Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — H1 FY2021 Earnings Presentation
25 slides from Enbd Reit (ceic)'s earnings presentation, Sep 30, 2020
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update
Quarterly Update 30th September 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: 30th September 2020
Snapshot: 30th September 2020 NAV: Offices: 66% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 198m** value Residential: 16% USD 377m NAV per share: USD 0.79** Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT: 4.05 years Occupancy Properties LTV* Office: 2.61 ye
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 (Proposed*) 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 31st Marc
Slide 6: Covid-19 impact
Covid-19 impact Last Year’s Gross • 81 tenants have engaged ENBD REIT Rent Relief No. of Revenue (USD) management to date in relation to the Covid-19 (USD) Tenants (Apr ‘19-Mar ‘20) pandemic • Impact on cashflows directly relating to the Commercial Offices 481,612 8 21,883,752 Covid-19 rent relief m
Slide 7: Capital structure: 30th September 2020
Capital structure: 30th September 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 198m USD 195m 50% SC drawn Mashreq drawn USD 109mn from Mashreq Bank facility is hedged where Va
Slide 8: Portfolio
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Slide 9: Occupancy of 76% across the portfolio
Portfolio characteristics – portfolio occupancy Occupancy of 76% across the portfolio 0% 20% 40% 60% 80% 100% Al Thuraya Tower 1 43% Offices Target The Edge 95% 66% 50-60% Burj Daman 77% DHCC49 78% DHCC25 66% Residential Target Binghatti Terraces 72% 16% 15-20% Arabian Oryx House 79% Remraam Residen
Slide 10: 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 Office Residential Alternative Total Source: ENBD REIT a
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 -16% 35 70 30 -11% USD m USD m USD m 30 60 25 -23% -13% 25 50 -35% -2% 20 +40% 40 20 -48% -11% 15 30 15 -17% 20 -49% 10 10 31/12/17 31/12/18 31/12/19 31/3/17 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) 74m
Slide 13: Asset snapshot: Al Thuraya refurbishment
Asset snapshot: Al Thuraya 1 refurbishment 13
Slide 14: 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) 21m 25m 12m 58m 377m % of portfolio value 5% 7% 3% 15% 100% Net
Slide 15: 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) 25m 23m 21m 69m 377m % of portfolio value 7% 6% 6% 18% 100% Net leasable area (
Slide 16: Financials
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Slide 17: Financial summary: 30th September 2020
Financial summary: 30th September 2020 • Net rental income / FFO is up 41% from last year, half of this increase is due to the change in calculation on our new Property Management system on certain properties and is one time. • Gross income is down 4% from last year • USD 33m (slightly over 8%) of u
Slide 18: Financial performance: April – September 2020
Financial performance: April – September 2020 30,000,000 17,917,052 20,000,000 17,122,468 10,000,000 7,002,364 4,986,899 - Apr - Sep 2020-2021 USD (10,000,000) (10,120,104) (10,017,113) Apr - Sep (20,000,000) (12,930,153) (15,004,012) 2019-2020 (30,000,000) (26,189,542) (33,191,906) (40,000,000) Gro
Slide 19: Breakdown of total expenses: 30th September 2020
Breakdown of total expenses: 30th September 2020 • Increased finance costs due to higher profit rates and additional drawdown • Refinancing expected to bring finance costs down in the future Apr-Sep Apr-Sep USD Variance USD 2020-2021 2019-2020 Gross income 17,122,468 17,917,052 (794,584) Fund Operat
Slide 20: Appendix
Appendix
Slide 21: Financial performance - statement of financial position (USD)
Financials Financial performance - statement of financial position (USD) 30th September 2020 30th September 2019 31st March 2020 Investment Properties 377,457,120 432,468,068 410,155,186 IFRS Adjustment and Right of Use Assets 11,978,627 15,389,206 12,310,613 Cash and Cash Equivalent 22,772,154 10,9
Slide 22: Financial performance - statement of comprehensive income (USD)
Financials Financial performance - statement of comprehensive income (USD) 6 Months 6 Months Full Year 30th September 2020 30th September 2019 31st March 2020 Rental Income 17,111,405 17,871,379 34,767,166 Profit on Deposits 11,063 45,673 50,207 Total Income 17,122,468 17,917,052 34,817,373 Operatin
Slide 23: 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 24: 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 25: Thank you
Thank you www.enbdreit.com