Emirates Reit (ceic) Plc · NASDAQDUBAI:REIT
Emirates Reit (ceic) — Shareholder Meeting (June 2024)
28 slides from Emirates Reit (ceic)'s shareholder meeting presentation, Jun 21, 2024
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 21 JUNE 2024 MANAGED BY
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Equitativa (Dubai) Limited (“Equitativa”) as the manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”). This presentation is provided for informational purposes only and is not investment advice, a solicitation for an investment or the
Slide 3: Speakers
SPEAKERS AGM AGM 2024 2024 Abdulla Al Hamli Sylvain Vieujot Thierry Delvaux Ross McLaughlin Moeen Sheikh Chairman Executive Deputy Chairman Senior Executing Officer Head of Real Estate Chief Finance Officer
Slide 4: Agenda
AGENDA 1 MARKET OVERVIEW 2 PORTFOLIO OVERVIEW 3 OPERATIONAL HIGHLIGHT 4 FINANCIAL HIGHLIGHT 5 LOOKING AHEAD 6 SHAREHOLDERS RESOLUTIONS
Slide 5: Market Overview
tee Emirates REIT MARKET OVERVIEW EQUITATIVA
Slide 6: Market Overview: Economy and Office
MARKET OVERVIEW AGM 2024 ECONOMY OFFICE Tourism, construction, real estate, transportation and manufacturing Strong occupier demand, especially in freezones. driving growth Prominent sectors include pharma and financial services. Supported by government investment in infrastructure International com
Slide 7: Market Overview: Retail and Education
MARKET OVERVIEW AGM 2024 RETAIL EDUCATION Limited supply of new retail space as market continues to absorb 220 schools operating in Dubai for the 2023-2024 academic year (17 oversupply of past years curricula / 365,000 students). 123k sqm GLA added in 2023, with 160k sqm expected in 2024. Demand sup
Slide 8: Operational Highlights
OPERATIONAL HIGHLIGHTS MANAGED BY
Slide 9: Portfolio Overview
PORTFOLIO OVERVIEW As at 31 March 2024 PORTFOLIO VALUE COMMERCIAL RETAIL EDUCATION 1 Index Tower 7 Index Mall 9 Lycée Français Jean Mermoz USD 951m 2 Office Park 3 Loft Offices 8 Trident Grand Mall 10 GEMS World Academy 11 Durham School AED 3.5bn 4 Building 24 5 Indigo 7 6 European Business Center N
Slide 10: Operational Highlights
OPERATIONAL HIGHLIGHTS AGM 2024 OCCUPANCY +4.1pp GROSS INCOME (USD) +12% ANNUALIZED RENTS CONTRIBUTIONS 100% 80.00 76.9m* 89% 76m USD/y 280m AED/y 80% 74.4m 85% 86% 60.00 68.8m 60% 40.00 65m USD/y 240m AED/y 40% 20.00 20% 54m USD/y 200m AED/y 0% 0.00 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 22Q4 23Q1 23Q2 23Q3
Slide 11: Portfolio Performance
PORTFOLIO PERFORMANCE OPERATIONAL HIGHLIGHTS AGM 2024 As at 31 March 2024 OCCUPANCY +4.1pp RENTAL RATES +15% YE 2022 Q1 2024 Commercial & Retail Education 100% 2,000 89% 88% 87% 87% +10% 1,809 1,816 80% -1.5% 1,500 1,648 63% 60% 58% 52% 1,000 40% +25% 20% 500 600 596 479 0% 0 7 TS E ER S 24 L L RK A
Slide 12: Operating Expenses Management
OPERATING EXPENSES MANAGEMENT OPERATIONAL HIGHLIGHTS AGM 2024 OCCUPANCY (%) OPERATING EXPENSES (USD/OCCUPIED M2) 100 100 89% 80 85% 86% 80 72% 69% 60 60 92 80 40 40 70 69 67 20 20 0 0 2020 2021 2022 2023 Q1 2024 2020 2021 2022 2023 Q1 2024* *ANNUALIZED 12 MONTH COSTS
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS MANAGED BY
Slide 14: Income and Earnings - FY 2023
INCOME AND EARNINGS - FY 2023 FINANCIAL HIGHLIGHTS AGM 2024 IN USD M, FOR THE YEAR ENDED 31 DEC 2023 31 DEC 2022 VARIANCE - Y-O-Y TOTAL PROPERTY INCOME 74.4 67.3 +10% PROPERTY OPERATING EXPENSES (12.3) (12.0) +2.5% NET PROPERTY INCOME 62.1 55.3 +12% FUND EXPENSES (16.6) (21.7) -24% ALLOWANCE FOR EXP
Slide 15: Income and Earnings - FY 2023
INCOME AND EARNINGS - FY 2023 FINANCIAL HIGHLIGHTS AGM 2024 NET PROPERTY INCOME +12% OPERATING PROFIT +37% NET FINANCE COST +71% 55.3m 62.1m 32.2m 44.0m 29.1m 49.8m FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023
Slide 16: Income and Earnings
INCOME AND EARNINGS FINANCIAL HIGHLIGHTS AGM 2024 OPERATING COST % FINANCE COST % OF TOTAL PROPERTY INCOME OF TOTAL PROPERTY INCOME 18% 17% 16% 43% 67% 68% FY 2022 FY 2023 Q1 2024 FY 2022 FY 2023 Q1 2024
Slide 17: Balance Sheet Overview - FY 2023
BALANCE SHEET OVERVIEW - FY 2023 FINANCIAL HIGHLIGHTS AGM 2024 IN USD M, AS AT 31 DEC 2023 31 DEC 2022 VARIANCE AS AT 31 DECEMBER 2023 INVESTMENT PROPERTIES – FAIR VALUE 923.7 784.9 +18% 90.1 (1) 96.2 (3) 23.2 (2) CASH AND CASH EQUIVALENTS 23.2 47.0 -51% 441.1 TOTAL ASSETS 1,037.0 929.6 +12% FINANCI
Slide 18: Income and Earnings - Q1 2024
INCOME AND EARNINGS - Q1 2024 FINANCIAL HIGHLIGHTS AGM 2024 IN USD M, FOR THE QUARTER ENDED 31 MAR 2024 31 MAR 2023 VARIANCE - Y-O-Y TOTAL PROPERTY INCOME 19.7 17.2 +15% PROPERTY OPERATING EXPENSES (3.1) (3.1) +1.3% NET PROPERTY INCOME 16.6 14.2 +17% FUND EXPENSES (4.3) (3.7) +16% ALLOWANCE FOR EXPE
Slide 19: Income and Earnings - Q1 2024
INCOME AND EARNINGS - Q1 2024 FINANCIAL HIGHLIGHTS AGM 2024 NET PROPERTY INCOME +17% OPERATING PROFIT +22% NET FINANCE COST +4.6% 14.2m 16.6m 10.1m 12.3m 12.8m 13.4m Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024
Slide 20: Balance Sheet Overview - Q1 2024
BALANCE SHEET OVERVIEW - Q1 2024 FINANCIAL HIGHLIGHTS AGM 2024 IN USD M, AS AT 31 MAR 2024 31 MAR 2023 VARIANCE AS AT 31 MARCH 2024 INVESTMENT PROPERTIES – FAIR VALUE 950.7 797.0 +19% 90.9 (1) 107.3 (3) 31.8 (2) CASH AND CASH EQUIVALENTS 31.8 19.1 +66% 441.6 TOTAL ASSETS 1,073.4 916.8 +17% FINANCING
Slide 21: In Summary
IN SUMMARY AGM 2024 OPERATING COSTS (USD) +3% OPERATING PROFIT (USD) +53% NET FINANCE COST (USD) +84% 49.2m 60.00 14.0 50.00 12.0 12.4m 50.00 12.0m 40.00 53.4m 10.0 40.00 30.00 8.0 32.2m 30.00 6.0 20.00 29.1m 20.00 4.0 10.00 10.00 2.0 0.0 0.00 0.00 FY22 23Q1 23Q2 23Q3 23Q4 24Q1 FY22 23Q1 23Q2 23Q3 2
Slide 22: Questions & Answers
QUESTIONS & ANSWERS MANAGED BY
Slide 23: Shareholders Resolutions
SHAREHOLDERS RESOLUTIONS MANAGED BY
Slide 24: Ordinary Resolution 1: Annual Report and Audited Accounts
ORDINARY RESOLUTION 1 SHAREHOLDERS RESOLUTIONS To receive and approve the Annual Report and Audited Accounts ORDINARY RESOLUTION 1: THAT the annual report and the audited accounts of the Company for the year ended 31 December 2023 together with the director's report and auditor's report on those acc
Slide 25: Ordinary Resolution 2: Final Dividend 2022
ORDINARY RESOLUTION 2 SHAREHOLDERS RESOLUTIONS To approve the Final Dividend For Year Ended 2022 ORDINARY RESOLUTION 2: THAT the distribution of the Final Dividend For Year Ended 2022 hereby is approved, subject to any regulatory approvals, as follows: 1. the declaration of a final dividend of USD 0
Slide 26: Ordinary Resolution 3: Re-appoint Investment Board
ORDINARY RESOLUTION 3 SHAREHOLDERS RESOLUTIONS To re-appoint members to the Investment Board ORDINARY RESOLUTION 3: THAT the re-appointment of Mr. David Savy, Dr. Faisal Alayyan, and Mr. Helal Lootah, the existing members of the Investment Board of the Company, be approved.
Slide 27: Ordinary Resolution 4: Appoint External Auditors
ORDINARY RESOLUTION 4 SHAREHOLDERS RESOLUTIONS To appoint the external auditors ORDINARY RESOLUTION 4: THAT the appointment of Ernst & Young Middle East as the external auditor of the Company to hold office, until the conclusion of the next Annual General Meeting of the Company, be approved. •
Slide 28: Thank You for Your Ongoing Support and Commitment
THANK YOU FOR YOUR ONGOING SUPPORT AND COMMITMENT TO OUR REIT’S SUCCESS MANAGED BY
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