Emirates Reit (ceic) Plc · NASDAQDUBAI:REIT
Emirates Reit (ceic) — Shareholder Meeting (2018)
24 slides from Emirates Reit (ceic)'s shareholder meeting presentation, 2018
Slide 1: Annual General Meeting
+o Emirates REIT iV yl ANNUAL GENERAL MEETING
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Equitativa (Dubai) Limited, as the manager of Emirates REIT (CEIC) Limited (“Emirates REIT”) and Equitativa (AD) Limited, as the manager of The Residential REIT Limited (“The Residential REIT”), members of the Equitativa group of companies (referred
Slide 3: Agenda
AGENDA PORTFOLIO OVERVIEW FINANCIAL HIGHLIGHTS QUESTIONS AND ANSWERS RESOLUTIONS Managed by Equitativa !3
Slide 4: Portfolio Overview
PORTFOLIO OVERVIEW
Slide 5: Portfolio Overview as at March 2018
PORTFOLIO OVERVIEW AS 31 MARCH 2018 PORTFOLIO VALUE USD 870m AED 3.2b NET ASSET VALUE USD 1.73 per share USD 520m AED 1.9b Managed by Equitativa !5
Slide 6: Portfolio Overview and Lease Expiries
PORTFOLIO OVERVIEW 31 MAR 18 31 MAR 17 LEASE EXPIRIES NUMBER OF PROPERTIES 10 9 LEASABLE AREA IN FT2 2.2m 1.97m WAULT IN YEARS 8.0 8.1 TOTAL OCCUPANCY RATE 84% 81% Managed by Equitativa !6
Slide 7: Portfolio Overview
PORTFOLIO OVERVIEW Managed by Equitativa !7
Slide 8: 2017 Overview
2017 OVERVIEW PORTFOLIO ASSET COMPLETION Portfolio value surpassed AED 3m (USD 860m) British Columbian Canadian School Acquisition of European Business Center Fitted out floors in Index Tower FINANCE MANAGEMENT ASSET MANAGEMENT Strengthened and optimized the balance sheet 31% increase in property op
Slide 9: 2018 Update
2018 UPDATE ACQUISITION Lycée Français Jean Mermoz FINANCE MANAGEMENT 23% increase in property operating income y-o-y 21% increase in EBITDA y-o-y FFO declined 16% y-o-y ASSET ENHANCEMENT 38% growth in Index Tower rental income y-o-y European Business Center acquired in Q3 2017 achieved a 7% rent in
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: Strong Y-o-Y Income Growth
STRONG Y-O-Y INCOME GROWTH +31% +21% PROPERTY OPERATING INCOME (USD M) 46.7 13.4 13.2 11.8 35.6 10.3 10.7 10.8 8.2 8.2 8.9 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 FY 2016 FY 2017 Managed by Equitativa !11
Slide 12: Strong Y-o-Y EBITDA Growth
STRONG Y-O-Y EBITDA GROWTH +21% +48% EBITDA (USD M) 30.5 9.2 8.5 7.0 7.0 7.2 20.6 6.3 5.2 4.5 4.6 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 FY 2016 FY 2017 Managed by Equitativa !12
Slide 13: Balance Sheet Overview
BALANCE SHEET OVERVIEW USD 947.1 USD 947.1 IN USD M 31 MAR 18 31 MAR 17 CHANGE 24.6* 30.1*** 52.8** INVESTMENT PROPERTY 869.8 763.5 +13.9% TOTAL ASSETS 947.1 825.7 +14.7% 397.4 Debt EQUITY 519.7 490.5 +5.9% LIABILITIES 427.4 335.2 +27.5% SUKUK / 869.8 397.4 308.8 +28.7% Investment ISLAMIC FINANCING
Slide 14: Summary as at 31 March 2018
SUMMARY AS 31 MARCH 2018 USD 870m 205,141 m2 PORTFOLIO VALUE NET LEASABLE AREA USD 520m 84.0% NET ASSET VALUE OCCUPANCY USD 1.73 per share 8.0 years NET ASSET VALUE WAULT(1) 10 Properties 347 tenants NAV per share is calculated by the REIT administrator. Growth rates are adjusted for dividends and a
Slide 15: Performance Comparison
PERFORMANCE COMPARISON REIT DU -5.35% Change +5.93% Total Return ENBDREIT -28.72% Change -25.13% Total Return DFMGI -15.48% Change -9.02% Total Return Managed by Equitativa !15
Slide 16: Questions and Answers
QUESTIONS AND ANSWERS
Slide 17: Resolutions
RESOLUTIONS
Slide 18: Ordinary Resolution 1
ORDINARY RESOLUTION 1 To receive and approve the annual report and the accounts of the REIT for the year ended 31 December 2017 together with the director's report and auditor's report on those accounts. The REIT is required to present to the shareholders the accounts of the REIT for the year ended
Slide 19: Ordinary Resolution 2
ORDINARY RESOLUTION 2 To approve the declaration of a dividend of USD 0.04 per ordinary share, an aggregate of USD 11.98 million, for the financial year ending 31 December 2017, such dividend to be paid on or before 30 June 2018 to shareholders on the register as of 14 June 2018. The Board recommend
Slide 20: Ordinary Resolution 3
ORDINARY RESOLUTION 3 To extend the appointment of Mr Abdullah Al Hashemi, Mr Marwan bin Ghulaita, and Mr David Savy, each an existing member of the Investment Board, until the conclusion of the next Annual General Meeting of the REIT. As per the REIT's constitution and applicable DFSA regulations,
Slide 21: Ordinary Resolution 4
ORDINARY RESOLUTION 4 To re-appoint PricewaterhouseCoopers (Dubai Branch) as the auditor of the REIT to hold office until the conclusion of the next Annual General Meeting of the REIT at which time the accounts for the financial year ending 31 December 2018 will be provided to the shareholders of th
Slide 22: Ordinary Resolution 5
ORDINARY RESOLUTION 5 To authorize the REIT Manager on behalf of the REIT to enter into Related Party Transactions for the acquisition or sale of Real Property in the United Arab Emirates pursuant to the DFSA CIR Rule 13.4.11A and 8.3.2 without PAGE 3 OF 4 obtaining specific approval from the shareh
Slide 23: Ordinary Resolution 6
ORDINARY RESOLUTION 6 To authorize the REIT Manager to arrange the payment of interim dividends of the REIT to its shareholders, subject to the REIT having sufficient retained earnings to pay its debts as they become due immediately after the dividend is paid. The Board recommends that the REIT Mana
Slide 24: Ordinary Resolution 7
ORDINARY RESOLUTION 7 To authorize the REIT to make one or more market purchases of its ordinary shares, provided, that: i. the number of ordinary shares which may be purchased in any given period and the price which may be paid for such ordinary shares shall be in accordance with the rules of the D