Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q1 FY2024 Earnings Presentation
26 slides from Enbd Reit (ceic)'s earnings presentation, Jun 30, 2023
Slide 1: Quarterly Update
Quarterly Update 30th June 2023 www.enbdreit.com
Slide 2: Presenting team
Presenting team Melanie Fernandes Melanie Fernandes Anthony Taylor Asif Siddique Melanie Fernandes Head of Real Estate Senior Finance Manager Senior Portfolio Manager Emirates NBD Asset Management Emirates NBD Asset Designated Chief Financial Emirates NBD Asset Management Officer, ENBD REIT Manageme
Slide 3: Quarterly update
Quarterly update • Net Income (including movement in valuation) increased to USD 8.5m • Portfolio occupancy improved to 92%, the highest since 2018 • Total property portfolio value up 1.5% to USD 375m • NAV up 2.2% to USD 183m or USD 0.73 per share (up 4.8% adjusted for dividend payment) • FFO stand
Slide 4: Payments to shareholders
Payments to shareholders FY ending 31st March 2023 USD USD per share % of NAV % of share price Final dividend 4,500,000 0.0180 2.51% 4.64% Interim dividend 4,500,000 0.0180 2.61% 4.38% Total paid to shareholders 9,000,000 0.0360 5.02% 9.28% FY ending 31st March 2022 USD USD per share % of NAV % of s
Slide 5: Yields
Yields Annualised yields 12% 10.85% 10% 8.66% 9.00% 8.82% 8% 7.18% 5.78% 6% 5.48% 5.41% 5.29% 4.38% 4.17% 4.34% 4% 4.51% 5.47% 5.20% *3.78% 4.35% 4.30% 4.00% 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 * YTD annualis
Slide 6: Portfolio
Portfolio Quarterly Update 6
Slide 7: Snapshot: 30th June 2023
Snapshot: 30th June 2023 Properties Occupancy LTV* Al Thuraya 1 Arabian Oryx 11 92% 52% House NAV: USD 183m Burj Daman Binghatti Terraces South View School Portfolio property value USD 375m NAV per share: USD 0.73 Offices: 68% DHCC 49 Remraam Souq Extra Retail Centre WAULT: 4.05 years Office: 2.39 y
Slide 8: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy change Al Thuraya Tower 1 66% 20% Al Thuraya Tower 1 7% The Edge 100% 1% The Edge 1% Burj Daman 100% 21% Burj Daman 9% DHCC49 90% 11% DHCC49 7% DHCC25 88% 9% DHCC25 7% Binghatti Terraces 96% 0% Binghatti Terraces -2% Arabian Oryx House -1% 99% Arabian Oryx House 0
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) 380 375 375 370 370 366 365 365 363 360 360 357 356 357 355 351 350 346 345 340 335 330 % Change Q-o-Q 4% 3% 2% 2% 1% 2% 0% 1% 0% 0% -2% -1% -2% -3% -2% -4% Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Slide 10: Asset valuations - % Y-o-Y change
Asset valuations - % Y-o-Y change Office valuations Residentail valuations Alternative valuations 24 80 24 +20% 0% 23 70 22 +11% +3% +4% +7% 22 60 20 21 -4% 50 18 +7% USD m USD m USD m 20 40 16 19 30 +9% 14 +10% +5% 18 20 12 17 10 10 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 253m 375m % of portfolio value 19% 19% 17% 8% 5% 68% 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) 22m 23m 13m 58m 375m % of portfolio value 6% 6% 3% 15% 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 64m 375m % 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: 30th June 2023
Financial summary: 30th June 2023 • Due to the improvement in occupancy from 88% to 92% year-on-year our Gross income has gone up by 10.3% (↑ 2.7% Q-o-Q) • Portfolio valuations improved by 1.5% in this quarter ↑ USD 4.8mn • Finance cost is up 109% from the same period last year as a result of the ri
Slide 16: Valuation movements in USD million
Valuation movements in USD million 20.0 12.3 10.0 4.82* 0.6 +3.4% - +1.3% (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 accounting adjustments
Slide 17: Gross income – Apr to June
Gross income – Apr to June 100% 90% 20% 34% 34% 30% 35% 80% 44% 41% 70% 15% 60% 21% 17% 15% Net Rental Income (FFO) 25% 50% 16% Fund expenses 19% 43% Finance cost 40% 26% 25% Operating expenses 29% 30% 19% 23% 22% 20% 21% 23% 25% 22% 10% 20% 20% 16% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
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 1 286,461 - 115,895 27,921 89,242 53,403 Burj Daman 85,739 166,318 8,009 (16,187) (72,601) 200 DHCC 49 251,398 23,993 10,191 7,395 505 209,31
Slide 19: Historic receivables
Historic receivables Y-o-Y movement in receivables (USD) 35,000,000 ** 32,840,771 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%* 3.81%* 4% 5,000,000 1,191,743 * 930,332 * 1,251,135 * 2% - 0% 2020-21
Slide 20: Capital structure: 30th June 2023
Capital structure: 30th June 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: 5.2% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3.65% SOFR • Hedge: 8 May
Slide 21: Appendix
Appendix Quarterly Update 21
Slide 22: Financials: statement of financial position
Financials Financial performance - statement of financial position (USD) 30th June 2023 30th June 2022 31st March 2023 Investment Properties 375,439,695 357,293,765 369,828,478 IFRS Adjustment and Right of Use Assets 9,632,056 10,751,582 10,075,774 Cash and Cash Equivalent 25,708,007 25,666,078 24,7
Slide 23: Financials: statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 3 Month 3 Months Full Financial Year 30th June 2023 30th June 2022 31st March 2023 Rental Income 8,179,029 7,497,368 31,024,107 Profit on Deposits 124,651 31,092 268,065 Total Income 8,303,681 7,528,460 31,292,172 Operating E
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