Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q1 FY2021 Earnings Presentation
24 slides from Enbd Reit (ceic)'s earnings presentation, Jun 30, 2020
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update 30th June 2020
Quarterly Update 30th June 2020 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: 30th June 2020
Snapshot: 30th June 2020 NAV: Offices: 66% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 215m** value Residential: 16% USD 393m NAV per share: USD 0.86** Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT: 3.20 years Occupancy Properties LTV* Office: 1.36 years D
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 2020 Final dividend (28th July 2020) 5,100,000 0.0204 2.22% 5.73% Interim dividend (paid 17th Dec 2019) 4,900,000 0.0196 1.93% 3.64% Total proposed to shareholders 10,0
Slide 6: Covid-19 impact
Covid-19 impact Last Year’s Gross • 71 tenants have engaged ENBD REIT Rent Relief No. of Revenue (USD) management to date in relation to the Covid-19 (USD) Tenants (Apr ‘19-Mar ‘20) pandemic • Impact on cashflows directly relating to the Commercial Offices 1,284,023 8 21,883,752 Covid-19 rent relief
Slide 7: Capital structure: 31st March 2020
Capital structure: 31st March 2020 Finance terms: 250 • Standard Chartered: 3mth LIBOR + 2.15% 200 • Mashreq Bank: 3mth EIBOR + 2.65% 150 Fully USD m drawn Debt 100 48% LTV 51% 52% Equity 50 0 Equity Debt LTV Lender USD 215m USD 195m 48% SC drawn Mashreq drawn Mashreq undrawn USD 109mn from Mashreq
Slide 8: Portfolio
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Slide 9: 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 45% Offices Target The Edge 96% 66% 50-60% Burj Daman 77% DHCC49 61% DHCC25 51% Residential Target Binghatti Terraces 81% 16% 15-20% Arabian Oryx House 84% Remraam Residen
Slide 10: 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 Office Residential Alternative Total Source: ENBD REIT as at 30t
Slide 11: 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 -14% 40 35 80 -8% 35 70 30 -12% USD m USD m USD m 30 60 25 -11% -34% -1% 25 50 -43% 20 +40% 40 20 -9% 15 30 15 -14% 20 -46% 10 10 31/12/17 31/12/18 31/12/19 31/3/17 30/
Slide 12: 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) 77m
Slide 13: 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) 23m 26m 13m 62m 393m % of portfolio value 6% 7% 3% 16% 100% Net
Slide 14: 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) 29m 23m 21m 73m 393m % of portfolio value 7% 6% 5% 18% 100% Net leasable area (
Slide 15: Financials
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Slide 16: Financial summary: 30th June 2020
Financial summary: 30th June 2020 • Net rental income / FFO is up 5% from last quarter • ross income is up 6% from last quarter • USD 18m of unrealised valuation losses - significantly impacted due to COVID-19 • Finance cost is down 23% from last quarter 16
Slide 17: Financial performance: April – June 2020
Financial performance: April – June 2020 15,000,000 9,138,931 10,000,000 8,436,741 5,000,000 3,369,476 2,809,866 - Apr - Jun 2020-2021 USD (5,000,000) (5,067,266) (6,329,065) Apr - Jun (10,000,000) 2019-2020 (9,706,790) (15,000,000) (12,516,656) (14,746,379) (20,000,000) (18,115,855) Gross income To
Slide 18: Breakdown of total expenses: 30th June 2020
Breakdown of total expenses: 30th June 2020 • Increased finance costs due to higher profit rates and additional drawdown • Refinancing expected to bring finance costs down in the future Apr-Jun Apr-Jun USD Variance USD 2020-2021 2019-2020 Gross income 8,436,741 9,138,931 (702,190) Operating Fund exp
Slide 19: Appendix
Appendix
Slide 20: Financial performance - statement of financial position
Financials Financial performance - statement of financial position (USD) 30th June 2020 31st March 2020 30th June 2019 Investment Properties 392,657,228 410,155,186 437,369,184 IFRS Adjustment and Right of Use Assets 11,692,716 12,310,613 - Cash and Cash Equivalent 26,849,156 13,701,144 17,068,650 T
Slide 21: Financial performance - statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) YTD Full Year YTD 30th June 2020 31st March 2020 30th June 2019 Rental Income 8,368,996 34,767,166 9,099,268 Profit on Deposits 67,746 50,207 39,663 Total Income 8,436,741 34,817,373 9,138, 931 Operating Expenses (1,446,982)
Slide 22: 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 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
Thank you www.enbdreit.com