Enbd REIT (Ceic) PLC · NASDAQDUBAI:ENBDREIT
Enbd REIT (Ceic) — Q1 FY2019 Earnings Presentation
25 slides from Enbd REIT (Ceic)'s earnings presentation, June 2018
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management
Slide 2: NAV Quarterly Update Conference Call as at 30th June 2018
NAV Quarterly Update Conference Call as at 30th June 2018 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Head of Real Estate Chief Financial Officer ENBD REIT ENBD REIT www.enbdreit.com NAV Quarterly Update Conference Call as at 30th June 2018 3
Slide 4: Snapshot
Snapshot As at 30th June 2018 Offices: 64% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property value Properties Residential: 20% USD 463m 11 Alternative: 16% Burj Daman Arabian Oryx House South View School WAULT 3.47 years Occupancy LTV* Gross yield^ Office: 2.35 years 90% Residential: 0.70 y
Slide 5: FY2018 payments to shareholders
FY2018 payments to shareholders Payments made to shareholders % of NAV % of share price relating to USD USD 300m USD 252m FY ending 31st March 2018 Interim dividend (paid 12th July 2017) 9,718,131 3.24% 3.86% Final dividend (paid 13th June 2018) 3,281,777 1.09% 1.30% Return of capital (paid 13th Jun
Slide 6: 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 30th Jun 2018 USD 463m USD 289m ͌ USD 1.14 ͌ - - - USD 0.81 31st Mar 2018 USD 463m USD 300m* USD 1.18 USD 0.0129 1.09% 1.30% USD 0.99 31st Dec 2017 USD
Slide 7: 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 8: NAV highlights
NAV highlights 30th June 2018 Property Portfolio Value USD 463m Cash USD 6m Gross Asset Value (GAV) USD 457m NAV per share USD 1.14 Net Asset Value (NAV) USD 289m Loan-to-Value (LTV) 37% Gross rental yield on NAV** 13.20% Net yield on NAV˄ 4.50% Number of shares in issue 254,401,340 ** FFO - include
Slide 9: Capital structure
Capital structure as at 30th June 2018 Existing finance terms • Profit only 37% • Matures 2021 • 3-month EIBOR + 3.0% • Repayment: • 10% end of year 4 63% • 90% end of year 5 Further financing available Equity Debt • Available drawdown remaining on existing facility: USD 22m Equity Debt LTV • New fa
Slide 10: Portfolio
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Slide 11: Portfolio overview and diversification
Portfolio overview and diversification By sector as % of portfolio Residential 20% Retail 5% Alternative 16% Education 3% Office 64% Student accommodation 8% NAV Quarterly Update Conference Call as at 30th June 2018 www.enbdreit.com 11
Slide 12: Portfolio characteristics
Portfolio characteristics Strong occupancy of 90% across the portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Al Thuraya 1 86% The Edge 100% Offices Target Burj Daman 74% 64% 50-60% DHCC49 86% DHCC25 90% Binghatti Terraces 96% Residential Target Arabian Oryx House 89% 20% 20-25% Remraam 76% Uni
Slide 13: 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) 90m
Slide 14: 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) 37m 35m 21m 93m 463m % of portfolio value 8% 8% 4% 20% 100% Net
Slide 15: 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) 35m 25m~ 15m^ 75m 463m % of portfolio value 8% 5% 3% 16% 100% Net leasable area
Slide 16: Financials
Financials
Slide 17: Funds from operations (FFO)
Funds from operations (FFO) as at 30th June 2018 1.2% 1.0% Valuation gain/loss 0.8% USD (2,410,858) - 0.83% * 0.6% FFO USD 3,250,763 0.4% + 1.12% * 0.2% Net Income USD 839,905 +0.29% * 0.0% FFO Net income yield Valuation gain/loss See Appendix 2 for Statement of Comprehensive Income * % of NAV for t
Slide 18: Total income
Total income as at 30th June 2018 10,119,282 12,000,000 10,000,000 9,584,893 7,541,811 8,000,000 7,174,035 6,000,000 Jun-18 2,577,471 USD Jun-17 4,000,000 2,000,000 0 Gross income* Total income -2,000,000 -2,410,858 -4,000,000 Valuation gain/loss * Includes gross rental income and profit on Islamic
Slide 19: Total expenses
Total expenses as at 30th June 2018 Net income, USD USD Q1 Jun-18 Q1 Jun-17 Variance 839,905 Gross income 9,584,893 7,541,811 2,043,082 Operating expenses, (2,210,894) Valuation (2,410,858) 2,577,471 (4,988,329) gain/(loss) Margin =12%* Fund expenses, Total expenses (6,334,130) (4,953,995) (1,380,13
Slide 20: Appendix
Appendix
Slide 21: Statement of financial position (USD)
Statement of financial position (USD) Appendix 1 As at 30th Jun 2018 As at 31st Mar 2018 Investment properties 462,970,325 462,561,122 Cash and cash equivalent 6,262,962 18,693,403 Trade and other receivables 2,797,821 4,913,400 Total assets 472,031,108 486,167,925 Current liabilities Trade and othe
Slide 22: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 Quarter ending 30th June 2018 31st Mar 2018 30st June 2017 Rental income 9,535,621 9,029,163 7,243,571 Profit on Islamic Deposits 49,272 10,520 298,241 Net unrealised gain (2,410,858) (3,542,670) 2,577,471 Total income 7,174,035 5,497,013 10,119,282
Slide 23: 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 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
Thank you www.enbdreit.com