Slide 1: Quarterly Update
Quarterly Update 31st March 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: Successfully capturing the benefits of the market recovery
Successfully capturing the benefits of the market recovery • Net Income (including movement in valuation) increased to USD 21.9m (FY22: negative USD 4.4m) • Portfolio occupancy improved to 88%, the highest since 2018 (FY22: 80%) • Total property portfolio value up 3.9% to USD 370m • NAV up 7.5% to U
Slide 4: Payments to shareholders
Payments to shareholders FY ending 31st March 2023 USD USD per share % of NAV % of share price Final dividend (proposed) 4,500,000 0.0180 2.51% 4.64% Interim dividend 4,500,000 0.0180 2.61% 4.38% (paid 21st December 2022) Total to shareholders 9,000,000 0.0360 5.02% 9.28% FY ending 31st March 2022 U
Slide 5: Yields
Yields Yields per annum 12.00% 11.00% 10.85% 10.00% 9.00% 8.66% 9.00% 8.82% 8.00% 7.00% 7.18% 5.78% 6.00% 5.48% 5.29% 5.00% 5.41% 4.34% 4.38% 5.47% 4.17% 4.51% 5.20% 4.00% 4.30% 4.00% 4.35% 3.00% 2.00% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 FFO Yield / NAV Dividend Yield / NAV Dividend Yiel
Slide 6: Portfolio
Portfolio Quarterly Update 6
Slide 7: Snapshot: 31st March 2023
Snapshot: 31st March 2023 Properties Occupancy LTV* Al Thuraya 1 Arabian Oryx 11 88% 53% House NAV: USD 179m Burj Daman Binghatti Terraces South View School Portfolio property value USD 370m NAV per share: USD 0.72 Offices: 68% DHCC 49 Remraam Souq Extra Retail Centre WAULT: 3.89 years Office: 2.09
Slide 8: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy change Al Thuraya Tower 1 59% 23% Al Thuraya Tower 1 7% The Edge 99% 0% The Edge 0% Burj Daman 91% 13% Burj Daman 8% DHCC49 83% 4% DHCC49 1% DHCC25 81% 4% DHCC25 4% Binghatti Terraces 98% 2% Binghatti Terraces 0% Arabian Oryx House 99% 2% Arabian Oryx House -1% Re
Slide 9: ENBD REIT's valuations improving in current market (Q-o-Q)
ENBD REIT’s valuations improving in current market (Q-o-Q) 375 Portfolio valuation (USD mn) 370 370 366 365 365 363 360 360 357 357 356 355 351 350 346 345 340 335 330 4% % Change Y-o-Y 3% 2% 2% 1% 0% 1% 0% 0% -2% -2% -1% -2% -3% -4% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar
Slide 10: Asset valuations with Y-o-Y change
Asset valuations with Y-o-Y change Office valuations Residential valuations Alternative valuations 80 24 24 0% +25% 70 +2% 22 23 60 +6% +11% +7% 20 22 50 18 21 -4% USD m USD m USD m 40 16 20 +5% 30 +3% 14 19 +9% -4% 12 18 20 10 10 17 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Mar
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 69m 63m 28m 20m 250m 370m % 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) 21m 22m 13m 56m 370m % 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) 20m 22m 21m 64m 370m % of portfolio value 5% 6% 6% 17% 100% Net leasable area (Sq. Ft.) 160,264 36,027 132,000 328,291 1,283,067 Occupan
Slide 14: Sustainability and Wellness
Sustainability and Wellness A core pillar of our growth story • Achieved LEED Gold Certification for operations and maintenance on The Edge Building in 2022 • Achieved WELL Health Safety Rating for Al Thuraya 1 in 2022 as part of the refurbishment • Completed registration of South View School for LE
Slide 15: Financials
Financials Quarterly Update 15
Slide 16: Financial summary: 31st March 2023
Financial summary: 31st March 2023 • Due to the improvement in occupancy from 80% to 88% year-on-year our Gross income has gone up by 14.7% (↓ 0.9% Q-o-Q) • Portfolio valuations improved by 3.8% (USD 13.77mn) in this year (↑ 1.4% Q-0-Q) • Finance cost is up 45.4% from last year (↑ 19.7% Q-o-Q) as a
Slide 17: Valuation movements
Valuation movements 20.0 12.3 10.0 +3.4% 0.6 - (3.0%) (4.7%) (10.0) (10.8) (9.0%) (20.0) (11.1%) (21.7) (30.0) (40.0) (40.4) (50.0) (51.3) (60.0) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 Valuation movement USD mn Valuation movement including IFRS accounting adjustments for ground leases Quart
Slide 18: Gross income
Gross income 40.0 35.0 32% 30.0 31% 38% 37% 29% Net Rental Income (FFO) 25.0 16% 35% 20.0 17% 16% Fund expenses 21% 19% 15.0 18% 30% 32% 34% 10.0 19% 25% Finance cost 27% 5.0 23% 22% 19% 19% 20% 20% Operating expenses - Apr to Mar Apr to Mar Apr to Mar Apr to Mar Apr to Mar Apr to Mar 2017-18 2018-1
Slide 19: Post pandemic receivables
Post pandemic receivables YoY movment in receivables (USD) 35,000,000 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 4% 5,000,000 2.97%* 1,191,743 * 2% 930,332 * - 0% 2020-21 2021-22 2022-23 Gross rent Rec
Slide 20: 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 1 153,719 20,274 24,785 24,710 42,315 41,635 Burj Daman (47,165) (49,285) - - - 2,120 DHCC 49 230,760 20,941 - 505 950 208,363 DHCC 25 1,837
Slide 21: Capital structure: 31st March 2023
Capital structure: 31st March 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 47% 53% • Current SOFR: 5.2% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3.65% SOFR • Hedge: 8 Ma
Slide 22: Outlook
Outlook ENBD Managed by Emirates NBD Asset Management Quarterly Update | 22
Slide 23: Navigating a high interest rate environment
Navigating a high interest rate environment Operational Financial ESG Market • Ongoing finance costs • Ongoing – LEED • Interest rates may • Delivering high-quality, certifications – modern, and management hinder short-term South View School cashflows sophisticated spaces • LTV reduction - actively
Slide 24: Appendix
Appendix Quarterly Update 24
Slide 25: Financials: statement of financial position
Financials Financial performance - statement of financial position (USD) 31st March 2023 31st March 2022 Investment Properties 369,828,478 356,057,718 IFRS Adjustment and Right of Use Assets 10,075,774 11,087,030 Cash and Cash Equivalent 24,707,632 19,030,420 Trade and Other Receivables 8,405,923 7,
Slide 26: Financials: statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) Full Financial Year Full Financial year 31st March 2023 31st March 2022 Rental Income 31,024,107 27,252,477 Profit on Deposits 268,065 36,793 Total Income 31,292,172 27,289,270 Operating Expenses (6,330,988) (5,548,661) Opera
Slide 27: 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 28: Thank you
ENBD Managed by Emirates NBD Asset Management Thank you www.enbdreit.com
Slide 29: 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