Enbd REIT (Ceic) PLC · NASDAQDUBAI:ENBDREIT
Enbd REIT (Ceic) — Investor Presentation (November 2018)
28 slides from Enbd REIT (Ceic)'s investor presentation, November 2018
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management
Slide 2: NAV Quarterly Update Conference Call
NAV Quarterly Update Conference Call as at 30th September 2018 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT www.enbdreit.com NAV Quarterly Update Conference Call as at 30th September 2018 3
Slide 4: Snapshot
Snapshot As at 30th September 2018 Offices: 63% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 19% USD 459m 11 Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT 3.75 years Occupancy LTV* Gross yield^ Office: 2.18 years 90% Residential: 0
Slide 5: Financial highlights
Financial highlights H1 2018/2019 • Net rental income / FFO up 42% on H1 2017/2018 • Gross income up 28% due to acquisitions and high occupancies • Cash return on NAV improving • Unrealised valuation losses impacting net income www.enbdreit.com NAV Quarterly Update Conference Call as at 30th Septemb
Slide 6: Financial performance
Financial performance H1 2018/2019 25,000,000 20,000,000 18,990,756 14,830,073 15,000,000 10,000,000 Sep-18 6,957,203 7,571,018 USD Sep-17 4,891,977 5,000,000 2,679,041 0 (5,000,000) (3,461,350) (10,000,000) (9,938,096) (10,418,553) (12,033,554) (15,000,000) Gross income Expenses Net rental income /
Slide 7: Proposed share capital reduction
Proposed share capital reduction As at 30th September As at 30th September Post dividend payment Pre share capital reduction Post share capital reduction Total assets USD 479m Total assets USD 479m Total assets USD 479m Total liabilities USD 194m Total liabilities USD 194m Total liabilities USD 201m
Slide 8: Payments to shareholders
Payments to shareholders Payments made to % of NAV % of share price shareholders relating to USD USD per share USD 1.12 USD 0.75 FY ending 31st March 2019 Proposed interim 6,868,836 0.0270 2.41% 3.60% dividend* Payments made to % of NAV % of share price shareholders relating to USD USD 1.18 USD 0.99
Slide 9: NAV highlights
NAV highlights 30th September 2018 Property Portfolio Value USD 459m Cash USD 15m Gross Asset Value (GAV) USD 462m NAV per share USD 1.12 Net Asset Value (NAV) USD 285m Loan-to-Value (LTV) 38% Gross rental yield on NAV 13.21% Net yield on NAV˄ 4.89% Number of shares in issue 254,401,340 ˄ Financial
Slide 10: Capital structure
Capital structure as at 30th September 2018 Existing finance terms • Profit only 38% • Matures 2021 • 3-month EIBOR + 3.0% • Repayment: • 10% end of year 4 (Nov 2020) 62% • 90% end of year 5 (Nov 2021) Further financing available Equity Debt • Available drawdown remaining on existing facility: USD 1
Slide 11: Capital structure
Capital structure Post 30th September 2018 250 New finance facility signed with Standard Chartered 200 37 • USD 75m plus additional USD 25m accordion option 6% undrawn 13 • USD 45m to repay ENBD AWAI facility 150 • USD 30m balance for acquisitions (earmarked for Souq Fully 43 USD m Extra Phase 2) dr
Slide 12: Portfolio
off eno gern iby i | a Portfolio nh
Slide 13: Portfolio overview and diversification
Portfolio overview and diversification By sector as % of portfolio Residential 19% Retail 5% Alternative 18% Education 5% Office 63% Student accommodation 7% www.enbdreit.com NAV Quarterly Update Conference Call as at 30th September 2018 13
Slide 14: Diversified tenant mix in the office segment
Diversified tenant mix in the office segment Logistics, 1% Retail-F&B, 4% Retail , 1% Sales , 5% Residential 20% Media , 11% ICT, 33% Alternative 16% Office portfolio: 63% of the overall holdings Healthcare , 19% Consultancy & Legal , 27% www.enbdreit.com NAV Quarterly Update Conference Call as at 3
Slide 15: Portfolio characteristics: strong occupancy of 90%
Portfolio characteristics Strong occupancy of 90% across the portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Al Thuraya 1 84% The Edge 100% Offices Target Burj Daman 74% 63% 50-60% DHCC49 86% DHCC25 90% Binghatti Terraces 87% Residential Target Arabian Oryx House 97% 19% 20-25% Remraam 90% Uni
Slide 16: ENBD REIT's Portfolio has remained strong
ENBD REIT’s Portfolio has remained strong Despite challenging market conditions Overall portfolio valuations 500 450 400 350 300 USD m 250 200 150 100 50 0 31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 Office Residential Alternative Total www.enbdreit.com NAV Quarterly Update Conference C
Slide 17: ENBD REIT's Portfolio has remained strong
ENBD REIT’s Portfolio has remained strong Office valuations Residential valuations 100 +1% 45 80 +1% -13% Flat 35 USD m USD m 60 -13% 40 25 -17% Flat 20 -4% 15 31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 Al Thuraya 1 Burj Daman DH
Slide 18: Asset snapshot: Office
Asset snapshot Office The Edge Al Thuraya 1 Burj Daman DHCC 49 DHCC 25 Dubai Internet Overall Media City DIFC Healthcare City Healthcare City Overall City Office Acquired: Nov Acquired: Jun Acquired: Apr Acquired: Jul Portfolio Acquired: Oct Portfolio 2006 2015 2007 2007 2017 Market value (USD) 90m
Slide 19: Asset snapshot: Residential
Asset snapshot Residential Binghatti Terraces Arabian Oryx House Remraam Overall Residential Silicon Oasis Barsha Heights Dubailand Overall Portfolio Portfolio Acquired: May 2016 Acquired: Oct 2014 Acquired: Sep 2015 Market value (USD) 35m 34m 20m 89m 459m % of portfolio value 8% 7% 4% 19% 100% Net
Slide 20: Asset snapshot: Alternative
Asset snapshot Alternative South View Uninest Souq Extra Retail School Overall Dubailand Centre Remraam Alternative Overall Portfolio Acquired: May Acquired: Dec Acquired: Aug Portfolio 2017 2017 2017 Market value (USD) 34m 25m~ 21m 80m 459m % of portfolio value 8% 5% 5% 18% 100% Net leasable area (
Slide 21: New School Opening
New School Opening South View School Highlights • South View School build successfully completed on schedule • School doors opened to students on 2nd Sep 2018 as planned, with all necessary Dubai Municipality and KHDA approvals • 30 British-qualified teachers have already joined the school • South V
Slide 22: Financials
Financials
Slide 23: Breakdown of total expenses
Breakdown of total expenses as at 30th September 2018 USD USD H1 Sep-18 H1 Sep-17 Variance Gross income 18,990,756 14,830,073 4,160,683 Fund expenses, (3,417,283) Operating expenses, (3,686,136) Total expenses (12,033,554) (9,938,096) (2,095,457) FFO Net Rental Income 6,957,203 4,891,977 2,065,226 (
Slide 24: Statement of financial position (USD)
Statement of financial position (USD) as at 30th September 2018 As at 30th Sep 2018 As at 31st Mar 2018 Investment properties 458,730,200 462,561,122 Cash and cash equivalent 15,301,230 18,693,403 Trade and other receivables 5,190,595 4,913,400 Total assets 479,222,025 486,167,925 Current liabilitie
Slide 25: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) for period ending 30th September 2018 Period ending H1 30th Sep 2018 H1 30th Sep 2017 FY 31st Mar 2018 Rental income 18,930,900 14,320,414 32,434,112 Profit on Islamic Deposits 59,856 509,660 549,366 Net unrealised gain (10,418,553) 2,679,041 559,247 Total inc
Slide 26: Contact us
Contact us General Enquiries ENBDREITIR@emiratesnbd.com +971 (0)4 509 3010 Investor Relations Julia Ward-Osseiran juliao@emiratesnbd.com +971 (0)4 509 3016 Company Secretary Jean Kenny Labutte jeank@apexfunddubai.ae +971 (0)4 428 9221 Tenants/Leasing Melanie Fernandes fernandesmm@emiratesnbd.com +97
Slide 27: Disclaimer
Disclaimer The information, estimates and opinions (“Information”) expressed herein are made in good faith and are based on sources believed to be reliable, but no representation or warranty, express or implied, is made as to the accuracy, completeness or correctness of the Information. The Informat
Slide 28: Thank you
Thank you www.enbdreit.com
Enbd REIT (Ceic) — Investor Presentation (November 2018) on 6ix