration that the distribution 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. Participatory interest holders 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 distribution, if such documents have not already been submitted.
Qualifying distributions received by non-resident participatory interest holders 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. It should be noted that until 31 December 2013 qualifying distributions received by
non-residents were not subject to dividend withholding tax. From 1 January 2014, any qualifying distribution received by a
non-resident from a REIT will be subject to dividend withholding tax at 15%, 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 PI holder. Assuming dividend withholding tax will be withheld at a rate of 15%, the net amount due to non-resident
participatory interest holders will be 50,4135 cents per participatory interest. A reduced dividend withholding tax rate in
terms of the applicable DTA, may only be relied on if the non-resident PI holder has provided the following forms to
their CSDP or broker, as the case may be, in respect of the uncertificated PIs, or the Transfer Secretaries, in respect of
certificated PIs:
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 participatory interest holders 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 distribution if such documents have not already been submitted, if
applicable.
Local tax resident participatory interest holders as well as non-resident participatory interest holders are
encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take.
By order of the STREM Board
Martin Harris Ben van der Ross James Templeton Bryanston
Company Secretary Chairman Chief Executive Officer 18 February 2014
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
R’000 31 Dec 2013 31 Dec 2012 30 Jun 2013
Revenue 741 135 658 566 1 342 244
Operating lease rental income and tenant recoveries 716 721 670 935 1 353 853
Allowance for future rental escalations 24 414 (12 369) (11 609)
Income from listed property investment 20 322 17 288 36 332
Property expenses (281 780) (249 798) (500 970)
Fee paid on cancellation of interest-rate swap agreements - (28 713) (28 713)
Administration expenses (31 886) (35 990) (70 572)
Depreciation (7 211) (5 894) (12 052)
Operating profit 440 580 355 459 766 269
Net fair value adjustments 113 946 341 288 577 023
Net fair value gain on investment properties 86 072 290 157 471 542
Change in fair value as a result of straight-lining lease rentals (24 414) 12 369 11 609
Change in fair value as a result of amortising upfront lease costs (3 998) (4 546) (5 401)
Change in fair value as a result of property appreciation in value 114 484 282 334 465 334
Revaluation of derivative financial instrument relating to share
appreciation rights scheme (4 416) 4 604 6 340
Unrealised gain on fair valuation of listed property investment 32 290 46 527 99 141
Profit before finance costs 554 526 696 747 1 343 292
Net finance costs (104 041) (148 431) (108 104)
Finance income 5 233 4 688 8 160
Interest received 5 233 4 688 8 160
Finance costs (109 274) (153 119) (116 264)
Interest paid and amortised borrowing costs (131 313) (124 143) (247 036)
Interest capitalised to the cost of developments 7 783 59 2 036
Unrealised surplus/(deficit) on interest-rate swaps 14 256 (29 035) 128 736
Profit before income tax charge 450 485 548 316 1 235 188
Income tax charge 4 198 (16 000) 200 750
Deferred taxation 4 198 (16 000) 200 750
- Revaluation of investment properties - (14 010) 205 792
- Other timing differences including allowance for future rental escalations 4 198 (1 990) (5 042)
Profit for the period 454 683 532 316 1 435 938
Attributable to Emira equity holders 457 285 536 736 1 441 444
Attributable non-controlling interests (2 602) (4 420) (5 506)
454 683 532 316 1 435 938
Total comprehensive income
Attributable to Emira equity holders 457 285 536 736 1 441 444
Attributable to non-controlling interests (2 602) (4 420) (5 506)
454 683 532 316 1 435 938
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
R’000 31 Dec 2013 31 Dec 2012 30 Jun 2013
Cash generated from operations 396 547 395 482 784 199
Finance income 5 233 4 688 8 160
Interest paid (131 313) (124 143) (247 036)
Taxation paid - - (162)
Fee paid on cancellation of interest-rate swap agreements - (28 713) (28 713)
Distribution to participatory interest holders (292 910) (284 842) (561 788)
Net cash utilised in operating activities (22 443) (37 528) (45 340)
Acquisition of, and additions to, investment properties and fixtures (345 015) (111 756) (252 070)
and fittings
Proceeds on disposal of investment properties and fixtures and fittings 118 936 85 900 120 700
Acquisition of investment in listed property fund (56 920) (17 288) (19 502)
Net cash utilised in investing activities (282 999) (43 144) (150 872)
Participatory interests re-purchased (68 135) (51 141) (51 141)
Increase in interest-bearing debt 384 362 136 655 247 803
Derivative acquired in respect of share appreciation rights scheme (4 080) (3) -
Net cash generated from financing activities 312 147 85 511 196 662
Net increase in cash and cash equivalents 6 705 4 839 450
Cash and cash equivalents at the beginning of the period 22 638 22 188 22 188
Cash and cash equivalents at the end of the period 29 343 27 027 22 638
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
R’000 31 Dec 2013 31 Dec 2012 30 Jun 2013
Assets
Non-current assets 9 902 819 9 147 203 9 366 817
Investment properties 9 066 575 8 489 374 8 640 590
Allowance for future rental escalations 155 569 128 863 130 605
Unamortised upfront lease costs 43 972 39 037 39 306
Fair value of investment properties 9 266 116 8 657 274 8 810 501
Listed property investment 626 312 482 274 537 102
Derivative financial instruments 10 391 7 655 19 214
Current assets 240 531 115 401 158 017
Accounts receivable 198 621 88 374 131 176
Derivative financial instruments 12 567 - 4 203
Cash and cash equivalents 29 343 27 027 22 638
Investment properties held for sale 476 425 458 800 589 905
Total assets 10 619 775 9 721 404 10 114 739
Equity and liabilities
Participatory interest holders’ capital and reserves 6 684 653 5 979 450 6 590 162
Non-current liabilities 1 424 920 2 299 656 1 440 682
Interest-bearing debt 1 363 914 1 911 574 1 362 722
Derivative financial instruments 49 981 156 108 62 737
Deferred taxation 11 025 231 974 15 223
Current liabilities 2 510 202 1 442 298 2 083 895
Short-term portion of interest-bearing debt 1 893 170 850 000 1 510 000
Accounts payable 307 670 246 650 262 056
Derivative financial instruments 17 306 68 702 18 929
Distribution payable to participatory interest holders 292 056 276 946 292 910
Total equity and liabilities 10 619 775 9 721 404 10 114 739
Reconciliation between earnings and headline earnings and distribution
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
R’000 31 Dec 2013 31 Dec 2012 30 Jun 2013
Profit for the period attributable to equity holders 454 683 532 316 1 435 938
Adjusted for:
Net fair value gain on revaluation of investment properties (86 072) (290 157) (471 542)
Deferred taxation on revaluation of investment properties - 14 010 (205 792)
Headline earnings 368 611 256 169 758 604
Adjusted for:
Allowance for future rental escalations (24 414) 12 369 11 609
Amortised upfront lease costs (3 998) (4 546) (5 401)
Unrealised (surplus)/deficit on interest-rate swaps (14 256) 29 035 (128 736)
Revaluation of derivative financial instrument relating to share
appreciation rights scheme 4 416 (4 604) (6 340)
Unrealised gain on listed property investment (32 290) (46 527) (99 141)
(Credit)/charge in respect of leave pay provision and share appreciation (1 814) 4 347 5 506
rights scheme
Fee paid on cancellation of interest-rate swap agreements - 28 713 28 713
Deferred taxation - other timing differences (4 198) 1 990 5 042
Distribution payable to participatory interest holders 292 057 276 946 569 856
Distribution per participatory interest
Interim (cents) 59,31 55,69 55,69
Final (cents) - - 58,90
59,31 55,69 114,59
Number of participatory interests in issue at the end 492 423 583 497 299 883 497 299 883
of the period
Weighted average number of participatory interests 493 816 182 498 587 863 497 949 166
in issue
Earnings per participatory interest (cents) 92,08 106,76 288,37
The calculation of earnings per participatory interest is based on net profit for the period of R454,7m (2012: R532,3m),
divided by the weighted average number of participatory interest in issue during the period of 493 816 182
(2012: 498 587 863).
Headline earnings per participatory interest (cents) 74,65 51,38 152,35
The calculation of headline earnings per participatory interest is based on net profit for the period, adjusted for
non-trading items, of R368,6m (2012: R256,2m), divided by the weighted average number of participatory interests in
issue during the period of 493 816 182 (2012: 498 587 863).
Condensed consolidated statement of changes in equity
Revaluation Non-
Participatory and other Retained controlling
R’000 interest reserves earnings interest Total
Balance at 1 July 2012 3 669 396 2 105 118 (1 287) 1 994 5 775 221
Participatory interests repurchased (51 141) (51 141)
Total comprehensive income for the period 536 736 (4 420) 532 316
Distribution to participatory interest holders (276 946) (276 946)
Transfer to fair value reserve (net of deferred 259 790 (259 790) -
taxation)
Balance at 31 December 2012 3 618 255 2 364 908 (1 287) (2 426) 5 979 450
Balance at 1 July 2013 3 618 255 2 976 706 (1 287) (3 512) 6 590 162
Participatory interests repurchased (68 135) (68 135)
Total comprehensive income for the period 457 285 (2 602) 454 683
Distribution to participatory interest holders (292 057) (292 057)
Transfer to fair value reserve (net of deferred 165 228 (165 228) -
taxation)
Balance at 31 December 2013 3 550 120 3 141 934 (1 287) (6 114) 6 684 653
Segmental information
Administrative
Sectoral segments - R’000 Office Retail Industrial and corporate Total
Revenue 330 462 296 831 113 842 741 135
Revenue 323 861 281 672 111 188 716 721
Allowance for future rental escalations 6 601 15 159 2 654 24 414
Segmental result -
Operating profits 190 347 172 399 71 786 6 048 440 580
Investment properties 4 580 538 3 591 003 1 571 000 9 742 541
Geographical segments
Revenue
- Gauteng 243 811 178 293 83 852 505 956
- Western and Eastern Cape 39 268 26 925 11 778 77 971
- KwaZulu-Natal 25 902 46 590 15 558 88 050
- Free State 14 880 29 864 44 744
323 861 281 672 111 188 716 721
Investment properties
- Gauteng 3 531 459 2 347 335 1 180 450 7 059 244
- Western and Eastern Cape 568 825 360 015 185 850 1 114 690
- KwaZulu-Natal 319 754 543 729 204 700 1 068 183
- Free State 160 500 339 924 500 424
4 580 538 3 591 003 1 571 000 9 742 541
Basis of preparation and accounting policies
The condensed consolidated interim financial statements of Emira Property Fund (“Emira” or “the Fund”) 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 2013.
As a result of the amendment to the service charge arrangements, in terms of IFRS, the risk and rewards of the manager
of Emira, Strategic Real Estate Managers (Pty) Limited (STREM) are deemed to be attributable to Emira. The financial
statements of STREM have therefore been consolidated with those of Emira, even though Emira has no direct or indirect
shareholding in STREM. This report was compiled under the supervision of Peter Thurling CA(SA), the Chief Financial Officer.
19 February 2014
Fund Manager: Strategic Real Estate Managers (Pty) Limited Directors of the Fund Manager: BJ van der Ross
(Chairman)*, JWA Templeton (Chief Executive Officer), MS Aitken*, BH Kent**, V Mahlangu**, NE Makiwane**, W McCurrie*, MSB
Neser**, V Nkonyeni*, PJ Thurling, U van Biljon, G van Zyl* *Non-executive Director **Independent Non-executive Director
Registered address: 1st Floor, Optimum House, Epsom Downs Office Park, 13 Sloane Street, Bryanston
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001
For the detailed interim report visit our website: www.emira.co.za
Date: 19/02/2014 02:08:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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