Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (September 2023)
26 slides from Enbd Reit (ceic)'s investor presentation, Sep 30, 2023
Slide 1: Quarterly Update
Quarterly Update 30th September 2023 www.enbdreit.com
Slide 2: Presenting team
Presenting team Samir Kazi Anthony Taylor New Head of Real Estate Outgoing Head of Real Estate Emirates NBD Asset Management Emirates NBD Asset Management Asif Siddique Melanie Fernandes Senior Finance Manager Senior Portfolio Manager Emirates NBD Asset Management Emirates NBD Asset Management Desig
Slide 3: Quarterly update
Quarterly update • Net Income (including movement in valuation) increased to USD 11.3m • Portfolio occupancy improved to 92%, the highest since 2018 • Total property portfolio value up 0.8% to USD 379m • NAV up 3.2% to USD 189m or USD 0.76 per share • FFO stands at USD 3.6m, up 11% Q-o-Q however, do
Slide 4: Payments to shareholders
Payments to shareholders FY ending 31st March 2024 USD USD per share % of NAV % of share price Interim proposed dividend 3,500,000 0.0140 3.70% 6.83% FY ending 31st March 2023 USD USD per share % of NAV % of share price Total paid to shareholders 9,000,000 0.0360 5.02% 9.28% FY ending 31st March 202
Slide 5: Yields
Yields Annualised yields 12% 10% 10.85% 8.66% 8.82% 9.00% 8% 7.18% 7.18%* 5.41% 5.78% 6% 5.48% 4.38% 5.29% 4.17% 4.34% 5.47% 5.20% 3.78%* 4% 4.51% 4.35% 4.30% 4.00% 3.70%* 2% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 FFO Yield / NAV Dividend Yield / NAV Dividend Yield / Share price
Slide 6: Portfolio
Portfolio Quarterly Update 6
Slide 7: Snapshot: 30th September 2023
Snapshot: 30th September 2023 Properties Occupancy LTV* Al Thuraya 1 Arabian Oryx 11 92% 51% House NAV: USD 189m Burj Daman Binghatti Terraces South View School Portfolio property value USD 379m NAV per share: USD 0.76 Offices: 67% DHCC 49 Remraam Souq Extra Retail Centre WAULT: 3.97 years Office: 2
Slide 8: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy change Al Thuraya Tower 1 64% 16% Al Thuraya Tower 1 -2% The Edge 100% 1% The Edge 0% Burj Daman 100% 20% Burj Daman 0% DHCC49 90% 8% DHCC49 0% DHCC25 90% 13% DHCC25 2% Binghatti Terraces 0% 98% Binghatti Terraces 1% Arabian Oryx House -1% 99% Arabian Oryx House 1
Slide 9: ENBD REIT's valuations improving in current market (Q-o-Q)
ENBD REIT’s valuations improving in current market (Q-o-Q) Portfolio valuation (USD mn) 390 379 380 375 370 370 366 365 363 360 360 357 356 357 351 350 346 340 330 320 % Change Q-o-Q 4% 3% 2% 2% 2% 1% 1% 0% 0% 1% 0% -2% -2% -1% -2% -3% -4% Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-
Slide 10: Asset valuations - % Y-o-Y change
Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 80 24 +11% 24 +13% 70 0% 22 23 +3% +6% +2% 60 20 22 -5% 50 18 21 +7% USD m USD m USD m 40 16 20 30 +12% 14 19 +9% 20 +4% 12 18 10 10 17 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun
Slide 11: 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) 70m 71m 64m 29m 20m 254m 379m % of portfolio value 18% 19% 17% 8% 5% 67% 100% Net leasable area 92
Slide 12: Asset snapshot: Residential
Asset snapshot: Residential Arabian Oryx Binghatti Terraces Remraam Overall Residential Overall House Silicon Oasis Dubailand Portfolio Portfolio Barsha Heights Market value (USD) 23m 24m 13m 60m 379m % of portfolio value 6% 6% 4% 16% 100% Net leasable area (Sq. Ft.) 178,907 132,008 112,154 423,069
Slide 13: 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 65m 379m % of portfolio value 6% 6% 6% 17% 100% Net leasable area (Sq. Ft.) 160,264 36,027 132,000 328,291 1,283,678 Occupan
Slide 14: Financials
Financials Quarterly Update 14
Slide 15: Financial summary
Financial summary: 30th September 2023 • Due to the improvement in occupancy from 84% to 92% year-on-year our Gross income has gone up by 11.8% (↑ 2.7% Q-o-Q) • Portfolio valuations improved by 0.84% in this quarter ↑ USD 3.1mn • Finance cost is up 77% from the same period last year as a result of t
Slide 16: Valuation movements in USD million
Valuation movements in USD million Valuation movement % 20.0 12.3 10.0 7.70 * 0.6 +3.4% +2.5% - (3.0%) (10.0) (4.7%) (10.8) (20.0) (9.0%) (21.7) (11.1%) (30.0) (40.0) (40.4) (50.0) (51.3) (60.0) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 * YTD movement Valuation movement including IFRS
Slide 17: Gross income
Gross income 100% 90% 20% 32% 31% 29% 38% 37% 35% 80% 70% 15% 16% 60% 16% 17% 18% Net Rental Income (FFO) 21% 19% 50% Fund expenses 43% Finance cost 40% 30% 32% 34% Operating expenses 19% 25% 27% 30% 20% 10% 23% 22% 19% 19% 20% 20% 22% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Quart
Slide 18: 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 1 171,486 6,126 13,523 320 53,505 98,012 Burj Daman (19,304) 63,919 3,623 5,289 (17,263) (74,872) DHCC 49 217,847 - 0 3,400 7,228 207,219 DHC
Slide 19: Historic receivables
Historic receivables Y-o-Y movement in receivables (USD) 35,000,000 ** 33,068,320 20% 31,955,199 31,292,172 17.59% 18% 30,000,000 27,289,270 16% 25,000,000 14% 12% 20,000,000 10% 15,000,000 8% 10,000,000 6% 4.37%* 5,622,452 2.97%* 4% 5,000,000 2.59%* 1,191,743 * 930,332 * 2% 856,722 * - 0% 2020-21 2
Slide 20: Capital structure: 30th September 2023
Capital structure: 30th September 2023 Finance terms: • Emirates NBD PJSC and Commercial Bank of Dubai: 3month LIBOR + 2% • Facility start date: 7 December 2021 • Maturity date: 6 December 2026 48% 52% • Current SOFR: 5.4% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3.65% SOFR • Hedge:
Slide 21: Appendix
Appendix Quarterly Update 21
Slide 22: Financials: statement of financial position
Financials Financial performance - statement of financial position (USD) 30th Sep 2023 30th Sep 2022 31st March 2023 Investment Properties 378,586,986 362,642,254 369,828,478 IFRS Adjustment and Right of Use Assets 9,359,976 10,528,832 10,075,774 Cash and Cash Equivalent 21,949,089 22,040,019 24,707
Slide 23: Financials: statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 6 Month 6 Months Full Financial Year 30th Sep 2023 30th Sep 2022 31st March 2023 Rental Income 16,567,502 14,962,279 31,024,107 Profit on Deposits 263,520 87,499 268,065 Total Income 16,831,022 15,049,778 31,292,172 Operating
Slide 24: 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 25: Thank you
ENBD Managed by Emirates NBD Asset Management Thank you www.enbdreit.com
Slide 26: Contact us
Contact us Investor Relations & Company Secretary General Enquiries Akeela Bharuchi ENBDREITIR@emiratesnbd.com cosecme@equiomgroup.com +971 (0)4 509 3010 +971 (0)4 446 3900 Portfolio Manager Media Melanie Fernandes Instinctif Partners fernandesmm@EmiratesNBD.com enbdreitir@instinctif.com +971 (0)4 5
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