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ENBD REIT reports NAV of USD1.02/share in 2Q20

ENBD REIT announced its operating results for the quarter ending in Sep 2019, with NAV standing at USD254mn vs. USD255mn in Jun 2019. This is equivalent to USD1.02/share and implies a P/NAV of 0.47x. The total portfolio value stood at USD435mn, down from USD437mn in June. LTV ratio stood at 42%, compared with 41% in June. Funds from operations for the six-month period totaled USD5mn, down 7.8% compared to the previous six-month period, on lower occupancy and softer rental rates being achieved. Average occupancy level stood at 80%, a Q-o-Q decrease of 2pp, with pressure coming from residential properties and office buildings in DHCC. Management is taking positive steps to maintain occupancy levels by introducing initiatives to attract tenants including coverage of relocation expenses for residential tenants, providing free shuttle facilities between assets, offering smaller, fully-fitted offices in Burj Daman, and implementing short-term rental options in its residential assets. The portfolio’s WAULT stood at 3.47 years. The company approved an interim dividend of USD 0.0196 per share from the net rental income generated during the six-month period ending 30 Sep 2019 to be paid on the 17 Dec 2019 with ENBD REIT's shares trading ex-dividend on 4 Dec 2019, and the record date for the interim dividend is set for 5 Dec 2019. 

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