Emirates Reit (ceic) Plc · NASDAQDUBAI:REIT
Emirates Reit (ceic) — Q1 2020 Earnings Presentation
15 slides from Emirates Reit (ceic)'s earnings presentation, June 2020
Slide 1: Q1 2020 Call Presentation
2020 Q1 2020 CALL P R E S E N TAT I O N H1 2019
Slide 2: Financial Highlights Q1 2020
FINANCIAL HIGHLIGHTS Q1 2020 • Net Property Income decreased by 1.4% year-on-year to USD 13.3m (AED 48.9m) • Provision on receivables increased by 127.8% year-on-year to USD 1.8m (AED 6.6m) due to rent payment delay from a large tenant • EBITDA decreased by 14.3% year-on-year to USD 7.4m (AED 27.1m)
Slide 3: Portfolio Highlights
PORTFOLIO HIGHLIGHTS 3
Slide 4: COVID-19 Update
COVID-19 UPDATE Q1 2020 • All commercial buildings are currently open for business post lockdown • Immediate implementation of additional cleaning, sanitization and control measures • Implementation of social distancing measures at all properties • Proactively collaborating with tenants to manage re
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS Q1 2020 • Continued focus on commercial operations, tenant retention, cost reduction and new revenue opportunities • Occupancy decreased by 2.4% year-on-year to 73% • Rental rate decreased by 6.7% year-on-year • Weighted Average Lease Expiry increased to 8.4 years due to sever
Slide 6: Property Highlights
PROPERTY HIGHLIGHTS Q1 2020 ANNUALISED RENT UNEXPIRED LEASE TERM As of 31 Mar 2020 (excl. School in DIP) As of 31 Mar 2020 Managed by Equitativa 6
Slide 7: Property Operations Highlights
PROPERTY OPERATIONS HIGHLIGHTS Q1 2020 LEASING ACTIVITY LOFT OFFICES • 25 new leases with c. 50,000 sqft of leasable area • Occupancy 51% • 40 renewals with c. 120,000 sqft renewed • Exterior works and painting work in progress • 34 leases expired with 60,000 sqft of vacated space • Strategy to vaca
Slide 8: Annualised Rent per Property
ANNUALISED RENT PER PROPERTY Q1 2020 * * Contracted income without provisions Managed by Equitativa 8
Slide 9: Financial Highlights
FINANCIAL HIGHLIGHTS 9
Slide 10: Net Property Income
NET PROPERTY INCOME (USD M) -1.4% 16.0 15.4 13.5 14.0 13.5 13.5 13.8 13.3 13.3 12.6 Q1 2019 Q1 2020 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Net Property Income: Total Property Income less Property Operating Expenses Managed by Equitativa 10
Slide 11: EBITDA
EBITDA (USD M) -14.3% 11.6 9.3 9.3 8.6 8.6 8.8 7.4 7.4 5.4 4.4 Q1 2019 Q1 2020 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Managed by Equitativa 11
Slide 12: FFO
FFO (USD M) -94.0% 4.1 4.1 3.8 2.3 2.3 1.0 0.1 0.1 0.1 0.1 (0.3) (2.7) Q1 2019 Q1 2020 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Managed by Equitativa 12
Slide 13: Balance Sheet Overview
BALANCE SHEET OVERVIEW Q1 2020 IN USD M 31 MAR 2020 31 MAR 2019 CHANGE USD 1,018.1 USD 1,018.1 INVESTMENT PROPERTY 878.1 941.1 (6.7%) Right-of-use assets 52.8 54.8 Lease Liability Trade & Other Receivables 39.7 37.4 Other Payables & TOTAL ASSETS 1,018.1 1,006.4 +1.2% Cash & Equivalents 47.4 Derivati
Slide 14: Summary
SUMMARY Q1 2020 USD 878m 222,912 m2 PORTFOLIO VALUE NET LEASABLE AREA As of 31 Mar 2020 USD 422m 73% NET ASSET VALUE OCCUPANCY USD 1.41 per share 8.4 years NET ASSET VALUE WAULT(1) NAV per share is calculated by the REIT administrator. Growth rates are adjusted for dividends and annualized. For 2011
Slide 15: Thank You
THAN R'YQU EQUITATIVA