Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (December 2021)
24 slides from Enbd Reit (ceic)'s investor presentation, December 2021
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update 31st December 2021
Quarterly Update 31st December 2021 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Melanie Fernandes Head of Real Estate Chief Financial Officer Senior Portfolio Manager ENBD REIT ENBD REIT ENBD REIT 3
Slide 4: Snapshot: 31st December 2021
Snapshot: 31st December 2021 NAV: Offices: 69% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 168m value Residential: 14% USD 357m NAV per share: USD 0.67 Alternative: 17% Burj Daman Arabian Oryx House South View School WAULT: 4.30 years Occupancy Properties LTV* Office: 2.40 years D
Slide 5: Payments to shareholders
Payments to shareholders FY ending 31st March 2022 USD USD per share % of NAV % of share price Interim dividend 4,500,000 0.0180 2.74% 4.09% FY ending 31st March 2021 USD USD per share % of NAV % of share price Final dividend (paid 27th July 2021) 4,400,000 0.0176 2.44% 4.10% Interim dividend (paid
Slide 6: Capital structure: 31st December 2021
Capital structure: 31st December 2021 Finance terms: • Emirates NBD PJSC and Commercial Bank of Dubai: 3month LIBOR + 2% • 40% cross currency swap. • Facility start date: 7th December 2021 • Maturity date: 7th December 2026 Equity USD 168m 46% Debt USD 200m 54% LTV 54% Debt Equity 6
Slide 7: Portfolio
él eneD REIT 1) F I) Portfolio | Wt |
Slide 8: Occupancy of 77% across the portfolio
Portfolio characteristics – portfolio occupancy Occupancy of 77% across the portfolio 0% 20% 40% 60% 80% 100% The Edge 95% Offices Target Al Thuraya Tower 1 36% 69% 50-60% Burj Daman 69% DHCC49 80% DHCC25 71% Residential Target Binghatti Terraces 95% 14% 15-20% Arabian Oryx House 97% Remraam Residen
Slide 9: ENBD REIT's valuations stabilizing post pandemic
ENBD REIT’s valuations stabilizing post pandemic 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 31/3/21 30/6/21 30/9/21 31/12/21 Office Res
Slide 10: Adjustment in valuation approach
Adjustment in valuation approach Net Value Net Value Gross Value Q-o-Q September December Q-o-Q December Movement ”…The price in the principal (or most 2021 2021 Movement 2021 advantageous) market used to USD Million USD Million USD Million IFRS 13.25 measure the fair value of the asset or liability
Slide 11: 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 -22% 35 30 70 -8% USD m USD m 30 USD m 60 25 -12% -4% 25 50 20 +40% 40 20 -52% -42% -55% 15 30 -13% 15 -20% 20 10 -52% 10 31/3/17 30/6/17 30/9/17 31/12/17 31/3
Slide 12: 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 13: 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) 19m 17m 12m 48m 357m % of portfolio value 6% 5% 3% 14% 100% Net
Slide 14: 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) 19m 21m 22m 62m 346m % of portfolio value 5% 6% 6% 17% 100% Net leasable area (
Slide 15: Financials
Financials
Slide 16: Financial summary: 31st December 2021
Financial summary: 31st December 2021 • Gross income is down 21% from last year mainly due to lease renewals taking place at lower rates in various buildings following the impact of the pandemic and current softer market conditions remaining in the office sector (62% of gross income generation in th
Slide 17: Financial performance: April – December 2021
Financial performance: April – December 2021 30,000,000 25,311,978 20,000,000 19,946,929 9,838,775 10,000,000 5,464,692 - Apr - Dec (2,967,582) (10,000,000) USD (8,432,274) 2021-2022 (20,000,000) (14,482,237) (15,473,203) Apr - Dec (30,000,000) 2020-2021 (40,000,000) (35,486,344) (50,000,000) (45,32
Slide 18: Breakdown of total expenses: 31st December 2021
Breakdown of total expenses: 31st December 2021 Apr-Dec Apr-Dec USD 2021-2022 2020-2021 Variance USD Gross income 19,946,929 25,311,978 (5,365,049) Operating Fund expenses, expenses, (3,611,897) (4,556,465) Total expenses (14,482,237) (15,473,203) 990,966 FFO Net Rental Income 5,464,692 9,838,775 (4
Slide 19: Appendix
Appendix
Slide 20: Financial performance - statement of financial position (USD)
Financials Financial performance - statement of financial position (USD) 31st December 2021 31st December 2020 31st March 2021 Investment Properties 356,599,510 365,777,294 360,236,864 IFRS Adjustment and Right of Use Assets 11,605,779 11,868,897 11,798,617 Cash and Cash Equivalent 18,257,557 19,513
Slide 21: Financial performance - statement of comprehensive income (USD)
Financials Financial performance - statement of comprehensive income (USD) 9 Months 9 Months Full Year 31st December 2021 31st December 2020 31st March 2021 Rental Income 19,884,837 25,281,448 31,907,728 Profit on Deposits 62,092 30,530 47,471 Total Income 19,946,929 25,311,978 31,955,199 Operating
Slide 22: 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 Instinctif Partners enbdreitir@instinc
Slide 23: 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 24: Thank you
Thank you www.enbdreit.com
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