Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Investor Presentation (June 2019)
44 slides from Enbd Reit (ceic)'s investor presentation, June 2019
Slide 1: ENBD REIT
ENBD Managed by Emirates NBD Asset Management
Slide 2: Investor Presentation as at 30th June 2019
Investor Presentation as at 30th June 2019 www.enbdreit.com
Slide 3: Presenting team
Presenting team Anthony Taylor Asif Siddique Julia Ward-Osseiran Head of Real Estate Chief Financial Officer Investor Relations Officer ENBD REIT ENBD REIT ENBD REIT www.enbdreit.com ENBD REIT Investor Presentation as at 30th June 2019 3
Slide 4: Snapshot
Snapshot As at 30th June 2019 NAV Offices: 64% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 255m** Residential: 18% value NAV per share USD 437m USD 1.02** Alternative: 18% Burj Daman Arabian Oryx House South View School WAULT 3.56 years Occupancy Properties LTV* Office: 1.95 years
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 2019 Interim dividend* 6,868,836 0.0270 2.41% 3.60% Final dividend** 5,399,754 0.0215 2.00% 3.81% Payments made to % of NAV % of share price shareholders relating to US
Slide 6: Update on Share Buyback Programme
Update on Share Buyback Programme as at 30th June 2019 4,500,000 Number of % 4,050,000 shares completion 1,151,340 26% to buy Shares purchased * 3,250,000 73.84% 3,600,000 3,150,000 Balance to buy 1,151,340 26.16% 2,700,000 No of Shares 2,250,000 Number of shares purchased 3,250,000 1,800,000 3,250,
Slide 7: 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 2019 USD 437m USD 255m* USD 1.02* - - - USD 0.52 31st Mar 2019 USD 450m USD 270m~ USD 1.08~ USD 0.0215** 2.00% 3.81% USD 0.57 31st Dec 2018 US
Slide 8: NAV highlights
NAV highlights 30th June 2019 Property Portfolio Value USD 437m Cash USD 17m Prepayments & Accruals USD (17m) Gross Asset Value (GAV) USD 437m NAV per share USD 1.02 Net Asset Value (NAV) USD 255m Loan-to-Value (LTV) 41% Gross rental yield on NAV 14.34% Net Rental yield on NAV˄ 4.41% Number of share
Slide 9: Capital structure
Capital structure as at 30th June 2019 300 250 Finance terms: 10% undrawn 41% Emirates NBD: 200 • 3mth EIBOR + 3.14% 150 59% Fully USD m Standard Chartered: drawn 100 LTV 51% • 3mth LIBOR + 2.15% 41% drawn Equity Debt Mashreq Bank*: 50 Equity Debt LTV • 3mth EIBOR + 2.65% 0 USD 255m USD 188m 41% Len
Slide 10: Overview
Overview
Slide 11: What is ENBD REIT?
What is ENBD REIT? A long and consistent track record Most Innovative ENBD REIT (CEIC) PLC (‘ENBD REIT’) is a real estate investment trust (REIT) that was Islamic Real Estate formed by Emirates NBD Asset Management (the Fund Manager) to invest in a Investment Trust UAE 2019 diversified portfolio of
Slide 12: History
History ENBD REIT’s track record dates back to 2005 Launch of Listing on Acquisition Emirates Acquisition Nasdaq Acquisition of Souq Real Estate Acquisition of Arabian Acquisition Dubai of South Extra Retail Fund of DHCC 49 Oryx House of Remraam 23rd March View School Centre Jun 2005 Apr 2007 Oct 20
Slide 13: Investment strategy
Investment strategy Which sectors are we focusing on? Which areas are we focusing on? Focus is on good quality The portfolio aims to be properties in the following diversified across the sectors: UAE: Office 50-60% Dubai 50-75% Residential 15-20% Alternative 25-35% Abu Dhabi 10-20% Office Residentia
Slide 14: Portfolio
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Slide 15: Footprint
Footprint www.enbdreit.com ENBD REIT Investor Presentation as at 30th June 2019 15
Slide 16: Portfolio overview and diversification
Portfolio overview and diversification By sector as % of portfolio Residential 18% Retail 6% Alternative 18% Education 5% Office 64% Student accommodation 7% ENBD REIT Investor Presentation as at 30th June 2019 www.enbdreit.com 16
Slide 17: Diversified tenant mix in the office segment
Diversified tenant mix in the office segment Logistics, 1% Retail-F&B, 4% Retail , 1% Sales , 6% Consultancy & Legal, Residential 20% 32% Media , 9% Alternative 16% Office portfolio: 64% of the overall holdings Healthcare , 21% ICT, 26% www.enbdreit.com ENBD REIT Investor Presentation as at 30th Jun
Slide 18: Portfolio overview
Portfolio overview Asset value as % of portfolio Gross Rental Income as % of portfolio South View School , 5% South View School , 4% Souq Extra, 6% Souq Extra, 6% Al Thuraya 1, Al Thuraya 1, 19% 16% Uninest, 7% Uninest, 8% Remraam, 4% Remraam, 5% Binghatti Terraces, 7% Binghatti Terraces, 8% The Edg
Slide 19: Portfolio characteristics
Portfolio characteristics Strong occupancy of 82% across the portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Al Thuraya 1 51% The Edge 100% Offices Target Burj Daman 77% 64% 50-60% DHCC49 84% DHCC25 81% Binghatti Terraces 89% Residential Target Arabian Oryx House 78% 18% 15-20% Remraam 88% Uni
Slide 20: ENBD REIT's Portfolio has remained strong
ENBD REIT’s Portfolio has remained strong Despite challenging market conditions Overall portfolio valuations 500 450 400 350 300 USD m 250 200 150 100 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 Office Residential Alternative Total www.enbdreit.com ENBD REI
Slide 21: ENBD REIT's Portfolio valuations
ENBD REIT’s Portfolio valuations Office valuations Residential valuations 100 -7% 45 80 Flat 60 -4% 35 -21% USD m USD m 40 -3% -25% -8% 25 20 -29% 15 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 Al Thuraya 1 Burj Daman DHCC49 DHCC25 The Edge Binghatti Terraces Ar
Slide 22: 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) 83m
Slide 23: 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) 30m 31m 17m 78m 437m % of portfolio value 7% 7% 4% 18% 100% Net
Slide 24: 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) 34m 25m~ 22m 81m 437m % of portfolio value 7% 6% 5% 18% 100% Net leasable area (
Slide 25: Financials
Financials
Slide 26: Financial summary
Financial summary As at 30th June 2019 • Net rental income / FFO 16% down on previous year • Gross income 5% down • Cash return on NAV stable, despite soft real estate market • Unrealised valuation losses negatively impacted net income www.enbdreit.com ENBD REIT Investor Presentation as at 30th June
Slide 27: Financial performance
Financial performance April – June 2019 (3 months) 15,000,000 10,000,000 9,138,931 9,584,893 5,000,000 2,809,866 3,250,763 Apr-Jun USD 839,907 2019-2020 - (2,410,856) Apr-Jun (5,000,000) 2018-2019 (6,334,130) (6,329,065) (10,000,000) (9,706,790) (12,516,656) (15,000,000) Gross income Expenses Net re
Slide 28: Breakdown of total expenses
Breakdown of total expenses as at 30th June 2019 USD USD Apr-Jun Apr-Jun Variance 2019-2020 2018-2019 Operating expenses, Fund expenses, (1,802,996) Gross income 9,138,931 9,584,893 (445,962) (1,886,094) Total expenses (6,329,065) (6,334,130) 5,065 FFO Net Rental Income 2,809,866 3,250,763 (440,897)
Slide 29: Appendix
Appendix
Slide 30: Statement of financial position (USD)
Statement of financial position (USD) Appendix 1 As at 30th Jun 2019 As at 31st Mar 2019 As at 31st Mar 2018 Investment properties 437,369,184 450,322,080 462,561,122 Cash and cash equivalent 17,068,650 15,754,585 18,693,403 Trade and other receivables 5,348,669 3,926,006 4,913,400 Total assets 459,
Slide 31: Statement of comprehensive income (USD)
Statement of comprehensive income (USD) Appendix 2 3mths Full Year Full Year Apr-Jun 2019 31st Mar 2019 31st Mar 2018 Rental Income 9,099,268 38,040,334 32,434,112 Profit on Deposits 39,663 131,663 549,366 Total Income 9,138,931 38,171,997 32,983,478 Operating expenses (1,802,996) (8,240,625) (7,483
Slide 32: Corporate structure
Corporate structure Appendix 3 Asset Management Board of Directors HR Fund Management Investor Relations Support Functions Emirates NBD Asset Management Emirates NBD Group Governance Oversight Committee Independent Finance Audit Investment Committee Operations Risk Shari’a Board Compliance www.enbdr
Slide 33: Third party support functions
Third party support functions Appendix 4 Administrator, custodian and Legal counsel company secretary White & Case Apex Fund Services Independent auditor Public relations Deloitte & Touche (M.E.) Instinctif Partners Independent valuation Independent valuation CBRE Cavendish Maxwell www.enbdreit.com
Slide 34: Management
Management Appendix 5 Anthony Taylor, Head of Real Estate Melanie Fernandes, Senior Portfolio Manager, Real Estate Anthony has over ten years’ experience within the institutional real estate market. He was Melanie has been Asset Manager since 2014. She focuses on real estate asset appointed Head of
Slide 35: Board of Directors
Board of Directors Appendix 6 Tariq Bin Hendi, Chairman Ali Rashid Humaid Al Mazroei, Director Tariq is currently an Executive Vice President and the Head of Ali is Group Director and CFO at Bahri & Mazroei Group, a diversified Products & Advisory at Emirates NBD Group, having previously investment
Slide 36: Investment Committee
Investment Committee Appendix 7 Khalid Al Fahim Khalid has over 15 years of professional experience in management and board advisory, and has been an active member of various organisations and industries in the UAE, including Al Fahim Group (UAE), where he has held offices from business development
Slide 37: Oversight Committee
Oversight Committee Appendix 8 Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economic Development Centre Abdulla is CEO of the Dubai Islamic Economy Development Centre (DIEDC), with responsibility for delivering the ‘Dubai: Capital of Islamic Economy’ strategy. Prior to his role at DIEDC he was CEO o
Slide 38: Shari'a Supervisory Board
Shari’a Supervisory Board Appendix 9 Dr. Mohamed Ali Elgari, Chairman Dr. Mohamed Ali Elgari is a Professor of Islamic Economics and the former Director of the Centre for Research in Islamic Economics at King Abdul Aziz University in Saudi Arabia. He is a member on the editorial board of several aca
Slide 39: Acquisition process
Acquisition process End negotiations or End negotiations or renegotiate with the renegotiate with the seller and present once seller and present once again to the IC for again to the board for approval approval If not If not suitable suitable Present to Investment Identify asset Conduct initial due
Slide 40: Divestment process
Divestment process End negotiations or Prepare sale information Receive and negotiate renegotiate with the pack & circulate to offers from qualified purchaser and present identitfied qualified purchasers in the market once again to the IC for active agents approval If not If offer If not suitable su
Slide 41: The Fund Manager
The Fund Manager Appendix 10 Emirates NBD Asset Management is the award winning, wholly owned subsidiary of Emirates NBD Bank PJSC. The Company provides a full range of investment solutions, including in-house managed funds and tailor made discretionary solutions, offering exposure to the regional M
Slide 42: Contact us
Contact us General Enquiries ENBDREITIR@emiratesnbd.com +971 (0)4 509 3010 Investor Relations Julia Ward-Osseiran julia.osseiran@instinctif.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.
Slide 43: 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 44: Thank you
Thank you www.enbdreit.com