Enbd REIT (Ceic) PLC · NASDAQDUBAI:ENBDREIT
Enbd REIT (Ceic) — Q3 FY2019 Earnings Presentation
25 slides from Enbd REIT (Ceic)'s earnings presentation, Dec 31, 2018
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management
Slide 2: NAV Quarterly Update Conference Call
NAV Quarterly Update Conference Call as at 31st December 2018 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT www.enbdreit.com NAV Quarterly Update Conference Call as at 31st December 2018 3
Slide 4: Snapshot
Snapshot As at 31st December 2018 Offices: 64% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 18% USD 456m 11 Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT 3.61 years Occupancy LTV* Gross yield^ Office: 2.01 years 88% Residential: 0.
Slide 5: Payments to shareholders
Payments to shareholders % of NAV % of share % of share Payments made to USD per 30th Sep price 30th price 31st shareholders relating to USD share 2018 Sep 2018 Dec 2018 FY ending 31st March 2019 USD 1.12 USD 0.75 USD 0.64 Proposed interim dividend* 6,868,836 0.0270 2.41% 3.60% 4.20% Payments made t
Slide 6: Capital structure
Capital structure as at 31st December 2018 250 Finance terms: 30 200 38% 13 ENBD: 6% undrawn 45 150 • 3mth EIBOR + 3.14% Fully USD m 62% drawn Standard Chartered: 100 LTV 44% 38% drawn 134 • 3mth LIBOR + 2.15% 50 Equity Debt 0 Equity Debt LTV Lender ENBD drawn SC drawn * ENBD undrawn SC undrawn USD
Slide 7: Portfolio
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Slide 8: Portfolio overview and diversification
Portfolio overview and diversification By sector as % of portfolio Residential 18% Retail 6% Alternative 18% Education 5% Office 64% Student accommodation 7% NAV Quarterly Update Conference Call as at 31st December 2018 www.enbdreit.com 8
Slide 9: Diversified tenant mix in the office segment
Diversified tenant mix in the office segment Logistics, 1% Retail-F&B, 4% Retail , 1% Sales , 3% Media , 10% Residential 20% ICT, 34% Alternative 16% Office portfolio: 64% of the overall holdings Healthcare , 19% Consultancy & Legal , 28% www.enbdreit.com NAV Quarterly Update Conference Call as at 3
Slide 10: Portfolio characteristics
Portfolio characteristics Strong occupancy of 88% across the portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Al Thuraya 1 81% The Edge 100% Offices Target Burj Daman 74% 64% 50-60% DHCC49 83% DHCC25 90% Binghatti Terraces 69% Residential Target Arabian Oryx House 97% 18% 20-25% Remraam 93% Uni
Slide 11: ENBD REIT's Portfolio has remained strong
ENBD REIT’s Portfolio has remained strong Despite challenging market conditions Overall portfolio valuations 500 450 400 350 300 USD m 250 200 150 100 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 Office Residential Alternative Total www.enbdreit.com NAV Quarterly Update Con
Slide 12: ENBD REIT's Portfolio has remained strong
ENBD REIT’s Portfolio has remained strong Office valuations Residential valuations 100 +1% 45 80 +1% -13% Flat 35 USD m USD m 60 -20% 40 Flat 25 -21% 20 -4% 15 31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 31/3/17 30/6/17 30/9/17 31/12/17 31/3/18 30/6/18 30/9/18 31/12/18 Al Thura
Slide 13: 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) 90m
Slide 14: 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) 32m 34m 19m 85m 456m % of portfolio value 7% 7% 4% 18% 100% Net
Slide 15: 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) 34m 25m~ 21m 81m 456m % of portfolio value 7% 6% 5% 18% 100% Net leasable area (
Slide 16: Financials
Financials
Slide 17: Financial highlights
Financial highlights As at 31st December 2018 • Net rental income / FFO up 16% on the same period 2017 • Gross income up 18% due to acquisitions and high occupancies • Cash return on NAV improving, despite soft real estate market • Unrealised valuation losses impacting net income www.enbdreit.com NA
Slide 18: Financial performance
Financial performance Apr – Dec (9 months) 40,000,000 30,000,000 28,156,394 23,943,795 20,000,000 12,608,996 9,837,295 10,000,000 8,507,079 Apr - Dec USD 2018 4,101,917 0 Apr - Dec (4,668,084) 2017 (10,000,000) (15,436,716) (14,505,379) (20,000,000) (18,319,098) (30,000,000) Gross income Expenses Ne
Slide 19: Breakdown of total expenses
Breakdown of total expenses as at 31st December 2018 USD USD Apr – Dec Apr – Dec Variance 2018 2017 (9 months) (9 months) Fund expenses, (5,129,188) Operating expenses, Gross income 28,156,394 23,943,795 4,212,599 (5,567,890) Total expenses (18,319,098) (15,436,716) (2,882,382) FFO Finance cost, (7,
Slide 20: Appendix
Appendix
Slide 21: Statement of financial position (USD)
Statement of financial position (USD) Appendix 1 As at 31st Dec 2018 As at 30th Sep 2018 As at 31st Mar 2018 Investment properties 455,720,407 458,730,200 462,561,122 Cash and cash equivalent 16,734,521 15,301,230 18,693,403 Trade and other receivables 2,453,814 5,190,595 4,913,400 Total assets 474,
Slide 22: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 Apr-Dec 2018 Apr-Dec 2017 FY 31st Mar 2018 (9 months) (9 months) (12 months) Rental Income 28,047,129 23,404,949 32,434,112 Profit on Deposits 109,265 538,846 549,366 Total Income 28,156,394 23,943,795 32,983,478 Operating expenses (5,567,890) (5,76
Slide 23: Contact us
Contact us General Enquiries ENBDREITIR@emiratesnbd.com +971 (0)4 509 3010 Investor Relations Julia Ward-Osseiran juliao@emiratesnbd.com +971 (0)4 509 3016 Company Secretary Jean Kenny Labutte jeank@apexfunddubai.ae +971 (0)4 428 9221 Tenants/Leasing Melanie Fernandes fernandesmm@EmiratesNBD.com +97
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