Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Enbd REIT — Shareholder Meeting (June 2018)
34 slides from Enbd Reit (ceic)'s shareholder meeting presentation, Jun 3, 2018
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management
Slide 2: Annual General Meeting (AGM)
Annual General Meeting (AGM) 3rd June 2018 www.enbdreit.com
Slide 3: Presenting team
Presenting team Tariq Bin Hendi Anthony Taylor Asif Siddique Chairman Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT ENBD REIT www.enbdreit.com ENBD REIT AGM 3rd June 2018 3
Slide 4: Snapshot
Snapshot As at 31st March 2018 Offices: 63% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 21% USD 463m 11 Alternative: 16% Burj Daman Arabian Oryx House South View School WAULT 3.50 years Occupancy LTV* Gross yield^ Office: 2.40 years 89% Residential: 0.80
Slide 5: Post-listing performance
Post-listing performance Property Dividend % NAV per Dividend Dividend % Date portfolio NAV on Share Share price share per share on NAV* value Price 31st Mar 2018 USD 463m USD 300m USD 1.18 USD 0.0129 1.09% 1.30% USD 0.99 31st Dec 2017 USD 460m USD 300m USD 1.18 - - - USD 0.99 30th Sep 2017 USD 353m
Slide 6: Dividend policy
Dividend policy • Final dividend paid to holders of EREF income share class as at Dec 2016 • First dividend paid to all ENBD REIT shareholders as at Jun 2017 • In Dec 2017, the Board of Directors decide to re-align dividend calendar (historically Jun/Dec) with financial calendar (y/e Mar) • Going fo
Slide 7: Events impacting yield for 2017/18
Events impacting yield for 2017/18 as at 31st March 2018 8% Target yield at listing: 7% 7% -0.41% 6% -1.56% 5% -0.21% General market conditions FFO +4.14% -0.68% Length of time to deploy Valuation gain +0.19% 4% Burj Daman occupancy Residential occupancies Net income yield on NAV +4.33% 3% Net incom
Slide 8: Portfolio
ol ENBD REIT
Slide 9: Footprint
Footprint www.enbdreit.com NAV Quarterly Update Conference Call as at 31st March 2018 9
Slide 10: New assets added to the portfolio
New assets added to the portfolio ENBD REIT transacted on 4 different opportunities over the year Uninest, South View School, The Edge, Souq Extra, Dubailand Remraam Dubai Internet City Dubai Silicon Oasis 28th May 2017 3rd August 2017 4th October 2017 26th December 2017 Purchase price: USD 33m Purc
Slide 11: Portfolio characteristics
Portfolio characteristics Strong occupancy of 89% across the portfolio 0% 20% 40% 60% 80% 100% Al Thuraya 1 86% The Edge 100% Offices: Burj Daman 74% 63% DHCC49 91% DHCC25 89% Binghatti Terraces 97% Residential: Arabian Oryx House 81% 21% Remraam 74% Uninest 100% Alternative: Souq Extra 100% 16% Sou
Slide 12: Key tenants
Key tenants www.enbdreit.com ENBD REIT AGM 3rd June 2018 12
Slide 13: Financials
Financials
Slide 14: Total income
Total income as at 31st March 2018 40,000,000 35,000,000 32,983,477 33,542,724 30,000,000 25,000,000 Jun-17 20,000,000 Sep-17 7,389,832 USD Dec-17 15,000,000 7,288,262 Mar-18 10,119,282 10,536,597 10,000,000 9,113,721 101,570 7,541,811 FY Mar-18 5,000,000 9,039,683 2,577,471 559,247 5,497,013 1,422,
Slide 15: Total expenses
Total expenses as at 31st March 2018 USD Operating expenses, (7,483,318) Net income, 13,001,025 Margin = 39% Finance cost, (6,526,011) Fund expenses, (6,532,370) See Appendix 2 for Statement of Comprehensive Income www.enbdreit.com ENBD REIT AGM 3rd June 2018 15
Slide 16: Funds from operations (FFO)
Funds from operations (FFO) as at 31st March 2018 4.5% Valuation gain/loss USD 559,247 4.0% +0.19% 3.5% 3.0% Net Income: 2.5% USD 13,001,025 FFO +4.33% 2.0% USD 12,441,777 1.5% +4.14% 1.0% 0.5% 0.0% FFO Net income yield Valuation gain/loss www.enbdreit.com ENBD REIT AGM 3rd June 2018 16
Slide 17: ENBD REIT
BBE ENBD REIT Managed by Emirates NBD Asset Management
Slide 18: Ordinary resolutions
ual ENBD REIT Managed by Emirates NBD Asset Management “JN Ordinary resolutions
Slide 19: Ordinary resolution 1
Ordinary resolution 1 To authorise the Fund to reduce the issued share capital of the Fund from USD 296,768,094 to USD 288,042,128 by cancelling and extinguishing capital to the extent of USD 8,725,966 being USD 0.0343 on each issued fully paid up share of no par value in the Fund and approve the re
Slide 20: Ordinary resolution 2
Ordinary resolution 2 To authorise the Fund, in the event that the payment to shareholders by way of a dividend proposed to be paid by the Fund in respect of the financial year ending 31st March 2019 or part thereof cannot be paid to shareholders as a dividend (due to the fact that at the time are i
Slide 21: Ordinary resolution 3
Ordinary resolution 3 To receive and approve the audited financial statement of the Fund for the financial year ending 31st March 2018 and the reports of the directors and the auditors thereon. www.enbdreit.com ENBD REIT AGM (26th September 2017) 21
Slide 22: Ordinary resolution 4
Ordinary resolution 4 To declare a dividend of USD 0.0129 per share [to be paid on 13th June 2018 to the holders of shares on the register of members at the close of business on 4th June 2018, bringing the total dividend payable to shareholders for the financial year ended 31st March 2018 to USD 0.0
Slide 23: Ordinary resolution 5
Ordinary resolution 5 To authorise the Fund, and Emirates NBD Asset Management Limited (the “Fund Manager”) on behalf of the Fund, to enter into Related Party Transactions for the acquisition or sale of Real Property in the United Arab Emirates pursuant to the Dubai Financial Service Authority’s (“D
Slide 24: Ordinary resolution 6
Ordinary resolution 6 To generally and unconditionally authorise the Fund to make one or more market purchases of its ordinary shares on such terms and in such manner as the directors of the Fund or the Fund Manager may from time to time determine, provided that: (i) the number of ordinary shares wh
Slide 25: Ordinary resolution 7
Ordinary resolution 7 To re-appoint Tariq Abdulqader Ibrahim Abdulqader Bin Hendi, David Jonathan Marshall and Mark Edward John Creasey as directors of the Fund. www.enbdreit.com ENBD REIT AGM (26th September 2017) 25
Slide 26: Ordinary resolution 8
Ordinary resolution 8 To re-appoint Khalid Abdulkareem Ismaeil Ali Faheem, Sophie Anita Llewellyn, and Christopher Brian Seymour as members of the Investment Committee of the Fund until the conclusion of the next annual general meeting of the Fund. www.enbdreit.com ENBD REIT AGM (26th September 2017
Slide 27: Ordinary resolution 9
Ordinary resolution 9 To re-appoint KPMG LLP as the auditor of the Fund to hold office until the conclusion of the next general meeting of the Fund. www.enbdreit.com ENBD REIT AGM (26th September 2017) 27
Slide 28: Any other business
Any other business
Slide 29: Appendix
Appendix
Slide 30: Statement of financial position (USD)
Statement of financial position (USD) Appendix 1 As at 31st Mar 2018 As at 31st Mar 2017 Investment properties 462,561,122 315,273,618 Cash and cash equivalent 18,693,403 109,855,240 Trade and other receivables 4,913,400 2,390,998 Total assets 486,167,925 427,519,856 Current liabilities Trade and ot
Slide 31: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 As at 31st Mar 2018 As at 31st Mar 2017 Rental income 32,434,112 26,732,066 Profit on Islamic Deposits 549,366 838,932 Net unrealised gain 559,247 2,194,098 Realised gain - 329,432 Total income 33,542,725 30,094,528 Operating expenses (7,483,319) (7
Slide 32: 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 Ben Coombe benjaminc@emiratesnbd.com +971 (0)4 50
Slide 33: 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 34: Thank you
Thank you www.enbdreit.com