Slide 1: Investor Presentation
Investor Presentation as at 30th September 2017 www.enbdreit.com
Slide 2: Core team
Core team Tariq Bin Hendi Tim Rose Anthony Taylor Asif Siddique Director Head of Real Estate Fund Manager Chief Financial Officer ENBD REIT ENBD REIT ENBD REIT ENBD REIT www.enbdreit.com ENBD REIT Investor Presentation as at 30th September 2017 2
Slide 3: Snapshot
Snapshot As at 30th September 2017 Offices: 59% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 27% USD 353m 9 Alternative: 14% Burj Daman Arabian Oryx House South View School Occupancy WAULT Loan-to-Value* Gross yield^ 79% 3.6 years 28% 8.0% DHCC 49 Remraam
Slide 4: Snapshot including The Edge
Snapshot Including The Edge, acquired 5th October 2017 Offices: 67% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 22% USD 434m 10 Alternative: 11% Burj Daman Arabian Oryx House South View School Occupancy WAULT Loan-to-Value* Gross yield^ 83% 3.6 years 32%
Slide 5: Post-listing performance
Post-listing performance Annualised Property Annualised NAV per Dividend dividend % Date portfolio NAV dividend % Share price share per share on Share value on NAV* Price 30th Sep USD 353m USD 295m USD 1.16 - - - USD 1.00 2017 30th Jun USD 352m USD 292m USD 1.15 USD 0.0382 6.6% 7.1% USD 1.08 2017 31
Slide 6: Overview
Overview
Slide 7: What is ENBD REIT?
What is ENBD REIT? A long and consistent track record ENBD REIT (CEIC) Limited (‘ENBD REIT’) is a real estate investment trust (REIT) that was formed by Emirates NBD Asset Management (the Fund Manager) to invest in a diversified portfolio of Shari'a compliant real estate, with a primary focus on the
Slide 8: History
History ENBD REIT’s track record dates back to 2005 Launch of Listing on Emirates Acquisition Nasdaq Acquisition Real Estate Acquisition of Arabian Acquisition Dubai of South Fund of DHCC 49 Oryx House of Remraam 23rd March View School Jun 2005 Apr 2007 Oct 2014 Sep 2015 2017 Aug 2017 Acquisition Ac
Slide 9: The REIT market
The REIT market The objective of a REIT is to generate a regular dividend income stream for investors, typically derived from income from investment properties, usually in the form of rent, with the Global listed real estate: additional opportunity for capital appreciation of the underlying • worth
Slide 10: Highlights for the quarter
Highlights for the quarter 30th September 2017 Property portfolio value USD 353m Cash USD 63m Gross Asset Value (GAV) USD 412m Net Asset Value (NAV) – USD 1.16 per share USD 295m Loan-to-Value (LTV) 28% Gross yield on NAV* 9.7% Net yield on NAV* 5.1% Net yield on NAV post The Edge acquisition** 7.2%
Slide 11: Portfolio overview
Portfolio overview 30th September 2017 Asset value as % of portfolio 4% Total no. of properties 9 10% 25% 6% Total value USD 353m 7% Leasable area (Sq. Ft.) 1,164,782 8% 19% 10% WAULT (years) 3.6 11% Al Thuraya 1 Burj Daman Binghatti Terraces Blended occupancy rate 79% Arabian Oryx House DHCC 49 DHC
Slide 12: Footprint (including The Edge)
Footprint (including The Edge) www.enbdreit.com ENBD REIT Investor Presentation as at 30th September 2017 12
Slide 13: Investment strategy
Investment strategy Which sectors are we focusing on? Which areas are we focusing on? Focus is on good quality The portfolio aims to be properties in the following diversified across the sectors: UAE: Office 50-60% Dubai 50-75% Residential 20-30% Alternative 20-30% Abu Dhabi 10-20% Office Residentia
Slide 14: Portfolio
ENBD Managed by Emirates NBD Asset Manager
Slide 15: Portfolio characteristics
Portfolio characteristics Growing annual income by sector (USDm) 40.00 Total 27.44 Total 29.05 30.00 1.20 4.04 Diversified asset class (% by value) 20.00 8.19 6.52 14% 10.00 18.05 18.49 0.00 YE Sep 2017* Annual Contractual Rental Office Residential Alternative *excludes sold assets in this period St
Slide 16: Asset snapshot: Office
Asset snapshot Office Al Thuraya 1 Burj Daman DHCC 49 DHCC 25 Media City DIFC Healthcare City Healthcare City Overall Office Overall Acquired: Nov Acquired: Jun Acquired: Apr Acquired: Jul Portfolio Portfolio 2006 2015 2007 2007 Market value (AED) 334m 251m 111m 92m 788m 1,333m % of portfolio value
Slide 17: 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 (AED) 143m 140m 81m 364m 1,333m % of portfolio value 11% 10% 6% 27% 10
Slide 18: Asset snapshot: Alternative
Asset snapshot Alternative Uninest South View School Overall Alternative Dubailand Remraam Overall Portfolio Portfolio Acquired: May 2017 Acquired: Aug 2017 Market value (AED) 125m 55m 180m 1,333m % of portfolio value 10% 4% 14% 100% Net leasable area (Sq. Ft.) 160,264 132,000 292,264 1,164,782 Occu
Slide 19: Key tenants
Key tenants www.enbdreit.com ENBD REIT Investor Presentation as at 30th September 2017 19
Slide 20: Recent acquisition: The Edge
Recent acquisition The Edge (October 2017) Property highlights • The Edge is a premier 92,000-sqft office building, home to global tech outfit Oracle, social media giant Snapchat, and American education publisher McGraw Hill, acquired on 5th October 2017 • As a prime grade ‘A’ property, tenants enjo
Slide 21: Recent acquisition: South View School
Recent acquisition South View School (August 2017) Property highlights • ENBD REIT signed a Musataha of the plot on 6th August 2017, and will construct the school at a total transaction value of AED 55 million (USD 15 million) • The total ground floor area of the school will be 132,000 sq. ft. on a
Slide 22: Recent acquisition: Uninest, Dubailand
Recent acquisition Uninest, Dubailand (May 2017) Property highlights • Acquired 29th May 2017 for AED 120m • 424-bed property from global specialist, Global Student Accommodation • Built in 2016; 160,264 sq. ft. including 2 basement levels, a ground floor, 9 upper storeys as well as a roof-top swimm
Slide 23: Financials
ENBD Managed by Emirates NBD Asset Management
Slide 24: Financial position
Financial position as at 30th September 2017* INVESTMENT PROPERTIES ISLAMIC DEPOSIT MUDARABA PAYABLE AND CASH (Debt) USD 353,362,919 USD 63,025,827 USD 117,070,515 * See Appendix 1 for Statement of Financial Position www.enbdreit.com ENBD REIT Investor Presentation as at 30th September 2017 24
Slide 25: Income statement
Income statement as at 30th September 2017* USD 18,000,000 17,509,115 USD 16,000,000 14,320,414 3,457,563 14,000,000 7,570,434 7,389,832 12,000,000 10,119,282 10,000,000 7,076,843 8,000,000 7,243,571 Margin = 43% 2,943,594 6,000,000 4,000,000 509,660 2,577,471 2,679,041 2,000,000 211,419 298,241 101
Slide 26: Capital structure
Capital structure as at 30th September 2017 Finance terms • Profit only 29% • Matures 2021 • 3-month EIBOR + 2.5% • Repayment: • 10% end of year 4 71% • 90% end of year 5 • Available drawdown remaining: Equity Debt USD74m • Fully drawn, LTV would be approx. 40% Equity Debt USD 292m USD 117m www.enbd
Slide 27: Appendix
ENBD Managed by Emirates NBD Asset Management
Slide 28: Statement of financial position (USD)
Statement of financial position (USD) Appendix 1 As at 30th Sep 2017 As at 30th Jun 2017 Investment properties 353,362,919 351,549,142 Cash and cash equivalent 63,025,827 71,241,221 Trade and other receivables 3,437,661 1,618,282 Total current assets 66,463,489 72,859,503 Total assets 419,826,407 42
Slide 29: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 YTD Quarter Quarter ending Sep 2017 ending Sep 2017 ending Jun 2017 Rental income 14,320,414 7,076,843 7,243, 571 Profit share 509,660 211,419 298,241 Net unrealised gain 2,679,041 101,571 2,577,471 Total income 17,509,115 7,389,832 10,119,282 Opera
Slide 30: Corporate structure
Corporate structure Appendix 3 Asset Management Board of Directors HR Fund Management Investor Relations Support Functions Emirates NBD Asset Management Emirates NBD Group Governance Oversight Committee Independent Finance Audit Investment Committee Operations Risk Shari’a Board Compliance www.enbdr
Slide 31: Third party support functions
Third party support functions Appendix 4 Administrator, custodian and Legal counsel company secretary K&L Gates Apex Fund Services Independent auditor Public relations KPMG Instinctif Partners Independent valuation Independent valuation CBRE Cavendish Maxwell www.enbdreit.com ENBD REIT Investor Pres
Slide 32: Management
Management Appendix 5 Tim Rose, Head of Real Estate Julia Ward-Osseiran, Investor Relations Officer Tim Rose has over twenty three years’ Real Estate experience throughout New Zealand, UK, Julia is Investor Relations Officer for ENBD REIT, having been Senior Manager, Institutional Europe and the Mid
Slide 33: Board of Directors
Board of Directors Appendix 6 Tariq Bin Hendi, Director Tariq is currently an Executive Vice President and the Head of Products & Advisory at Emirates NBD Group, having previously served as the CEO of Emirates NBD Asset Management. He has over 18 years of experience, with a primary focus on asset ma
Slide 34: Investment Committee
Investment Committee Appendix 7 Khalid Al Fahim Khalid has over 15 years of professional experience in management and board advisory, and has been an active member of various organisations and industries in the UAE, including Al Fahim Group (UAE), where he has held offices from business development
Slide 35: Oversight Committee
Oversight Committee Appendix 8 Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economic Development Centre Abdulla is CEO of the Dubai Islamic Economy Development Centre (DIEDC), with responsibility for delivering the ‘Dubai: Capital of Islamic Economy’ strategy. Prior to his role at DIEDC he was CEO o
Slide 36: Shari'a Supervisory Board
Shari’a Supervisory Board Appendix 9 Dr. Hussein Hamid Hassan, Chairman Dr. Hussein Hamid Hassan currently chairs or is a member of the Shari’a boards of over 18 Islamic Financial Institutions, including Emirates NBD Asset Management Limited, Emirates Islamic Bank PJSC, Dubai Islamic Bank PJSC, Shar
Slide 37: The Fund Manager
The Fund Manager Appendix 10 Emirates NBD Asset Management is the award winning, wholly owned subsidiary of Emirates NBD Bank PJSC. The Company provides a full range of investment solutions, including in-house managed funds and tailor made discretionary solutions, offering exposure to the regional M
Slide 38: 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 Ben Coombe benjaminc@emiratesnbd.com +971 (0)4 50
Slide 39: 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 40: Thank you
Thank you www.enbdreit.com