Emirates Reit (ceic) Plc · NASDAQDUBAI:REIT
Emirates Reit (ceic) — FY2024 Earnings Presentation
26 slides from Emirates Reit (ceic)'s earnings presentation, 2025
Slide 1: FY 2024 Results Presentation
23 24 FY 2024 RESULTS PRESENTATION PAGE 1
Slide 2: Disclaimer
DISCLAIMER(1) INTRODUCTION PAGE 2 This presentation has been prepared by Equitativa Such statements reflect current views on, among Neither Equitativa nor Emirates REIT intend or among other things, general business and (Dubai) Limited (“Equitativa” or the “Manager”), as other things, markets, activ
Slide 3: Speakers
SPEAKERS INTRODUCTION PAGE 3 Thierry Delvaux Sheikh Muhammed Moeen Chief Executive Officer Acting Finance Officer
Slide 4: Agenda
AGENDA PAGE 4 1 KEY HIGHLIGHTS 2 OPERATIONAL HIGHLIGHT 3 FINANCIAL HIGHLIGHT 4 STRATEGIC UPDATE AND Q&A
Slide 5: Key Highlights
KEY HIGHLIGHTS MANAGED BY PAGE 5
Slide 6: Key Highlights
KEY HIGHLIGHTS AGM 2024 PAGE 6 TOTAL PROPERTY INCOME NET PROPERTY INCOME OPERATING PROFIT USD 133m USD 122m USD 99m +79% +96% +2.2x OCCUPANCY NET ASSET VALUE INVESTEMENT PROPERTIES 94% USD 708m USD 932m +8.0 p.p. +42% +0.9% USD numbers rounded to the nearest million Growth : Year on year, 31 Dec 202
Slide 7: Market Overview: Economy and Office
MARKETAGM 2024 OVERVIEW PAGE 7 ECONOMY OFFICE GDP grew 3.7% in 2024. Supply tight in 2024, with 650,000 sq.ft. delivered, mostly pre-leased. Tourism, transportation, financial services and construction and real 1.66M sq.ft. of deliveries expected in 2025, but demand will still estate sectors were th
Slide 8: Market Overview: Retail and Education
MARKETAGM 2024 OVERVIEW PAGE 8 RETAIL EDUCATION Thriving market bolstered by record tourism, strong economy and growing Dubai’s private school sector growing with 227 schools serving 185+ population. nationalities and 17 curricula. Retail rents up by nearly 4% in 2024 due to supply shortage. Student
Slide 9: Operational Highlights
OPERATIONAL HIGHLIGHTS MANAGED BY PAGE 9
Slide 10: Portfolio Overview
PORTFOLIO OVERVIEW PAGE 10 As at 31 December 2024 PORTFOLIO VALUE COMMERCIAL RETAIL EDUCATION 1 Index Tower 7 Index Mall 9 Lycée Français Jean Mermoz USD 932m 2 Office Park* 3 Loft Offices 8 Trident Grand Mall** 10 GEMS World Academy 11 Durham School AED 3.4bn 4 Building 24 5 Indigo 7 6 European Bus
Slide 11: Operational Highlights
AGM 2024 OPERATIONAL HIGHLIGHTS PAGE 11 As at 31 December 2024 OCCUPANCY +8.0 p.p. GROSS INCOME (USD) +6.5% ANNUALIZED RENTS CONTRIBUTIONS FY2024 100% 94% 100 86% 90% 85% 80.8m* 79.2m** 71m USD/y 80% 80 72.0m* 74.4m 260m AED/y 65m USD/y 240m AED/y 60% 60 40% 40 54m USD/y 200m AED/y 20% 20 44m USD/y
Slide 12: Portfolio Performance
PORTFOLIO PERFORMANCE AGM 2024 OPERATIONAL HIGHLIGHTS PAGE 12 As at 31 December 2024 OCCUPANCY +8.0 p.p. RENTAL RATES (AED/M2) (COMMERCIAL & RETAIL)* +22% 2023 2024 Commercial & Retail 100% 97% 3,000 94% 91% 90% 89% 2,651 80% 76% 2,500 2,242 2,179 2,075 2,022 2,000 60% 1,500 40% 1,000 20% 15% 500 0%
Slide 13: Operating Expenses Management
OPERATING EXPENSES MANAGEMENT OPERATIONAL HIGHLIGHTS AGM 2024 PAGE 13 As at 31 December 2024 OCCUPANCY (%) OPERATING EXPENSES (USD/OCCUPIED M2) 100 100 94% 80 85% 86% 80 72% 69% 60 60 92 80 40 40 70 69 54* 20 20 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 *Excluding assets divested during
Slide 14: Divestments
DIVESTMENTS AGM 2024 OPERATIONAL HIGHLIGHTS PAGE 14 TRIDENT GRAND MALL OFFICE PARK Divested: 17 July 2024 Divested: 17 October 2024 Occupancy at date of sale: 90% Occupancy at date of sale: 89% Market Value as at 31 Dec 2023: USD 19m Market Value as at 31 Dec 2023: USD 136m Gross Sales Proceeds: USD
Slide 15: Financial Highlights
FINANCIAL HIGHLIGHTS MANAGED BY PAGE 15
Slide 16: Income and Earnings - FY 2024
INCOME AND EARNINGS - FY 2024 AGM 2024 FINANCIAL HIGHLIGHTS PAGE 16 IN USD M, FOR THE YEAR ENDED FY 2024 FY 2023 VARIANCE - Y-O-Y RENTAL,FEE & OTHER INCOME 79.2 74.4 +6.5% GAIN ON DISPOSAL OF INVESTMENT PROPERTY 54.0 - +100% TOTAL PROPERTY INCOME 133.2 74.4 +79% PROPERTY OPERATING EXPENSES (11.5) (1
Slide 17: Income and Earnings - FY 2024
INCOME AND EARNINGS - FY 2024 AGM 2024 FINANCIAL HIGHLIGHTS PAGE 17 NET PROPERTY INCOME +96% OPERATING PROFIT +2.2x NET FINANCE COST -0.5% 62.1m 121.7m 44.0m 98.8m 49.8m 49.5m FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 All figures mentioned above are in USD rounded off to the nearest million, u
Slide 18: Income and Earnings - FY 2024
INCOME AND EARNINGS - FY 2024 AGM 2024 FINANCIAL HIGHLIGHTS PAGE 18 OPERATING COST % NET FINANCE COST % OF RENTAL, FEE & OTHER INCOME OF RENTAL, FEE & OTHER INCOME 17% 17% 15% 43% 42% 67% 66% 63% FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024
Slide 19: Balance Sheet Overview - FY 2024
BALANCE SHEET OVERVIEW - FY 2024 AGM 2024 FINANCIAL HIGHLIGHTS PAGE 19 IN USD M, AS AT FY 2024 FY 2023 VARIANCE AS AT 31 DECEMBER 2024 INVESTMENT PROPERTIES – FAIR VALUE 932.4 923.7 +0.9% 88.1 (1) 88.3 (3) 22.2 (2) CASH AND CASH EQUIVALENTS 22.2 23.2 -4.4% 246.2 (4) TOTAL ASSETS 1,042.7 1,037.0 +0.6
Slide 20: Re-financing FY 2024
RE-FINANCING FY 2024 AGM 2024 FINANCIAL HIGHLIGHTS PAGE 20 FACILITY OUTSTANDING - FY 2023/FY 2024 KEY EVENTS - FY 2024 USD 123m July 2024 BILATERAL FACILITIES Partial Redemption of Sukuk II (11% coupon rate) of USD 19M via sale of Trident Grand Mall USD 324m SUKUK October 2024: USD 48m BILATERAL FAC
Slide 21: Next Investors Event
NEXT INVESTORS EVENT 2025 AGM The 2025 Annual General Meeting will be planned before the end of June 2025 and shall be called with not less than 21 days’ notice. The resolutions proposed for approval, together with any proposed cash dividend payment, will be set out in the Notice of Meeting, togethe
Slide 22: Strategic Update and Q&A
STRATEGIC UPDATE AND Q&A MANAGED BY
Slide 23: Conclusion
tell Emirates 2 REIT CONCLUSION MANAGED BY EQUITATIVA
Slide 24: Questions & Answers
QUESTIONS & ANSWERS MANAGED BY
Slide 25: Thank You for Your Ongoing Support and Commitment
THANK YOU FOR YOUR ONGOING SUPPORT AND COMMITMENT TO OUR REIT’S SUCCESS MANAGED BY
Slide 26: Thank You
dd Emirates REIT THANK YOU MANAGED BY EQUITATIVA