Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q3 FY2025 Earnings Presentation
25 slides from Enbd Reit (ceic)'s earnings presentation, January 2025
Slide 1: Quarterly Update
Quarterly Update ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly update
Quarterly update • NAV up to USD 215.5m to USD 0.86 per share + 6.4% increase Q-o-Q (up from USD 0.81 per share) + 10.7% increase YTD since Mar-24 (up from USD 0.78 per share) • FFO stands at USD 8.4m 9-months YTD + 52% increase from the same 9-month period last year (up from USD 5.5m) • Net Income
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 12% 11.24% 11.36% 10% 8.57% 8.69% 9.28% 8.84% 8.62% 8% 5.25% 6% 5.47% 5.20% 4.64% 4% 4.51% 4.35% 4.30% 4.00% 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: 31st December 2024
Snapshot: 31st December 2024 Properties Occupancy LTV* Arabian Oryx 10 95% 46% House NAV: USD 216m The Edge Al Thuraya 1 Binghatti Terraces Portfolio property value USD 394m NAV per share: USD 0.86 Offices: 70% DHCC 49 DHCC 25 Burj Daman WAULT: 3.71 years Office: 2.13 years Residential: 13% Resident
Slide 7: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy Change Al Thuraya Tower 1 85% 10% Al Thuraya Tower 1 3% The Edge -1% 99% The Edge 0% Burj Daman 100% Burj Daman 0% DHCC49 83% 4% DHCC49 -10% DHCC25 -4% 80% DHCC25 0% Binghatti Terraces Binghatti Terraces 0% 99% 2% Arabian Oryx House 1% Arabian Oryx House 100% Unin
Slide 8: 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) 400 * 394 390 387 384 384 * 379 379 380 375 370 370 366 363 365 360 360 357 356 357 351 350 346 340 330 320 % Change Q-o-Q 6% 4% 4% 3% 2% 2% 1% 2% 2% 0% 0% 1% 1% 0% 1% 0% -2% -2% -1% -2% -3% -2% -4% Dec-20 Mar-21
Slide 9: Asset valuations - % Y-o-Y change
Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 90 28 +10% 24 +27% 80 26 +5% 23 +5% -0% 70 +8% 24 22 USD m USD m USD m 22 60 +0% 21 20 -1% 50 18 20 40 16 19 30 +4% 14 +0% 18 20 12 10 10 17 Dec-21 Dec-22 Dec-23 Dec-24 Sep-21 Sep-22 Sep-23 Sep-24 Jun-2
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 77m 81m 25m 22m 277m 394m % of portfolio value 18% 20% 21% 6% 5% 70% 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) 25m 28m 53m 394m % of portfolio value 6% 7% 13% 100% Net leasable area (Sq. Ft.) 178,907 132,008 310,915 1,172,319 Occupancy rate 99% 100%
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 65m 394m % of portfolio value 5% 6% 5% 16% 100% Net leasable area (Sq. Ft.) 160,264 36,821 132,000 329,085 1,172,319 Occupan
Slide 13: Financials
Financials Quarterly Update 13
Slide 14: Financial summary: 31st December 2024
Financial summary: 31st December 2024 • Gross income has gone up by 10.6% by USD 2.7m from the same 9-month period last year. • Portfolio valuations improved by 3.7% in this quarter ↑ USD 14.7m. • Finance cost is down 5.3% for the 9-month period. • Operating expenses are up 5% for the 9- month perio
Slide 15: Valuation movements in USD million
Valuation movements in USD million Valuation Movement USD mn 30.0 20.0 10.0 +6.5% +3.4% +2.0% - (2.4%) (3.2%) (10.0) (4.9%) (20.0) (12.0%) (30.0) (40.0) (50.0) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-2025 Valuation movement including IFRS accounting adjustments for ground leases
Slide 16: Gross income
Gross income 100% 90% 22% 29% 27% 29% 36% 35% 33% 80% 39% 70% 15% 19% 18% 15% 60% 17% 18% Net Rental Income (FFO) 21% 18% 50% Fund expenses 42% Finance cost 40% 32% 31% 36% Operating expenses 20% 28% 31% 30% 24% 20% 10% 24% 21% 23% 21% 20% 19% 20% 20% 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 1 369,410 37,245 173,605 5,209 37,919 115,433 Burj Daman 101,390 59,111 23,164 0 4,425 14,690 DHCC 49 315,217 22,322 15,332 - 25,779 251,784
Slide 18: Historic receivables
Historic receivables Y-o-Y movement in receivables (USD) 40,000,000 37,261,128 20% 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% 6% 10,000,000 4.37% 5.35% 5,622,452 2.97% 4.05% 4% 5,000,000 2% 1,191,743 930,332 1,847,
Slide 19: Capital structure: 31st December 2024
Capital structure: 31st December 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 46% 54% • Current SOFR (30th September 24): 5.3% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged a
Slide 20: Appendix
Appendix Quarterly Update 20
Slide 21: Financials: statement of financial position
Financials Financial performance - statement of financial position (USD) 31st December 2024 31st December 2023 31st March 2024 Investment Properties 393,969,507 383,800,708 384,304,383 IFRS Adjustment and Right of Use Assets 8,323,845 9,328,523 9,047,863 Cash and Cash Equivalent 20,365,773 20,017,11
Slide 22: Financials: statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 9 Months 9 Months Full Financial Year 31st December 2024 31st December 2023 31st March 2024 Rental Income 27,968,961 25,276,316 34,053,568 Profit on Deposits 444,599 402,613 472,928 Total Income 28,413,561 25,678,929 34,526,4
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)