Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (September 2024)
25 slides from Enbd Reit (ceic)'s investor presentation, September 2024
Slide 1: Quarterly Update
Quarterly Update ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly update
Quarterly update • Net Income YTD ended Sept-24 (including movement in valuation) stood at USD 12.7m • Portfolio occupancy has increased from 87% to 94% Q-o-Q • Sale of Remraam residential assets in Jul-24 • Remaining portfolio up 1.8% Q-o-Q net of Remraam sale • NAV up 1.3% to USD 202m or USD 0.81
Slide 3: Payments to shareholders
Payments to shareholders FY ending 31st March 2024 USD USD per share % of NAV % of share price Total paid to shareholder 7,500,000 0.0300 3.85% 8.57% FY ending 31st March 2023 USD USD per share % of NAV % of share price Total paid to shareholders 9,000,000 0.0360 5.20% 9.28% FY ending 31st March 202
Slide 4: Yields
Yields 14% 11.24% 12% 12.16% 10% 8.69% 9.28% 8.57% 8.84% 8.62% 8% 5.25% 6% 5.47% 4.96% 5.20% 4% 4.30% 4.00% 4.51% 4.35% 3.85% 2% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 Dividend Yield / NAV Dividend Yield / Share price Quarterly Update 4
Slide 5: Portfolio
Portfolio Quarterly Update 5
Slide 6: Snapshot: 30th September 2024
Snapshot: 30th September 2024 Properties Occupancy LTV* Arabian Oryx 10 94% 48% House NAV: USD 202m The Edge Al Thuraya 1 Binghatti Terraces Portfolio property value USD 379m NAV per share: USD 0.81 Offices: 69% DHCC 49 DHCC 25 Burj Daman WAULT: 3.68 years Office: 1.96 years Residential: 14% Residen
Slide 7: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy change Al Thuraya Tower 1 82% 18% Al Thuraya Tower 1 1% The Edge -1% 99% The Edge 33% Burj Daman 100% 0% Burj Daman 0% DHCC49 93% 4% DHCC49 13% DHCC25 -10% 80% DHCC25 0% Binghatti Terraces 99% 1% Binghatti Terraces 2% Arabian Oryx House 3% Arabian Oryx House 99% 0
Slide 8: REIT valuations improving in current market (Q-o-Q)
ENBD REIT’s valuations improving in current market (Q-o-Q) Portfolio valuation (USD mn) 400 390 387 384 384 379 379* 380 375 370 370 366 365 360 363 360 357 356 357 351 350 346 340 330 320 % Change Q-o-Q 4% 3% 2% 2% 1% 2% 2% 0% 0% 1% 1% 1% 0% 0% -2% -2% -1% -2% -3% -2% -4% Dec-20 Mar-21 Jun-21 Sep-2
Slide 9: Asset valuations - % Y-o-Y change
Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 80 28 24 +6% +14% 70 +3% 26 +8% 23 +8% +1% 60 24 22 22 USD m USD m USD m 50 +0% 20 21 -1% 40 18 20 30 16 19 -14% 14 20 +8% 18 12 10 10 17 Dec-21 Dec-22 Dec-23 Sep-21 Sep-22 Sep-23 Sep-24 Jun-21 Jun-22 J
Slide 10: Asset snapshot: Office
Asset snapshot: Office The Edge Overall Al Thuraya 1 Burj Daman DHCC 49 DHCC 25 Overall Dubai Internet Office Media City DIFC Healthcare City Healthcare City Portfolio City Portfolio Market value (USD) 71m 75m 69m 25m 22m 263m 379m % of portfolio value 19% 20% 18% 7% 6% 69% 100% Net leasable area 92
Slide 11: Asset snapshot: Residential
Asset snapshot: Residential Arabian Oryx Binghatti Terraces Overall Residential Overall House Silicon Oasis Portfolio Portfolio Barsha Heights Market value (USD) 24m 27m 52m 379m % of portfolio value 6% 7% 14% 100% Net leasable area (Sq. Ft.) 178,907 132,008 310,915 1,171,524 Occupancy rate 99% 99%
Slide 12: Asset snapshot: Alternative
Asset snapshot: Alternative Overall Uninest Souq Extra Retail South View School Overall Alternative Dubailand Centre Remraam Portfolio Portfolio Market value (USD) 21m 23m 21m 64m 379m % of portfolio value 5% 6% 6% 17% 100% Net leasable area (Sq. Ft.) 160,264 36,027 132,000 328,291 1,171.524 Occupan
Slide 13: Financials
Financials Quarterly Update 13
Slide 14: Financial summary
Financial summary: 30th September 2024 • Gross income has gone up by 2.2% Q-o-Q. • Portfolio valuations improved by 1.8% in this quarter ↑ USD 6.4m. • Finance cost is down 2.7% from last quarter. • Operating expenses are up 9% same quarter last year due to an increase in R&M across the portfolio. •
Slide 15: Valuation movements in USD million
Valuation movements in USD million Valuation Movement % 10.0 +2.1% +2.1%* +1.5% 5.0 - (5.0) (10.0) (2.3%) (15.0) (3.4%) (4.7%) (20.0) (25.0) (30.0) (35.0) (8.5%) (40.0) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-2025 Valuation movement including IFRS accounting adjustments for grou
Slide 16: Gross income
Gross income 100% 90% 21% 28% 27% 33% 36% 37% 80% 41% 39% 70% 15% 14% 17% 60% Net Rental Income (FFO) 24% 17% 16% 16% 50% 15% Fund expenses Finance cost 40% 43% 34% 38% Operating expenses 20% 27% 25% 26% 27% 30% 20% 10% 23% 19% 21% 20% 20% 20% 21% 21% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-
Slide 17: Receivables and provision for doubtful debt (USD)
Receivables and provision for doubtful debt (USD) Building name Total receivables 0 - 30 Days 31 - 60 Days 61 - 90 Days 91 - 180 Days Over 180 Days Al Thuraya 1 422,323 160,754 27,618 42,506 46,288 145,157 Burj Daman 210,439 104,133 4,106 319 106,276 (4,396) DHCC 49 350,731 14,362 72,127 12,081 11,7
Slide 18: Historic receivables
Historic receivables Y-o-Y movement in receivables (USD) 40,000,000 20% 36,800,335 34,526,496 18% 35,000,000 17.59% 31,955,199 31,292,172 16% 30,000,000 27,289,270 14% 25,000,000 12% 20,000,000 10% 15,000,000 8% 5.35% 6% 10,000,000 4.37% 5,622,452 2.97% 4% 5,000,000 1,702,019 2% 1,191,743 930,332 1,
Slide 19: Capital structure: 30th September 2024
Capital structure: 30th September 2024 Finance terms: • Emirates NBD PJSC and Commercial Bank of Dubai: 3month LIBOR + 1.75% • Facility start date: 7 December 2021 • Maturity date: 6 December 2026 52% 48% • Current SOFR (30th September 24): 5.3% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged
Slide 20: Appendix
Appendix Quarterly Update 20
Slide 21: Statement of financial position
Financials Financial performance - statement of financial position (USD) 30th September 2024 30th September 2023 31st March 2024 Investment Properties 379,281,241 378,586,986 384,304,383 IFRS Adjustment and Right of Use Assets 8,696,789 9,359,976 9,047,863 Cash and Cash Equivalent 23,232,797 21,949,
Slide 22: Statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 6 Months 6 Months Full Financial Year 30th September 2024 30th September 2023 31st March 2024 Rental Income 18,774,933 16,567,502 34,053,568 Profit on Deposits 310,291 263,520 472,928 Total Income 19,085,224 16,831,022 34,526
Slide 23: 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 24: Thank you
ENBD Managed by Emirates NBD Asset Management Thank you www.enbdreit.com
Slide 25: Contact us
Contact us Investor Relations & Company Secretary General Enquiries Equiom ENBDREITIR@emiratesnbd.com cosecme@equiomgroup.com +971 (0)4 509 3010 +971 (0)4 446 3900 Fund Manager Media Jonathan McGloin Instinctif Partners jonathanmc@EmiratesNBD.com enbdreitir@instinctif.com +971 (0)4 509 3010 +971 (0)
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