Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (December 2020)
23 slides from Enbd Reit (ceic)'s investor presentation, December 2020
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update 31st December 2020
Quarterly Update 31st December 2020 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT 3
Slide 4: Snapshot: 31st December 2020
Snapshot: 31st December 2020 NAV: Offices: 67% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 184m value Residential: 15% USD 366m NAV per share: USD 0.74 Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT: 4.01 years Occupancy Properties LTV* Office: 2.64 years D
Slide 5: Payments to shareholders
Payments to shareholders Payments made to shareholders relating to USD USD per share % of NAV % of share price FY ending 31st March 2021 Interim dividend (paid 6th Jan 2021) 4,850,000 0.0194 2.44% 6.26% Payments made to shareholders relating to USD USD per share % of NAV % of share price FY ending 3
Slide 6: Capital structure: 31st December 2020
Capital structure: 31st December 2020 Finance terms: 250 • Standard Chartered: 3mth LIBOR + 2.15% 200 • Mashreq Bank: 3mth EIBOR + 2.65% 150 USD m Debt 100 50% 50% Equity 50 0 Equity Debt LTV Lender USD 184m USD 195m 51% SC drawn Mashreq drawn USD 109mn from Mashreq Bank facility is hedged where Var
Slide 7: Portfolio
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Slide 8: Occupancy of 75% across the portfolio
Portfolio characteristics – portfolio occupancy Occupancy of 75% across the portfolio 0% 20% 40% 60% 80% 100% Al Thuraya Tower 1 44% Offices Target The Edge 97% 67% 50-60% Burj Daman 69% DHCC49 78% DHCC25 67% Residential Target Binghatti Terraces 69% 15% 15-20% Arabian Oryx House 83% Remraam Residen
Slide 9: ENBD REIT's valuations remain under pressure
ENBD REIT’s valuations remain under pressure Overall portfolio valuations 500 450 400 350 300 250 USD m 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 31/12/18 31/3/19 30/6/19 30/9/19 31/12/19 31/3/20 30/6/20 30/9/20 31/12/20 Office Residential Alternative Total Source: EN
Slide 10: ENBD REIT's office and alternative portfolios impacted
ENBD REIT’s office and alternative portfolios impacted Office valuations Residential valuations Alternative valuations 100 40 45 90 40 35 80 -23% 35 70 30 -11% USD m USD m USD m 30 60 25 -28% -13% 25 50 -50% -5% 20 +41% 40 20 -40% -13% 15 30 15 -17% 20 -51% 10 10 31/12/17 31/12/18 31/12/19 31/12/20
Slide 11: 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) 69m
Slide 12: 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) 20m 23m 12m 55m 366m % of portfolio value 5% 6% 3% 15% 100% Net
Slide 13: 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) 24m 22m 21m 67m 366m % of portfolio value 7% 6% 6% 18% 100% Net leasable area (
Slide 14: Financials
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Slide 15: Financial summary: 31st December 2020
Financial summary: 31st December2020 • Net rental income / FFO is up 27% from last year, as previously highlighted its mainly due to the change in calculation on our new Property Management system on certain properties and is coupled with the lower interest rate environment. • Gross income is down 6
Slide 16: Financial performance: April – December 2020
Financial performance: April – December 2020 40,000,000 30,000,000 26,874,515 25,311,978 20,000,000 9,838,775 10,000,000 7,725,720 - Apr - Dec 2020-2021 USD (10,000,000) (20,000,000) (15,473,203) (13,275,124) Apr - Dec (19,148,795) (21,000,844) 2019-2020 (30,000,000) (40,000,000) (35,486,344) (50,00
Slide 17: Breakdown of total expenses: 31st December 2020
Breakdown of total expenses: 31st December 2020 • Increased finance costs due to higher profit rates and additional drawdown • Refinancing expected to bring finance costs down in the future Apr-Dec Apr-Dec USD Variance USD 2020-2021 2019-2020 Gross income 25,311,978 26,874,515 (1,562,537) Operating
Slide 18: Appendix
Appendix
Slide 19: Financial performance - statement of financial position
Financials Financial performance - statement of financial position (USD) 31st December 2020 31st December 2019 31st March 2020 Investment Properties 365,777,294 426,400,720 410,155,186 IFRS Adjustment and Right of Use Assets 11,868,897 15,349,991 12,310,613 Cash and Cash Equivalent 19,513,217 9,903,
Slide 20: Financial performance - statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 9 Months 9 Months Full Year 31st December 2020 31st December 2019 31st March 2020 Rental Income 25,281,448 26,823,687 34,767,166 Profit on Deposits 30,530 50,828 50,207 Total Income 25,311,978 26,874,515 34,817,373 Operating
Slide 21: Contact us
Contact us General Enquiries & Investor Relations ENBDREITIR@emiratesnbd.com +971 (0)4 509 3010 Company Secretary Jean Kenny Labutte jeank@apexfunddubai.ae +971 (0)4 428 9221 Tenants/Leasing Melanie Fernandes fernandesmm@EmiratesNBD.com +971 (0)4 509 3029 Media George Allen george.allen@instinctif.c
Slide 22: 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 23: Thank you
Thank you www.enbdreit.com
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