Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (September 2021)
25 slides from Enbd Reit (ceic)'s investor presentation, Sep 30, 2021
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update 30th September 2021
Quarterly Update 30th September 2021 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT 3
Slide 4: Snapshot: 30th September 2021
Snapshot: 30th September 2021 NAV: Offices: 69% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 164m value Residential: 14% USD 346m NAV per share: USD 0.66 Alternative: 17% Burj Daman Arabian Oryx House South View School WAULT: 4.17 years Occupancy Properties LTV* Office: 2.57 years
Slide 5: Payments to shareholders
Payments to shareholders FY ending 31st March 2022 USD USD per share % of NAV % of share price Interim dividend 4,500,000 0.0180 2.74% 4.09% FY ending 31st March 2021 USD USD per share % of NAV % of share price Final dividend (paid 27th July 2021) 4,400,000 0.0176 2.44% 4.10% Interim dividend (paid
Slide 6: Capital structure: 30th September 2021
Capital structure: 30th September 2021 Finance terms: 250 • Standard Chartered: 3mth LIBOR + 2.15% 200 • Mashreq Bank: 3mth EIBOR + 2.65% 150 USD m Debt 100 46% 54% Equity 50 0 Equity Debt LTV Lender USD 164m USD 194m 54% SC drawn Mashreq drawn USD 109mn from Mashreq Bank facility is hedged where Va
Slide 7: Portfolio
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Slide 8: Portfolio characteristics – portfolio occupancy
Portfolio characteristics – portfolio occupancy Occupancy of 76% across the portfolio 0% 20% 40% 60% 80% 100% The Edge 96% Offices Target Al Thuraya Tower 1 37% 69% 50-60% Burj Daman 69% DHCC49 81% DHCC25 69% Residential Target Binghatti Terraces 79% 14% 15-20% Arabian Oryx House 96% Remraam Residen
Slide 9: ENBD REIT's valuations remain under pressure
ENBD REIT’s valuations remain under pressure Overall portfolio valuations 500 450 400 350 300 250 USD m 200 150 100 50 0 31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 31/3/19 30/6/19 30/9/19 31/12/19 31/3/20 30/6/20 30/9/20 31/12/20 31/3/21 30/6/21 30/9/21 Office Residential Alte
Slide 10: ENBD REIT's office and alternative portfolios impacted
ENBD REIT’s office and alternative portfolios impacted Office valuations Residential valuations Alternative valuations 100 40 45 90 40 35 80 35 70 30 -10% USD m USD m USD m -24% 30 60 25 -14% 25 50 -8% 20 +39% 40 20 -54% -56% -45% 30 15 15 -22% 20 -22% 10 -54% 10 Al Thuraya 1 Burj Daman Binghatti Te
Slide 11: Asset snapshot: Office
Asset snapshot: Office The Edge Al Thuraya 1 Burj Daman DHCC 49 DHCC 25 Dubai Internet Overall Media City DIFC Healthcare City Healthcare City Overall City Office Acquired: Nov Acquired: Jun Acquired: Apr Acquired: Jul Portfolio Acquired: Oct Portfolio 2006 2015 2007 2007 2017 Market value (USD) 68m
Slide 12: Asset snapshot: Residential
Asset snapshot: Residential Binghatti Terraces Arabian Oryx House Remraam Overall Residential Silicon Oasis Barsha Heights Dubailand Overall Portfolio Portfolio Acquired: May 2016 Acquired: Oct 2014 Acquired: Sep 2015 Market value (USD) 19m 17m 11m 47m 346m % of portfolio value 5% 5% 3% 13% 100% Net
Slide 13: Asset snapshot: Alternative
Asset snapshot: Alternative South View Uninest Souq Extra Retail School Overall Dubailand Centre Remraam Alternative Overall Portfolio Acquired: May Acquired: Dec Acquired: Aug Portfolio 2017 2017 2017 Market value (USD) 18m 21m 21m 60m 346m % of portfolio value 5% 6% 6% 17% 100% Net leasable area (
Slide 14: Update on DHCC25 lobby
Update on DHCC25 lobby Ground floor refurbishment project Project completed on 31st July 2021 at a total cost of AED377,139 (within Board approved budget of AED435,100 ). Cost saving of AED 19,961. Before After 14
Slide 15: Update on DHCC49 lobby
Update on DHCC49 lobby Ground floor refurbishment project Project completed on 31st August 2021 at a total cost of AED415,387 (within Board approved budget of AED467,876). Cost saving of AED 12,490. Before After 15
Slide 16: Financials
Financials
Slide 17: Financial summary: 30th September 2021
Financial summary: 30th September 2021 • ENBD REIT implemented a new Property Management System in 2020-21 where USD968K was recorded in H1 which was one-off income. It has been part of the numbers on the next slides however has been removed from the below ratios. • Net rental income / FFO is down 4
Slide 18: Financial performance: April – September 2021
Financial performance: April – September 2021 20,000,000 17,122,468 14,949,133 10,000,000 5,760,390 7,002,364 - - (822,069) Apr - Sep USD (10,000,000) (9,188,742) 2021-2022 (10,120,104) (11,590,200) (20,000,000) (16,528,521) Apr - Sep 2020-2021 (30,000,000) (26,189,542) (33,191,906) (40,000,000) Gro
Slide 19: Breakdown of total expenses: 30th September 2021
Breakdown of total expenses: 30th September 2021 • Increased finance costs due to higher profit rates and additional drawdown • Refinancing expected to bring finance costs down in the future Apr-Sep Apr-Sep USD Variance USD 2021-2022 2020-2021 Gross income 14,949,133 17,122,468 (2,173,336) Fund Oper
Slide 20: Appendix
Appendix
Slide 21: Financials: statement of financial position
Financials Financial performance - statement of financial position (USD) 30th September 2021 30th September 2020 31st March 2021 Investment Properties 345,916,145 377,457,120 360,236,864 IFRS Adjustment and Right of Use Assets 11,459,731 11,978,627 11,798,617 Cash and Cash Equivalent 20,863,316 22,7
Slide 22: Financials: statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 6 Months 6 Months Full Year 30th September 2021 30th September 2020 31st March 2021 Rental Income 14,909,512 17,111,405 31,907,728 Profit on Deposits 39,620 11,063 47,471 Total Income 14,949,133 17,122,468 31,955,199 Operatin
Slide 23: Contact us
Contact us General Enquiries & Investor Relations ENBDREITIR@emiratesnbd.com +971 (0)4 509 3010 Company Secretary Jean Kenny Labutte jeank@apexfunddubai.ae +971 (0)4 428 9221 Tenants/Leasing Melanie Fernandes fernandesmm@EmiratesNBD.com +971 (0)4 509 3029 Media Instinctif Partners enbdreitir@instinc
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
Thank you www.enbdreit.com
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