Enbd REIT (Ceic) PLC · NASDAQDUBAI:ENBDREIT
Enbd REIT (Ceic) — FY2019 Earnings Presentation
25 slides from Enbd REIT (Ceic)'s earnings presentation, March 2019
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management
Slide 2: NAV Quarterly Update Conference Call
NAV Quarterly Update Conference Call as at 31st March 2019 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2019 3
Slide 4: Snapshot
Snapshot As at 31st March 2019 NAV Offices: 64% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 270m Residential: 18% value NAV per share USD 450m USD 1.08 Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT 3.48 years Occupancy Properties LTV* Office: 1.80 years 86
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 2019 Interim dividend* 6,868,836 0.0270 2.41% 3.60% Final dividend** 5,399,754 0.0215 2.00% 3.81% Payments made to % of NAV % of share price shareholders relating to US
Slide 6: Update on Share Buyback Programme
Update on Share Buyback Programme as at 31st March 2019 4,500,000 Number of shares % completion 4,050,000 1,151,340 26% to buy 3,600,000 Shares purchased 3,250,000 73.84% 3,150,000 Balance to buy 1,151,340 26.16% 2,700,000 No of Shares 2,250,000 Number of shares purchased 3,250,000 1,800,000 3,250,0
Slide 7: Capital structure
Capital structure as at 31st March 2019 250 Finance terms: 45 7% undrawn 200 13 40% ENBD: 45 150 • 3mth EIBOR + 3.14% Fully USD m 60% drawn Standard Chartered: 100 LTV 47% 40% drawn 134 • 3mth LIBOR + 2.15% 50 Equity Debt 0 Equity Debt LTV Lender ENBD drawn SC drawn * ENBD undrawn SC undrawn USD 270
Slide 8: Portfolio
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Slide 9: Portfolio overview and diversification
Portfolio overview and diversification By sector as % of portfolio Residential 18% Retail 6% Alternative 18% Education 5% Office 64% Student accommodation 7% NAV Quarterly Update Conference Call as at 31st March 2019 www.enbdreit.com 9
Slide 10: Portfolio characteristics: strong occupancy of 86%
Portfolio characteristics Strong occupancy of 86% across the portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Al Thuraya 1 78% The Edge 100% Offices Target Burj Daman 74% 64% 50-60% DHCC49 88% DHCC25 83% Binghatti Terraces 73% Residential Target Arabian Oryx House 86% 18% 15-20% Remraam 88% Uni
Slide 11: ENBD REIT's Portfolio has remained strong
ENBD REIT’s Portfolio has remained strong Despite challenging market conditions Overall portfolio valuations 500 450 400 350 300 USD m 250 200 150 100 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 Office Residential Alternative Total www.enbdreit.com NAV Quarterly Up
Slide 12: ENBD REIT's Portfolio valuations
ENBD REIT’s Portfolio valuations Office valuations Residential valuations 100 +1% 45 80 Flat -15% -3% 35 USD m USD m 60 -23% 40 Flat 25 -29% 20 -4% 15 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 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 A
Slide 13: 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) 90m
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) 31m 33m 17m 82m 450m % of portfolio value 7% 7% 4% 18% 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) 34m 25m~ 21m 81m 450m % of portfolio value 7% 6% 5% 18% 100% Net leasable area (
Slide 16: Financials
Financials
Slide 17: Financial highlights
Financial highlights As at 31st March 2019 • Net rental income / FFO flat on previous year • Gross income up 16% due to additional rental from acquisitions • Cash return on NAV stable, despite soft real estate market • Unrealised valuation losses negatively impacted net income www.enbdreit.com NAV Q
Slide 18: Financial performance
Financial performance 12 months ending 31st March 2019 50,000,000 40,000,000 38,171,997 32,983,478 30,000,000 20,000,000 12,364,742 13,001,027 FY 2018- USD 12,441,780 2019 10,000,000 559,247 - FY 2017- 2018 (10,000,000) (9,349,128) (20,000,000) (20,541,698) (21,713,870) (30,000,000) (25,807,255) Gro
Slide 19: Breakdown of total expenses
Breakdown of total expenses as at 31st March 2019 USD USD FY 2019 FY 2018 Variance Gross income 38,171,997 32,983,478 5,188,519 Fund expenses, (6,199,297) Operating expenses, (8,240,625) Total expenses (25,807,255) (20,541,698) (5,265,557) FFO Net Rental Income 12,364,742 12,441,780 (77,038) (excl.
Slide 20: Appendix
Appendix
Slide 21: Statement of financial position (USD)
Statement of financial position (USD) Appendix 1 As at 31st Mar 2019 As at 31st Mar 2018 Investment properties 450,322,080 462,561,122 Cash and cash equivalent 15,754,585 18,693,403 Trade and other receivables 3,926,006 4,913,400 Total assets 470,002,671 486,167,925 Current liabilities Payable for i
Slide 22: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 FY 31st Mar 2019 FY 31st Mar 2018 Rental Income 38,040,334 32,434,112 Profit on Deposits 131,663 549,366 Total Income 38,171,997 32,983,478 Operating expenses (8,240,625) (7,483,319) Operating income 29,931,372 25,500,159 Other expenses (2,076,276)
Slide 23: 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 Melanie Fernandes fernandesmm@EmiratesNBD.com +97
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