Emirates Reit (ceic) Plc · NASDAQDUBAI:REIT
Emirates Reit (ceic) — Q3 2020 Earnings Presentation
16 slides from Emirates Reit (ceic)'s earnings presentation, November 2020
Slide 1: Emirates REIT Q3 2020 Presentation
~ Emirates REIT Q3 2020 PRESENTATION EQUITATIVA
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Equitativa ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, ‘intends’, occupier demand and tenant default and the availability (Dubai) Limited, as the manager of Emirates REIT (CEIC) ‘plans’, ‘projects’, ‘goal’, ‘target’, ‘aim’, ‘may’, ‘will’, and
Slide 3: Market
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Slide 4: Dubai Real Estate Market Overview
DUBAI REAL ESTATE MARKET OVERVIEW Q3 2020 Deliveries • A total of 190,000 sq m of office GLA was delivered so far this year in the DIFC, Downtown Dubai and MBR City, bringing the total stock to 8.9 million sq m of GLA Consolidation Y-O-Y • Tenants continue to either consolidate operations TOTAL STOC
Slide 5: Dubai Office Market Leasing Trends
DUBAI OFFICE MARKET LEASING TRENDS Q3 2020 Stabilisation in leasing trends • Stabilisation in leasing trends and increased pressure on landlords to support tenants Negotiations limited to SMEs • Following COVID most small businesses are looking to renegotiate with current landlords or move. This seg
Slide 6: Portfolio Overview
PORTFOLIO OVERVIEW
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS Q3 2020 YEAR TO DATE • Net Property Income was down 6.4% Y-o-Y to USD 40.6m (AED 149.1m) • Fund Expenses down 9.9% Y-o-Y to USD 12.4m (AED 45.5m) • Property Expenses down 5.9% Y-o-Y to USD 10.1m (AED 37.1m) • Provision on receivables increased Y-o-Y to USD 5.3M (AED 19.5M) mainl
Slide 8: Operational Highlights
OPERATIONAL HIGHLIGHTS Q3 2020 • Occupancy: 68.64% (-5.8% Y-o-Y) • Focus on tenant retention and replacement • Expansion of leasing team • Completion of LFJM extension • Commenced soft refurbishment works at Office Park and Index • Planning soft refurbishment at Building 24 and European Business Cen
Slide 9: Property Operations Highlights
PROPERTY OPERATIONS HIGHLIGHTS Q3 2020 LEASING ACTIVITY LOFT OFFICES • 50 new leases with c. 90,000 sqft of lease-able area • Lofts 1 & 2 - Occupancy: 64.32% (-5.8% Y-o-Y) • 68 renewals with c. 150,000 sqft of renewals • COVID pandemic affecting SME's • 72 leases expired with 115,000 sqft of vacated
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: Net Operating/Property Income
NET OPERATING/PROPERTY INCOME (USD M) -4.1% 16.0 15.4 13.8 13.3 13.5 13.5 13.8 13.3 14.0 13.3 12.6 Q3 2019 Q3 2020 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Managed by Equitativa 11
Slide 12: EBITDA
EBITDA (USD M) -13.9% 11.6 8.8 9.3 8.6 8.8 7.6 7.4 8.0 7.6 5.4 4.4 Q3 2019 Q3 2020 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Managed by Equitativa 12
Slide 13: FFO
FFO (USD M) -62.8% 4.1 3.8 2.3 1.0 1.0 0.8 0.4 0.1 0.1 0.4 (0.3) (0.3) (2.7) Q3 2019 Q3 2020 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Managed by Equitativa 13
Slide 14: Balance Sheet Overview
BALANCE SHEET OVERVIEW Q3 2020 IN USD M 30 SEP 2020 30 SEP 2019 CHANGE USD 956.9 USD 956.9 Investment Property 835.6 946.6 (11.7%) *** Receivables & Others 99.7 85.3 Payables & Others Total Assets* 956.9 1,103.3 (13.3%) Cash & Equivalents 21.6 Islamic Financing 497.9 512.1 (2.8%) 497.9 Debt Total Li
Slide 15: Summary
SUMMARY Q3 2020 USD 855m 220,031 m2 As of 30 September 2020 PORTFOLIO NET LEASABLE AREA MARKET VALUE USD 374m 69% NET ASSET VALUE OCCUPANCY USD 1.23 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 annuali
Slide 16: Thank You
THANK YOU EQUITATIVA Bs