Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (December 2017)
40 slides from Enbd Reit (ceic)'s investor presentation, Dec 31, 2017
Slide 1: Investor Presentation as at 31st December 2017
Investor Presentation as at 31st December 2017 www.enbdreit.com
Slide 2: Core team
Core team Tariq Bin Hendi Anthony Taylor Asif Siddique Chairman Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT ENBD REIT www.enbdreit.com ENBD REIT Investor Presentation as at 31st December 2017 2
Slide 3: Snapshot
Snapshot As at 31st December 2017 Offices: 63% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 21% USD 460m 11 Alternative: 16% Burj Daman Arabian Oryx House South View School Occupancy WAULT Loan-to-Value* Gross yield^ 87% 3.5 years 36% 8.4% DHCC 49 Remraam
Slide 4: 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 31st Dec USD 460m USD 300m USD 1.18 - - - USD 0.99 2017 30th Sep USD 353m USD 295m USD 1.16 - - - USD 1.00 2017 30th Jun USD 35
Slide 5: NAV highlights for the quarter
NAV highlights for the quarter 31st December 2017 Property portfolio value USD 460m Cash USD 15m Gross Asset Value (GAV) USD 468m NAV per share USD 1.18 Net Asset Value (NAV) USD 300m Loan-to-Value (LTV) 36% Gross yield on NAV* 12.12% Net yield on NAV 6.7% Number of shares in issue 254,401,340 *incl
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 Acquisition Emirates Acquisition Nasdaq Acquisition of Souq Real Estate Acquisition of Arabian Acquisition Dubai of South Extra Retail Fund of DHCC 49 Oryx House of Remraam 23rd March View School Centre Jun 2005 Apr 2007 Oct 20
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: 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 11: Portfolio
ENBD Managed by Emirates NBD Asset Manager
Slide 12: Footprint
Footprint www.enbdreit.com ENBD REIT Investor Presentation as at 31st December 2017 12
Slide 13: Portfolio overview
Portfolio overview Asset value as % of portfolio 3% 5% 8% 19% Al Thuraya 1 The Edge 5% Burj Daman Binghatti Terraces Arabian Oryx House 5% DHCC 49 17% DHCC 25 7% Remraam Uninest Souq Extra 8% South View School 15% 8% www.enbdreit.com ENBD REIT Investor Presentation as at 31st December 2017 13
Slide 14: Portfolio characteristics
Portfolio characteristics Growing annual income by sector (USDm) Total 29.94 Total 36.71 40.00 5.87 30.00 2.51 7.57 7.10 Diversified asset class (% by value) 20.00 10.00 19.87 23.75 16% 0.00 YTD Dec 2017* Annual Contractual Rental Office Residential Alternative *excludes sold assets in this period S
Slide 15: 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 (AED) 333m
Slide 16: 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) 144m 139m 81m 364m 1,689m % of portfolio value 8% 8% 5% 21% 100%
Slide 17: 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 (AED) 126m 90m 55m 271m 1,689m % of portfolio value 8% 5% 3% 16% 100% Net leasable are
Slide 18: Key tenants
Key tenants www.enbdreit.com ENBD REIT Investor Presentation as at 31st December 2017 18
Slide 19: Recent acquisition: Souq Extra
Recent acquisition Souq Extra (December 2017) Property highlights • Souq Extra Phase 1 is an existing 36,027-sqft community retail centre, well situated in Dubai Silicon Oasis. • 100% leased to 42 retail tenants including Carrefour Market, KFC, McDonalds and Starbucks. Transaction highlights • Phase
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: Funds from operations (FFO)
Funds from operations (FFO) as at 31st December 2017* 30,000,000 28,045,711 25,000,000 23,943,794 20,000,000 Jun-17 USD Sep-17 15,000,000 Dec-17 7,389,832 YTD 7,288,262 10,119,282 10,536,597 10,000,000 9,113,721 7,541,811 101,570 5,000,000 4,101,917 2,577,471 1,422,876 0 Gross income Unrealised gain
Slide 25: ENBD REIT's expenses
ENBD REIT’s expenses as at 31st December 2017* USD 5,765,675 12,608,995 Operating expenses Fund expenses Margin = 45% Finance cost Net profit 4,738,188 4,932,854 * YTD period 1 April – 31st December 2017. See Appendix 2 for Statement of Comprehensive Income www.enbdreit.com ENBD REIT Investor Presen
Slide 26: Capital structure
Capital structure as at 31st December 2017 Finance terms • Profit only 36% • Matures 2021 • 3-month EIBOR + 2.5% • Repayment: • 10% end of year 4 64% • 90% end of year 5 • Available drawdown remaining: Equity Debt USD22m • Fully drawn, LTV would be approx. 40% Equity Debt LTV USD 300m USD 168m 36% w
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 31 Dec 2017 As at 30 Sep 2017 As at 30 Jun 2017 Investment properties 459,853,526 353,362,919 351,549,142 Cash and cash equivalent 15,178,076 63,025,827 71,241,221 Trade and other receivables 2,970,781 3,437,661 1,618,282 Total current assets 18
Slide 29: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 YTD Quarter Quarter Quarter ending Dec 2017 ending Dec 2017 ending Sep 2017 ending Jun 2017 Rental income 23,404,949 9,084,535 7,076,843 7,243, 571 Profit share 538,847 29,187 211,419 298,241 Net unrealised gain 4,101,918 1,422,876 101,571 2,577,471
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 Anthony Taylor, Head of Real Estate Ben Coombe, Senior Portfolio Manager, Real Estate Anthony has over ten years’ experience within the institutional real estate market. He was Ben has been Senior Portfolio Manager, Real Estate since 2009. Prior to that he was Asset Manager at
Slide 33: Board of Directors
Board of Directors Appendix 6 Tariq Bin Hendi, Chairman 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
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