• Portfolio value increases to USD 395 million, up 0.4% Q-o-Q and 6.9% Y-o-Y
  • Record-high occupancy sustained at 95%, supporting income stability
  • Funds From Operations up 45% Y-o-Y to USD 11.2 million
  • Proposed final dividend of USD 5.0 million bringing the total dividend for the financial year to USD 10.0m, reflecting a 33.3% increase from the previous year

Dubai, United Arab Emirates: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its full year results for the financial year ended 31 March 2025. ENBD REIT's Net Asset Value (“NAV”) stood at USD 218.6 million or USD 0.87 per share, compared to USD 216 million for the previous quarter and USD 195 million the previous year, a respective 1.4% Quarter-on-Quarter (Q-o-Q) and 12.3% Year-on-Year (Y-o-Y) increase.

The value of ENBD REIT’s property portfolio grew to USD 395 million, up 0.4% Q-o-Q and 6.9% Y-o-Y, supported by proactive asset management and an agile leasing strategy across the portfolio. Occupancy was maintained at 95%, the highest level recorded by the REIT, up from 93% the previous year, reinforcing the strength of the leasing strategy and market demand for high-quality spaces. Strong performance was led by the office segment, with rental growth in line with market trends. On the residential side, near full occupancy was maintained, supported by ongoing lease optimization following agreements made in the immediate post-pandemic period.

Funds From Operations (FFO), which supports dividend distributions and excludes non-cash valuation movements, increased to USD 11.2 million from USD 7.8 million a year earlier, a 45% Y-o-Y increase.

Gross income rose to USD 37.5 million from USD 34.6 million in the prior year, while net income, including non-cash valuation gains, increased significantly to USD 33.7 million, up 61% Y-o-Y. This strong performance was driven by process efficiencies, resilient tenant demand, successful lease renewals, and strategic enhancements across the portfolio.

Operating expenses rose moderately by 3% Y-o-Y to USD 7 million, largely due to higher utilities and maintenance costs associated with increased occupancy. Fund expenses increased by 8%, in line with NAV-linked management fees. Finance costs declined by 8.1% Y-o-Y to USD 13.2 million, further supporting overall earnings growth.

Samir Kazi, Head of Real Estate at Emirates NBD Asset Management, commented:

“We are delighted with this year’s results. The improvement in FFO, dividends and NAV, portrays the effectiveness of our strategic and asset management initiatives, supported by a favourable market environment.

Tangible results have been realized, and our focus remains on delivering consistent, risk-adjusted returns to shareholders through proactive portfolio management and operational efficiency. As market conditions continue to evolve, we are well positioned to sustain this momentum and drive further value creation.”

ENBD REIT continues to focus on maintaining high occupancy levels, strengthening asset performance, and improving operational efficiency, all while leveraging favourable market conditions to deliver sustainable long-term value to shareholders.

ENBD REIT’s Board has proposed a final dividend of USD 5.0 million or USD 0.02 per share for the 6-month period ending 31st March 2025. This brings the total dividend payable to shareholders for the financial year to USD 10.0 million, reflecting a 33.3% increase compared to the previous year.

Subject to shareholder approval of the dividend at the Annual General Meeting on 25th June 2025, the shares will trade ex-dividend on 7th July 2025, with the record date set as 8th July 2025 and the payment date on 22nd July 2025.