Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q1 FY2025 Earnings Presentation
25 slides from Enbd Reit (ceic)'s earnings presentation, June 2024
Slide 1: Quarterly Update
Quarterly Update ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly update
Quarterly update • Net Income for quarter ended June’24 (including movement in valuation) stood at USD 4.2m. • Portfolio occupancy has reduced from 93% to 87% • Total property portfolio value up 0.8% to USD 387m • NAV up 2.3% to USD 199m or USD 0.80 per share • FFO stands at USD 1.4m, down 40% Q-o-Q
Slide 3: Payments to shareholders
Payments to shareholders FY ending 31st March 2024 USD USD per share % of NAV % of share price Total paid to shareholder 7,500,000 0.0300 3.85% 8.57% FY ending 31st March 2023 USD USD per share % of NAV % of share price Total paid to shareholders 9,000,000 0.0360 5.02% 9.28% FY ending 31st March 202
Slide 4: Yields
Yields 12% 10.85% 10% 9.00% 8.66% 8.82% 9.14% 7.59% 8% 7.18% 5.41% 5.78% 5.48% 6% 5.29% 4.34% 4.38% 4.17% 5.47% 3.99% 5.20% 4% 4.51% 4.02% 4.35% 4.30% 4.00% 3.60% 2.72%* 2% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 FFO Yield / NAV Dividend Yield / NAV Dividend Yield / Share
Slide 5: Portfolio
Portfolio Quarterly Update 5
Slide 6: Snapshot: 30th June 2024
Snapshot: 30th June 2024 Properties Occupancy LTV* Al Thuraya 1 Arabian Oryx 11 87% 50% House NAV: USD 199m Burj Daman Binghatti Terraces South View School Portfolio property value USD 387m NAV per share: USD 0.80 Offices: 67% DHCC 49 Remraam Souq Extra Retail Centre WAULT: 3.66 years Office: 2.05 y
Slide 7: Portfolio occupancy
Portfolio occupancy Q-o-Q Occupancy change Al Thuraya Tower 1 81% 15% Al Thuraya Tower 1 2% The Edge -34% 66% The Edge -34% Burj Daman 100% 0% Burj Daman 0% DHCC49 -9% 81% DHCC49 0% DHCC25 -7% 80% DHCC25 -4% Binghatti Terraces 97% 0% Binghatti Terraces 0% Arabian Oryx House -2% 96% Arabian Oryx Hous
Slide 8: ENBD REIT's valuations improving in current market (Q-o-Q)
ENBD REIT’s valuations improving in current market (Q-o-Q) Portfolio valuation (USD mn) 400 390 387 384 384 379 380 375 370 370 366 365 360 363 360 357 356 357 351 350 346 340 330 320 % Change Q-o-Q 4% 3% 2% 2% 1% 2% 2% 0% 0% 1% 1% 1% 0% 0% -2% -2% -1% -3% -2% -4% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
Slide 9: Asset valuations - % Y-o-Y change
Asset valuations - % Y-o-Y change Office Valuations Residential Valuations 80 Alternative Valuations +5% 28 24 70 -2% 26 +13% +9% 23 +0% 24 +9% 60 22 22 +3% 50 USD m USD m USD m 20 21 40 18 -2% 20 30 16 -16% +10% 19 14 20 +9% 12 18 10 10 17 Dec-21 Dec-22 Dec-23 Sep-21 Sep-22 Sep-23 Jun-21 Jun-22 Jun
Slide 10: 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) 73m 69m 70m 24m 22m 258m 387m % of portfolio value 19% 18% 18% 6% 6% 67% 100% Net leasable area 92
Slide 11: 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) 24m 26m 14m 64m 387m % of portfolio value 6% 7% 4% 16% 100% Net leasable area (Sq. Ft.) 178,907 132,008 112,154 423,069
Slide 12: 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 23m 22m 65m 387m % of portfolio value 5% 6% 6% 17% 100% Net leasable area (Sq. Ft.) 160,264 36,027 132,000 328,291 1,283,678 Occupan
Slide 13: Financials
Financials Quarterly Update 13
Slide 14: Financial summary: 30th June 2024
Financial summary: 30th June 2024 • Gross income has gone up by 6.7% Q-o-Q. • Portfolio valuations improved by 0.8% in this quarter ↑ USD 2.9m • Finance cost is up 3.3% from last quarter. • Operating expenses are up 15% same quarter last year due to the direct expenses under utilities, reinstatement
Slide 15: Valuation movements in USD million
Valuation movements in USD million Valuation Movement % 20.0 12.3 13.2 10.0 0.6 +3.4% +3.6% 2.8 - +0.8% (3.0%) (10.0) (4.7%) (10.8) (20.0) (9.0%) (21.7) (11.1%) (30.0) (40.0) (40.4) (50.0) (51.3) (60.0) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-2025 Valuation movement including IF
Slide 16: Gross income
Gross income 100% 14% 90% 23% 32% 31% 29% 38% 37% 35% 80% 24% 70% 16% 16% 60% 16% 17% 18% Net Rental Income (FFO) 21% 19% 50% Fund expenses 39% Finance cost 40% 42% 30% 32% 34% Operating expenses 19% 25% 27% 30% 20% 10% 23% 22% 19% 19% 20% 20% 20% 22% 0% 2017-18 2018-19 2019-20 2020-21 2021-22 2022-
Slide 17: 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 1 815,177 111,314 251,328 40,841 86,746 324,948 Burj Daman 98,022 24,710 31,311 44,771 11,376 (14,146) DHCC 49 278,858 11,435 15,721 12,140 1
Slide 18: Historic receivables
Historic receivables Y-o-Y movement in receivables (USD) 40,000,000 20% 35,666,345 34,526,496 18% 35,000,000 17.59% 31,955,199 31,292,172 16% 30,000,000 27,289,270 14% 25,000,000 12% 20,000,000 10% 15,000,000 8% 5.35%* 6% 10,000,000 4.37%* 3.69%* 5,622,452 2.97%* 4% 5,265,463 * 5,000,000 1,847,948 *
Slide 19: Capital structure: 30th June 2024
Capital structure: 30th June 2024 Finance terms: • Emirates NBD PJSC and Commercial Bank of Dubai: 3month LIBOR + 2% • Facility start date: 7 December 2021 • Maturity date: 6 December 2026 50% 50% • Current SOFR (30th June 24): 5.4% • Hedge: 3 April 2023 till maturity - USD 50mn Hedged at 3.65% SOFR
Slide 20: Appendix
Appendix Quarterly Update 20
Slide 21: Financials: statement of financial position
Financials Financial performance - statement of financial position (USD) 30th June 2024 30th June 2023 31st March 2024 Investment Properties 387,217,533 375,439,695 384,304,383 IFRS Adjustment and Right of Use Assets 8,938,989 9,632,056 9,047,863 Cash and Cash Equivalent 22,158,851 25,708,007 21,108
Slide 22: Financials: statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 3 Month 3 Month Full Financial Year 30th June 2024 30th June 2023 31st March 2024 Rental Income 9,305,014 8,179,029 34,053,568 Profit on Deposits 136,314 124,651 472,928 Total Income 9,441,328 8,303,681 34,526,496 Operating E
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
ENBD Managed by Emirates NBD Asset Management Thank you www.enbdreit.com
Slide 25: 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 Fund Manager Media Jonathan McGloin Instinctif Partners jonathanmc@EmiratesNBD.com enbdreitir@instinctif.com +971 (0)4 509 3010