Slide 1: Quarterly Update
Quarterly Update 31st March 2024 www.enbdreit.com
Slide 2: Presenting team
Presenting team Melanie Fernandes Melanie Fernandes Samir Kazi 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 Management Q
Slide 3: Quarterly update
Quarterly update • Net Income (including movement in valuation) increased to USD 20.9m • Portfolio occupancy remained steady to 93% • Total property portfolio value up 0.1% to USD 384m • NAV up 2.1% to USD 195m or USD 0.78 per share • FFO stands at USD 7.7m, up 15% Q-o-Q however, down 15% from the s
Slide 4: Payments to shareholders
Payments to shareholders FY ending 31st March 2024 USD USD per share % of NAV % of share price Final dividend 4,000,000 0.0160 4.11% 9.14% Interim paid dividend 3,500,000 0.0140 3.70% 6.83% FY ending 31st March 2023 USD USD per share % of NAV % of share price Total paid to shareholders 9,000,000 0.0
Slide 5: Yields
Yields 12% 10.85% 10% 9.00% 8.82% 8.66% 8% 7.59% 7.18% 5.78% 6% 5.48% 5.41% 5.29% 4.38% 4.35% 4.34% 5.47% 5.20% 4% 4.51% 3.99% 4.17% 4.30% 4.00% 3.60% 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 Quarterly Update 5
Slide 6: Portfolio
Portfolio Quarterly Update 6
Slide 7: Snapshot: 31st March 2024
Snapshot: 31st March 2024 Properties Occupancy LTV* Al Thuraya 1 Arabian Oryx 11 93% 51% House NAV: USD 195m Burj Daman Binghatti Terraces South View School Portfolio property value USD 384m NAV per share: USD 0.78 Offices: 67% DHCC 49 Remraam Souq Extra Retail Centre WAULT: 3.74 years Office: 2.11
Slide 8: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy change Al Thuraya Tower 1 79% 20% Al Thuraya Tower 1 3% The Edge 100% 1% The Edge 0% Burj Daman 100% 9% Burj Daman 0% DHCC49 -2% 81% DHCC49 2% DHCC25 84% 4% DHCC25 0% Binghatti Terraces -1% 97% Binghatti Terraces 0% Arabian Oryx House 99% 1% 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) 390 384 384 379 380 375 370 370 366 365 363 360 360 357 356 357 351 350 346 340 330 320 % Change Q-o-Q 4% 3% 2% 2% 1% 2% 1% 0% 0% 1% 1% 0% 0% -2% -2% -1% -3% -3% -4% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-
Slide 10: Asset valuations - % Y-o-Y change
Asset valuations - % Y-o-Y change Office Valuations Residential Valuations Alternative Valuations 24 80 26 +13% +7% 24 23 70 -2% +12% +1% +1% 22 22 60 20 +1% 21 +4% 50 USD m USD m USD m 18 40 20 16 30 19 +2% 14 +11% +8% 18 20 12 10 10 17 Jul-21 Jul-22 Jul-23 Nov-21 Nov-22 Nov-23 Mar-21 Mar-22 Mar-23
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) 69m 74m 64m 28m 21m 256m 384m % of portfolio value 18% 19% 17% 7% 6% 67% 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) 24m 25m 14m 63m 384m % of portfolio value 6% 7% 4% 16% 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 65m 384m % of portfolio value 5% 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: 31st March 2024
Financial summary: 31st March 2024 • Gross income has gone up by 10.3% Y-o-Y (remained flat Q-o-Q) • Portfolio valuations improved by 7.6% in this year ↑ USD 13.2mn • Finance cost is up 33.7% from the same period last year as a result of the rising interest rate environment (↓ 1.1% Q-o-Q). • Operati
Slide 16: Valuation movements in USD million
Valuation movements in USD million Valuation movement % 20.0 12.3 13.2 10.0 +3.4% +3.6% 0.6 - (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 Valuation movement including IFRS accounting adjust
Slide 17: Gross income
Gross income 100% 90% 23% 32% 31% 29% 38% 37% 35% 80% 70% 16% 16% 60% 16% 17% 18% Net Rental Income (FFO) 21% 19% 50% Fund expenses Finance cost 40% 42% 30% 32% 34% Operating expenses 19% 25% 27% 30% 20% 10% 23% 22% 19% 19% 20% 20% 20% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Quart
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 1 936,263 80,226 519,923 39,226 108,841 188,047 Burj Daman 41,512 - 22,061 32,700 1,008 (14,257) DHCC 49 272,812 100 15,566 12,631 33,897 210
Slide 19: Historic receivables
Historic receivables Y-o-Y movement in receivables (USD) 40,000,000 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% 5.35%* 6% 10,000,000 4.37%* 5,622,452 2.97%* 4% 5,000,000 2% 1,191,743 * 930,332 * 1,847,948 * - 0%
Slide 20: Capital structure: 31st March 2024
Capital structure: 31st March 2024 Finance terms: • Emirates NBD PJSC and Commercial Bank of Dubai: 3month LIBOR + 2% • Facility start date: 7 December 2021 • Maturity date: 6 December 2026 49% 51% • Current SOFR: 5.4% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3.65% SOFR • Hedge: 8 Ma
Slide 21: Appendix
Appendix Quarterly Update 21
Slide 22: Statement of financial position
Financials Financial performance - statement of financial position (USD) 31st March 2024 31st March 2023 Investment Properties 384,304,383 369,828,478 IFRS Adjustment and Right of Use Assets 9,047,863 10,075,774 Cash and Cash Equivalent 21,108,864 24,707,632 Trade and Other Receivables 7,657,158 8,4
Slide 23: Statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) Full Financial Year Full Financial Year 31st March 2024 31st March 2023 Rental Income 34,053,568 31,024,107 Profit on Deposits 472,928 268,065 Total Income 34,526,496 31,292,172 Operating Expenses (6,796,825) (6,330,988) Oper
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