Emirates REIT (CEIC) PLC · NASDAQDUBAI:REIT
Emirates REIT (CEIC) — Q1 2022 Earnings Presentation
19 slides from Emirates REIT (CEIC)'s earnings presentation, Jun 20, 2022
Slide 1: 1Q 2022 Results Presentation
1Q 2022 RESULTS PRESENTATION
Slide 2: Disclaimer
DISCLAIMER INTRODUCTION PAGE 2 This presentation has been prepared by Equitativa Such ‘forward-looking’ statements can sometimes, Therefore they should be regarded with caution. It is important to consider the fact that some fund (Dubai) Limited (“Equitativa” or the “Manager”), as but not always, be
Slide 3: Key Highlights: All Key Indicators Improving Q-O-Q
KEY HIGHLIGHTS INTRODUCTION PAGE 3 ALL KEY INDICATORS IMPROVING Q-O-Q* OCCUPANCY NET ASSET VALUE NET PROPERTY INCOME 81.4% USD 313.5m USD 14.1m +9.6 p.p. +8.2% +4.4% OPERATING PROFIT FUNDS FROM OPERATIONS EARNINGS PER SHARE USD 9.8m USD 2.9m USD 0.075 +14.2% +97.7% +65.2% CONTINUED POSITIVE MOMENTUM
Slide 4: Market Overview
MARKET OVERVIEW
Slide 5: Macroeconomic Overview
MARKET OVERVIEW MACROECONOMIC OVERVIEW PAGE 5 • UAE’s real GDP soared 3.8% in 2021, claiming the highest GDP growth rate in • Dubai's Purchasing Managers' Index (PMI) recorded a reading of 55.5 in March 2022, the region whilst exceeding expectations of international institutions, which its highest r
Slide 6: Dubai Office Market Update
MARKET OVERVIEW DUBAI OFFICE MARKET UPDATE PAGE 6 DUBAI OFFICE RENTS, 1Q 2022 Y-O-Y % CHANGE • Dubai saw the delivery of nearly 6,500 sq. m of office space in 1Q 2022, increasing the city’s total stock to nearly 9.1 million sq.m. • JLL market research forecasts 90,000 sq.m. of GLA to be delivered in
Slide 7: Dubai Retail Market Update
MARKET OVERVIEW DUBAI RETAIL MARKET UPDATE PAGE 7 DUBAI RETAIL MARKET: TOTAL STOCK, EXPECTED DELIVERIES & RENTAL RATES • Around 186,000 sq.m. of retail GLA was delivered in Dubai during 1Q 2022, bringing the total stock to 4.6 million sq.m. • Retail rents remain on a downward trajectory, however the
Slide 8: Operational Highlights
OPERATIONAL HIGHLIGHTS
Slide 9: Operational Highlights
OPERATIONAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS PAGE 9 • Occupancy across the portfolio increased by 9.6 p.p. during 1Q 2022 to 81.4%. • Index Tower experienced a strong occupancy increase of 9.3 p.p .during 1Q 2022 to 71.5% with a rental rate increase of 0.7%. • Rental rates across the office portfol
Slide 10: Office Portfolio
OFFICE PORTFOLIO OPERATIONAL HIGHLIGHTS PAGE 10 INDEX TOWER EUROPEAN BUSINESS CENTRE • Occupancy: 79.5%, a strong growth in occupancy of +13.1 p.p. • Occupancy: 69.2%, decreased by 6.3 p.p. during 1Q 2022. during 1Q 2022. • Two large leases expired during the period. • Demand driven by larger shell
Slide 11: Retail Portfolio
RETAIL PORTFOLIO MACROECONOMIC OPERATIONAL FY 2021HIGHLIGHTS HIGHLIGHTS OVERVIEW PAGE 11 11 INDEX MALL • Occupancy: 25.6%, a decrease of 12.7 p.p. during 1Q 2022 with the early termination of 4 units (supermarket and a ladies salon). • Retail remains challenging and is still recovering from Covid-19
Slide 12: Education Portfolio
EDUCATION PORTFOLIO OPERATIONAL HIGHLIGHTS PAGE 12 LYCEE FRANCAIS JEAN MERMOZ • Progressing with works for phase three during 1Q 2022. • Enrollment of new students is positive for September 2022. DURHAM SCHOOL DUBAI • School in DIP leased to Durham School Dubai in March 2022. • Engaged for the compl
Slide 13: Q-O-Q Occupancy Change +9.6 p.p.
Q-O-Q OCCUPANCY CHANGE OPERATIONAL HIGHLIGHTS PAGE 13 4Q 2021 +9.6 p.p. 1Q 2022 71.8% 81.4%
Slide 14: Financial Highlights
TITLE01 FINANCIAL TITLE02 HIGHLIGHTS 14
Slide 15: Consolidated Statement of Comprehensive Income
CONSOLIDATED STATEMENT FINANCIAL HIGHLIGHTS PAGE 15 OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED IN USD ‘000 31 MAR 22 31 DEC 2021 CHANGE Q-O-Q • As a result of improved occupancy & focus on core TOTAL PROPERTY INCOME 17,177 16,395 +4.8% income growth, Total Property Income grew by 4.8% during 1Q 2
Slide 16: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL HIGHLIGHTS PAGE 16 FINANCIAL POSITION IN USD ‘000 AS AT 31 MAR 2022 AS AT 31 DEC 2021 CHANGE Q-O-Q • Driven by continued improved valuations the INVESTMENT PROPERTY Investment property recorded an increase 758,339 737,132 +2.9% of 2.9% q-o-q. CASH AND CASH EQUIVAL
Slide 17: Net Property Income Up Q-O-Q by +4.4%
NET PROPERTY INCOME FINANCIAL HIGHLIGHTS PAGE 17 +4.4% One-off gain resulting fl 6.5 18.5 13.5 14.1 13.3 14.0 13.3 13.5 14.1 11.7 12.0 12.3 11.4 Q4 2021 Q1 2022 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 NET PROPERTY INCOME UP Q-O-Q BY +4.4%
Slide 18: Operating Profit Up Q-O-Q by 14.2%
OPERATING PROFIT FINANCIAL HIGHLIGHTS PAGE 18 Impact of the voluntary 0.6 One-off gain resulting 6.4 One-off gain resulting +14.2% fl 6.5 23.0 0.6 0.6 9.8 9.8 8.6 8.0 9.5 8.3 8.6 8.0 7.4 7.6 6.7 7.7 6.3 Q4 2021 Q1 2022 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 OPERATING
Slide 19: Thank You
Jee Emirates REIT THANK YOU EQUITATIVA,