• FFO reached USD 12.5 million for the full year, representing an 11.7% increase Y-o-Y
  • Total property portfolio value increased 8.6% Y-o-Y to USD 430 million
  • Net income amounted to USD 45.6 million for the period, a 35% Y-o-Y increase
  • Portfolio occupancy sustained at record 95%
  • Proposed final dividend of USD 5.0 million, bringing total FY dividend to USD 10.1 million

Dubai, United Arab Emirates: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shariah compliant real estate investment trust managed by Emirates NBD Asset Management Limited, announces its full year results for the financial year ended 31st March 2026. Net Asset Value (NAV) stood at USD 254.7 million, equivalent to USD 1.02 per share, representing a 16.5% increase year-on-year from USD 218.6 million. The increase was driven by valuation uplifts across the portfolio, supported by continued leasing activity and favourable conditions across Dubai's commercial real estate market.

The office portfolio remained the primary engine of performance across the year. Improving market rents and strong occupier demand sustained momentum across the REIT's core commercial assets. The Dubai International Financial Center (DIFC) continues to attract regional and international occupiers, keeping vacancy low and supporting valuations. At The Edge in Dubai Internet City, the year saw two notable leasing milestones, with an existing tenant expanding by an additional 15,000 sq ft and a 30,000 sq ft lease renewal secured, bringing the asset to 99% occupancy at year end. Offices now account for 72% of total portfolio value, consistent with the REIT's strategic focus on prime, income-generating locations.

The property portfolio closed the year at USD 430 million, up 8.6% year-on-year from USD 395 million, with gains recorded across office assets and stable contributions from the residential and alternative segments. Overall occupancy held at record levels of 95%, unchanged from the prior year and reflecting a disciplined approach to leasing and tenant retention throughout the portfolio.

Funds from Operations (FFO) for the full year reached USD 12.5 million, up 11.7% from USD 11.2 million, supported by higher portfolio income and a reduction in finance costs. Finance costs fell to USD 11.9 million from USD 13.2 million in the prior year. Rental income grew to USD 37.7 million from USD 36.9 million. Net income for the year, including unrealised valuation gains, amounted to USD 45.5 million, a 35% increase from USD 33.7 million in FY2025. The LTV ratio stood at 42% at year end.

Jonathan McGloin, Head of Real Estate at Emirates NBD Asset Management, commented:

"This has been a strong year for ENBD REIT. NAV grew meaningfully, FFO improved, and occupancy remained at its highest recorded level, a reflection of the quality of the portfolio and the leasing work done throughout the year. DIFC in particular continued to perform well, with sustained demand and take up holding firm providing upward pressure on rentals since the start of the financial year. We go into the new financial year with a well-occupied, well-managed portfolio and a balance sheet that gives us room to continue delivering for shareholders."

Operating expenses rose modestly year-on-year, primarily reflecting higher maintenance and utility costs associated with sustained occupancy. Fund expenses increased in line with NAV-linked management fees.

ENBD REIT's Board has proposed a final dividend of USD 5.0 million, or USD 0.02 per share, for the financial year ending 31st March 2026. This brings the total dividend for the year to USD 10.1 million, or USD 0.0404 per share, consistent with the prior year.  

Subject to shareholder approval of the dividend at the Annual General Meeting on 24th June 2026, the shares will trade ex-dividend on 7th July 2026, with the record date set as 8th July 2026 and the payment date on 22nd July 2026.

For more information:
ENBD REIT (Investor Relations)
Mona Zahooruddin                                                                             ENBDREITIR@EmiratesNBD.com                                                     
+971 (0) 4 509 3034

Company Secretary
Minaz Rahemani                                                                
uaecosec@waystone.com
Waystone Compliance Solutions (Middle East) Limited              
+971 (0) 4 323 0800

IP Excellera (Public Relations)
Arief Zulkifli                                                                                           Arief.Zulkifli@ipexcellera.com
+971 (0) 58 906 3431

ABOUT ENBD REIT

ENBD REIT (CEIC) PLC (“ENBD REIT”) is a Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager” - Regulated by the DFSA), listed on Nasdaq Dubai under ticker ENBDREIT. ENBD REIT is a closed-ended investment company that was incorporated by the Fund Manager to invest in a diversified Portfolio of Shari’a-compliant real estate assets in the UAE. ENBD REIT has an unlimited duration and was established in the DIFC by the Fund Manager on 18 July 2016 under the Companies Law with the name “Emirates Real Estate Fund Limited” and with registration number 2209. The Fund subsequently changed its name to “ENBD REIT (CEIC) Limited” and later ENBD REIT (CEIC) PLC in line with the new DIFC Companies Law. ENBD REIT is categorised under DFSA law and regulations as a Public Fund, a Domestic Fund, an Islamic Fund, a Property Fund and a Real Estate Investment Trust (REIT). ENBD REIT has been established with the main investment objective of generating income returns and capital appreciation from real estate assets. ENBD REIT plans to achieve its objectives through the following strategies: (i) prudent acquisitions with a focus on achieving diversification; and (ii) active asset management and enhancement. For more information, visit: www.enbdreit.com  

PORTFOLIO

Office:

Al Thuraya 1 (Dubai Media City)

A G+29-story high rise commercial tower, located at a prime location in Dubai Media City with views over Barsha Heights and Palm Jumeriah.

Burj Daman (DIFC)

Two and a half floors (the fund fully owns the 10th and 14th floors and half of the 15th floor) in the commercial portion of the tower in the DIFC.

DHCC 49 (Dubai Healthcare City)

G+5-story commercial complex located in the Dubai Healthcare City free zone.

DHCC 25 (Dubai Healthcare City)

G+6-story commercial tower located in the Dubai Healthcare City free zone

The Edge Building (Dubai Internet City)

A G+6-story fully leased, prime grade A office building recently constructed and located in the Dubai Internet City free zone.

Residential:

Arabian Oryx House (Barsha Heights)

A residential tower with 128 units in the free zone Barsha Heights, Dubai. Mainly comprises units of one, two and four-bed apartments.

Binghatti Terraces (Dubai Silicon Oasis)

A residential tower with 201 residential and 5 retail units in Dubai Silicon Oasis, constructed by developers with an established track record.

Alternative:

Uninest Dubailand (Dubailand)

A 424-bed student accommodation property located close to Dubai Academic City, serving students attending university across the city. 100% leased to global student accommodation provider, GSA.

South View School (Remraam)

A 132,000 sq. ft. British curriculum primary and secondary school operated by Interstar Education.

Souq Extra Retail Centre Phase 1 (Dubai Silicon Oasis)

Community centre in Dubai Silicon Oasis with over 36,820 ft² of gross leasable area, comprising 25 retail units fully let to blue-chip tenants.