Slide 1: ENBD REIT, Managed by Emirates NBD Asset Management
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update 31st March 2021
Quarterly Update 31st March 2021 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT 3
Slide 4: Snapshot: 31st March 2021
Snapshot: 31st March 2021 NAV: Offices: 68% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 180m value Residential: 14% USD 360m NAV per share: USD 0.72 Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT: 4.09 years Occupancy Properties LTV* Office: 2.61 years DHCC
Slide 5: Payments to shareholders
Payments to shareholders Payments made to shareholders relating to USD USD per share % of NAV % of share price FY ending 31st March 2021 Proposed final dividend 4,400,000 0.0176 2.44% 4.10% Interim dividend (paid 6th Jan 2021) 4,850,000 0.0194 2.44% 6.26% Payments made to shareholders relating to US
Slide 6: Capital structure: 31st March 2021
Capital structure: 31st March 2021 Finance terms: 250 • Standard Chartered: 3mth LIBOR + 2.15% 200 • Mashreq Bank: 3mth EIBOR + 2.65% 150 USD m Debt 100 48% 52% Equity 50 0 Equity Debt LTV Lender USD 180m USD 195m 52% SC drawn Mashreq drawn USD 109mn from Mashreq Bank facility is hedged where Variab
Slide 7: Portfolio
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Slide 8: Occupancy of 76% across the portfolio
Portfolio characteristics – portfolio occupancy Occupancy of 76% across the portfolio 0% 20% 40% 60% 80% 100% Al Thuraya Tower 1 43% Offices Target The Edge 97% 68% 50-60% Burj Daman 69% DHCC49 78% DHCC25 67% Residential Target Binghatti Terraces 68% 14% 15-20% Arabian Oryx House 98% Remraam Residen
Slide 9: ENBD REIT's valuations remain under pressure
ENBD REIT’s valuations remain under pressure Overall portfolio valuations 500 450 400 350 300 250 USD m 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 31/3/19 30/6/19 30/9/19 31/12/19 31/3/20 30/6/20 30/9/20 31/12/20 31/3/21 Office Residential Alternative Total So
Slide 10: ENBD REIT's office and alternative portfolios impacted
ENBD REIT’s office and alternative portfolios impacted Office valuations Residential valuations Alternative valuations 100 40 45 90 40 35 80 -23% 35 70 30 -11% USD m USD m USD m 30 60 25 -31% -14% 25 50 -46% -5% 20 +41% 40 20 -52% -12% 15 30 15 -18% 20 -53% 10 10 31/12/17 31/12/18 31/12/19 31/12/20
Slide 11: 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) 69m
Slide 12: 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) 19m 21m 11m 51m 360m % of portfolio value 5% 6% 3% 14% 100% Net
Slide 13: 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) 23m 22m 21m 66m 360m % of portfolio value 6% 6% 6% 18% 100% Net leasable area (
Slide 14: Financials
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Slide 15: Financial summary: 31st March 2021
Financial summary: 31st March 2021 • Net rental income / FFO is up 8% from last year, is mainly due to the active management on assets which is coupled with the lower interest rate environment. • Gross income is down 8% from last year on the back of rental rate pressure in various buildings. • USD 5
Slide 16: Financial performance: April – March 2021
Financial performance: April – March 2021 40,000,000 34,817,373 31,955,199 30,000,000 20,000,000 11,846,92010,939,022 10,000,000 - Apr - Mar (10,000,000) USD 2020-2021 (20,000,000) (20,108,279) Apr - Mar (30,000,000) (23,878,351) 2019-2020 (40,000,000) (29,456,465) (40,395,487) (39,449,406) (50,000,
Slide 17: Breakdown of total expenses: 31st March 2021
Breakdown of total expenses: 31st March 2021 • Increased finance costs due to higher profit rates and additional drawdown • Refinancing expected to bring finance costs down in the future Apr-Mar Apr-Mar USD Variance USD 2020-2021 2019-2020 Gross income 31,955,199 34,817,373 (2,862,172) Operating Fun
Slide 18: Appendix
Appendix
Slide 19: Financial performance - statement of financial position (USD)
Financials Financial performance - statement of financial position (USD) 31st March 2021 31st March 2020 Investment Properties 360,236,864 410,155,186 IFRS Adjustment and Right of Use Assets 11,798,617 12,310,613 Cash and Cash Equivalent 24,607,598 13,701,144 Trade and Other Receivables 7,803,441 6,
Slide 20: Financial performance - statement of comprehensive income (USD)
Financials Financial performance - statement of comprehensive income (USD) Full Year Full Year 31st March 2021 31st March 2020 Rental Income 31,907,728 34,767,166 Profit on Deposits 47,471 50,207 Total Income 31,955,199 34,817,373 Operating Expenses (6,224,486) (6,732,993) Operating Income 25,730,71
Slide 21: Contact us
Contact us General Enquiries & Investor Relations ENBDREITIR@emiratesnbd.com +971 (0)4 509 3010 Company Secretary Jean Kenny Labutte jeank@apexfunddubai.ae +971 (0)4 428 9221 Tenants/Leasing Melanie Fernandes fernandesmm@EmiratesNBD.com +971 (0)4 509 3029 Media George Allen george.allen@instinctif.c
Slide 22: 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 23: Thank you
Thank you www.enbdreit.com