Dolmen City REIT : Corporate Briefing Session Presentation.

DOLMEN CITY REIT

Corporate Briefing Session

2023

Table of Contents

01 Introduction - Sector Overview

02 Introduction - Company Overview

03 Operational and Financial Highlights

1. Introduction - Sector Overview

A highly regulated and disciplined corporate structure to pool funds for the purpose of real estate investment.

PurchaseInvest

REIT

UNITS

INVESTORS

DividendIncome

REAL ESTATE ASSETS

Ownership of the Real Estate is represented through REIT Units. Investors can invest according to their financial ability. Units can be converted into cash through sale to other investors via stock exchange.

How REITs Work

Investment

Public and Private

Investors

Stock Exchange Listing

Dividends and

Capital Appreciation	Income
	Distribution

REIT SCHEME

	Trust	RMC
	Deed
		Establishes and
		Manages the REIT
Holds Property Title and		Trustee
		Books of Accounts, Appointments,
Accounts as Custodian of		Investment Decision Making,
	Regulator Reporting and Income
REIT Assets
	Distribution

Sharia Advisor

Property Valuer

Rent and Sale	Auditors / REIT	Development
Proceeds	Accountant /	Advisor/ Property
	Rating Agency	Manager

1. Introduction - Sector Overview

Types of REITs in Pakistan

• Developmental REIT: Established with the objective of

development, construction or refurbishment of real estate for industrial, commercial, residential or a combination of uses.

• Rental REIT: Established with the purpose of generating rental income from Real Estate.
• Hybrid REIT: A REIT Scheme, which has both development and

rental components.

DevelopmentalRental

REIT Scheme and shall include following types:

1. residential;
2. commercial;
3. industrial;
4. agriculture;
5. healthcare;
6. transport and communication;
7. power;
8. energy;
9. telecommunication;
10. water and sanitation;
11. social, culture and commercial;
12. mining;
13. Real Estate forming part of Investment based REIT Scheme; or
14. any other type as allowed by the Commission.

Hybrid

2. Introduction - Company Overview

• Country's Finest Mix-Use Development; revolutionized the retail landscape of Pakistan.
• Karachi's Favorite destination - the Dolmen Mall, Clifton integrates the best in food, fashion and leisure.
• Delighted Customers, Reputed Tenants, Growing Rents, Happy Unit- holders, and Vigilant Regulators

Components of Dolmen City Project:

• Harbour Front: Nineteen storeys state-of-the art office building
• Dolmen Mall: Three storey international standard mall

2. Introduction - Company Overview

Nature of the Scheme	Perpetual, Rated, Listed, Closed-endShariah Compliant Rental REIT
	•	Dolmen Mall Clifton	548,138 sq.ft.
Real Estate	•	The Harbour Front	256,510 sq.ft.
		Total	804,648 sq.ft.
Fund Size	PKR 22,237 Million (at inception)
PKR 69,496 Million as at June 30, 2023
Trustee	Central Depository Company of Pakistan Limited
Rating	"AAA (rr)" by VIS Credit Rating Agency
Occupancy	•	Dolmen Mall Clifton	98.14%
•	The Harbour Front	.97.84%
Net Asset Value	PKR 31.25 per unit (June 30, 2023)
Market Price	PKR 13.58 per unit (December 20, 2023)
		13.20% (June 2019)
Dividend Yield		12.50% (June 2020)
	12.40% (June 2021)
(on face value)
	15.00% (June 2022)
		18.10% (June 2023)

3. Operational and Financial Highlights

• Currently Operating with the finest brands and Companies in Pakistan.
• Tenants include:

MALL - TENANCY PROFILE

HARBOUR FRONT - TENANCY PROFILE

Accessories

5.79%

(AS AT JUNE 2023)

Miscellaneous

Entertainment22.64%

5.60%

(AS AT JUNE 2023)

Dolmen
2.52%	Al-Feroz	Mitshubishi
	HBL
	2.52%
Vacant	2.52%
1.90%
2.55%
		TCS
Sino Sindh Resources			0.22%
2.55%
Maersk

Vacant

Food

5.05%

Engro

3.65%

12.57%

43.54%

Citibank

5.14%

Home and Furniture

0.38%

Food

13.75%

Cosmetic	Jewellery and Watches
7.00%
1.94%

Chevron
5.14%
P & G	Philip Morris	Cynergyico
7.62%
10.16%
8.54%

3. Operational and Financial Highlights

Overview

• Dolmen Mall Clifton is Pakistan's pinnacle of retail. With 130+ outlets, a hypermarket, and a 1,200-seat food court, it's the country's first international-standard mall. Hosting a lineup of esteemed global and local brands like Mango, Carrefour, Khaadi, Nike, and others, it's a magnet for shoppers nationwide.
• DCR's real estate has witnessed consistent occupancy levels since inception in 2015. Occupancy at the end of June 2023 was 97.84% (June 30, 2022: 98.07%).
• Previously actioned long-term strategic measures to strengthen partnership with tenants bore fruit in the form of several new tenants including Ideas, Cross Stitch, The Bank of Punjab, Saya, Zara Shahjahan, and The Potato Factory amongst others.

Outlook

• Number of potential, well selected tenancies in the pipeline for both Mall and the Harbour Front.
• Footfall and sale activities have returned to normal. We expect more robust performance in the coming quarters.
• With professional property management, long lease expiries, extensive marketing activities and renowned tenants, we remain confident that Dolmen City will remain the destination of choice for shoppers, retail operators and corporations alike.