Enbd Reit (ceic) Plc · NASDAQDUBAI:ENBDREIT
Enbd Reit (ceic) — Q3 FY2020 Earnings Presentation
25 slides from Enbd Reit (ceic)'s earnings presentation, December 2019
Slide 1: www.enbdreit.com
ENBD Managed by Emirates NBD Asset Management ENBD Managed by Emirates NBD Asset Management
Slide 2: Quarterly Update as at 31st December 2019
Quarterly Update as at 31st December 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 Quarterly Update as at 31st December 2019 3
Slide 4: Snapshot
Snapshot As at 31st December 2019 NAV Offices: 64% Al Thuraya 1 Binghatti Terraces Uninest Portfolio property USD 246m** Residential: 17% value NAV per share USD 429m USD 0.98** Alternative: 19% Burj Daman Arabian Oryx House South View School WAULT 3.37 years Occupancy Properties LTV* Office: 1.68 y
Slide 5: Post-listing performance
Post-listing performance Property Dividend per Dividend % on Dividend % on Date NAV NAV per share Share price portfolio value share NAV* Share Price 31st Dec 2019 USD 429m USD 246m USD 0.98 - - - USD 0.48 30th Sep 2019 USD 435m USD 254m* USD 1.02* USD 0.0196 1.93% 3.64% USD 0.54 30th Jun 2019 USD 43
Slide 6: Proposed resolutions for upcoming EGM
Proposed resolutions for upcoming EGM SPECIAL RESOLUTIONS (75% majority needed) Special Resolution 1 De-listing, including changes to the objectives of the Fund, change of the Fund Manager as a non-Reporting Entity and amendment of the articles of association of the Fund Special Resolution 2 Capital
Slide 7: NAV highlights
NAV highlights 31st December 2019 Property Portfolio Value USD 429m Cash USD 10m Prepayments & Accruals USD (8m) Gross Asset Value (GAV) USD 428m NAV per share USD 0.98 Net Asset Value (NAV) USD 246m Loan-to-Value (LTV) 42% Gross rental yield on NAV 14.57% Net Rental yield on NAV˄ 4.19% Net Rental y
Slide 8: Portfolio
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Slide 9: 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, 7% Souq Extra, 6% Al Thuraya 1, Al Thuraya 1, 19% 17% Uninest, 8% Uninest, 8% Remraam, 3% Remraam, 4% Binghatti Binghatti Terraces, 7% Terraces, 8% The Edg
Slide 10: Portfolio characteristics: strong occupancy of 81% across the portfolio
Portfolio characteristics Strong occupancy of 81% across the portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Al Thuraya 1 53% The Edge 100% Offices Target Burj Daman 77% 64% 50-60% DHCC49 79% DHCC25 67% Binghatti Terraces 90% Residential Target Arabian Oryx House 82% 17% 15-20% Remraam 72% Uni
Slide 11: 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 30/09/19 31/12/19 Office Residential Alternative Total www.enb
Slide 12: ENBD REIT's portfolio valuations coming under pressure
ENBD REIT’s portfolio valuations coming under pressure Office valuations Residential valuations 100 -7% 45 80 -1% 35 -20% 60 -5% USD m USD m 40 25 -27% -3% -8% 20 15 -33% Al Thuraya 1 Burj Daman DHCC49 DHCC25 The Edge Binghatti Terraces Arabian Oryx House Remraam Alternative valuations 40 35 +3% 30
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) 82m
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) 28m 30m 15m 73m 429m % of portfolio value 7% 7% 4% 17% 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) 34m 24m~ 22m 80m 429m % of portfolio value 8% 6% 5% 19% 100% Net leasable area (
Slide 16: Financials
Financials
Slide 17: Financial summary
Financial summary As at 31st December 2019 • Net rental income / FFO 26% up from previous quarter • Gross income 6% down from previous quarter • Cash return on NAV stable, despite soft real estate market • Unrealised valuation losses negatively impacted net income www.enbdreit.com ENBD REIT Quarterl
Slide 18: Financial performance
Financial performance April – December 2019 (9 months) 40,000,000 30,000,000 26,874,515 28,156,394 20,000,000 USD 10,000,000 7,725,720 9,837,295 Apr-Dec 2019-2020 - Apr-Dec (4,668,084) 2018-2019 (10,000,000) (14,505,379) (13,275,124) (20,000,000) (18,319,098) (19,148,795) (21,000,844) (30,000,000) G
Slide 19: Breakdown of total expenses
Breakdown of total expenses as at 31st December 2019 USD USD Apr-Dec Apr-Dec Variance 2019-2020 2018-2019 Fund expenses, Operating expenses, (5,695,692) Gross income 26,874,515 28,156,394 (1,281,879) (5,146,963) Total expenses (19,148,795) (18,319,098) (829,697) FFO Net Rental Income 7,725,720 9,837
Slide 20: Appendix
Appendix
Slide 21: Statement of financial position
Financials Financial performance - statement of financial position (USD) As at 31st Dec 2019 As at 31st Dec 2018 As at 31st Mar 2019 Investment properties 426,400,720 455,720,407 450,322,080 Right of use assets 15,349,991 - - Cash and cash equivalent 9,903,144 16,734,521 15,754,585 Trade and other r
Slide 22: Statement of comprehensive income
Financials Financial performance - statement of comprehensive income (USD) 9mths 9mths Full Year Apr-Dec 2019 Apr-Dec 2018 31st Mar 2019 Rental Income 26,823,687 28,047,129 38,040,334 Profit on Deposits 50,828 109,265 131,663 Total Income 26,874,515 28,156,394 38,171,997 Operating expenses (5,695,69
Slide 23: 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 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