Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q1 FY2022 Earnings Presentation
23 slides from Enbd Reit (ceic)'s earnings presentation, Jun 30, 2021
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update 30th June 2021
Quarterly Update 30th June 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: 30th June 2021
Snapshot: 30th June 2021 NAV: Offices: 68% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 174m value Residential: 14% USD 351m NAV per share: USD 0.70 Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT: 3.97 years Occupancy Properties LTV* Office: 2.49 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 Final dividend (paid 27th July 2021) 4,400,000 0.0176 2.44% 4.10% Interim dividend (paid 6th January 2021) 4,850,000 0.0194 2.44% 6.26% Total paid to shareholders
Slide 6: Capital structure: 30th June 2021
Capital structure: 30th June 2021 Finance terms: 250 • Standard Chartered: 3mth LIBOR + 2.15% 200 • Mashreq Bank: 3mth EIBOR + 2.65% 150 USD m Debt 100 47% 53% Equity 50 0 Equity Debt LTV Lender USD 174m USD 194m 53% SC drawn Mashreq drawn USD 109mn from Mashreq Bank facility is hedged where Variabl
Slide 7: Portfolio
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Slide 8: Occupancy of 75% across the portfolio
Portfolio characteristics – portfolio occupancy Occupancy of 75% across the portfolio 0% 20% 40% 60% 80% 100% The Edge 96% Offices Target Al Thuraya Tower 1 37% 68% 50-60% Burj Daman 69% DHCC49 81% DHCC25 62% Residential Target Binghatti Terraces 72% 14% 15-20% Arabian Oryx House 97% 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 30/6/21 Office Residential Alternative
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 35 -24% 30 70 -11% 30 USD m USD m USD m 60 25 -14% 25 50 -49% -8% 20 20 +41% -39% 40 -53% -18% 15 15 30 20 -22% 10 -54% 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) 68m
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 20m 11m 50m 351m % 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) 20m 21m 21m 62m 351m % of portfolio value 6% 6% 6% 18% 100% Net leasable area (
Slide 14: Financials
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Slide 15: Financial summary: 30th June 2021
Financial summary: 30th June 2021 • Net rental income / FFO is down 3% from last year mainly due to the lower rentals achieved • Gross income is down 11% from last year on the back of rental rate pressure in various buildings. • USD 9m of unrealised valuation losses - impacted due to COVID-19 • Fina
Slide 16: Financial performance: April – June 2021
Financial performance: April – June 2022 10,000,000 8,436,741 7,480,826 5,000,000 3,267,951 3,369,476 - Apr - Jun (5,000,000) USD (4,212,875) 2021-2022 (5,067,266) (6,052,633) (10,000,000) Apr - Jun (9,320,584) 2020-2021 (15,000,000) (14,746,379) (20,000,000) (18,115,855) Gross income Total Expenses
Slide 17: Breakdown of total expenses: 30th June 2021
Breakdown of total expenses: 30th June 2021 • Increased finance costs due to higher profit rates and additional drawdown • Refinancing expected to bring finance costs down in the future Apr-Jun Apr-June USD Variance USD 2021-2022 2020-2021 Gross income 7,480,826 8,436,741 (955,915) Operating expense
Slide 18: Appendix
Appendix
Slide 19: Financial performance - statement of financial position
Financials Financial performance - statement of financial position (USD) 30th June 2021 30th June 2020 31st March 2021 Investment Properties 351,157,092 392,657,228 360,236,864 IFRS Adjustment and Right of Use Assets 11,708,436 11,692,716 11,798,617 Cash and Cash Equivalent 25,953,787 26,849,156 24,
Slide 20: Financial performance - statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 3 Months 3 Months Full Year 30th June 2021 30th June 2020 31st March 2021 Rental Income 7,463,673 8,368,996 31,907,728 Profit on Deposits 17,153 67,746 47,471 Total Income 7,480,826 8,436,741 31,955,199 Operating Expenses (1,
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