• Portfolio valuation strengthens to USD 419 million, up 1.9% Q-o-Q
  • NAV rises to USD 242.6 million or USD 0.97 per share, up 2.5% Q-o-Q and 20.3% Y-o-Y
  • Occupancy reaches record levels of 96% across the portfolio
  • An interim dividend on USD 5.1 million has been approved by ENBD REIT Board, subject to shareholder approval

Dubai, United Arab Emirates, 20 November 2025: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shariah compliant real estate investment trust managed by Emirates NBD Asset Management Limited, announces its financial results for the six-month period ended 30th September 2025. Net Asset Value (NAV) stood at USD 242.6 million, equivalent to USD 0.97 per share, reflecting a 2.5% increase Q-o-Q and a 20.3% increase Y-o-Y.

The total value of ENBD REIT’s property portfolio rose to USD 419 million, up 1.9% Q-o-Q and 8% Y-o-Y, supported by valuation gains within prime office assets such as Burj Daman in DIFC and continued leasing momentum across the portfolio. Funds From Operations (FFO) for the period to September 2025 was at USD 6.3 million, up 23.1% YoY. This was supported by higher occupancies and lower finance costs. In light of the positive performance, the Board of Directors approved an interim dividend payment of USD 5.1 million, up from USD 5.0 million for the same period last year.

Net income for the period to September 2025, including valuation movements, was USD 29.0 million, driven by USD 22.7 million of unrealised valuation gains across the portfolio. Portfolio occupancy increased to 96%, the highest level achieved by the REIT since inception, with notable improvements at DHCC 25 and Al Thuraya Tower 1. This strong occupancy performance was driven by robust tenant demand, proactive leasing activity and disciplined asset management.

The loan-to-value (LTV) ratio was 43% at quarter-end, supported by the uplift in valuations and prudent balance sheet management.

Jonathan McGloin, Head of Real Estate at Emirates NBD Asset Management, commented: “Our performance for the first half of the year highlights the resilience and diversity of ENBD REIT’s portfolio. Record occupancy and sustained valuation gains, particularly across key office assets such as Burj Daman, DHCC 25 and Al Thuraya Tower 1, reflect continued positive market sentiment and leasing strategy. With a disciplined approach to asset management, lower finance costs and an enhanced interim dividend, we remain focused on delivering stable income and long-term value for our shareholders.”

Operating expenses for the period were 8% lower compared to the same period last year, primarily due to lower reinstatement expenses for existing tenants. Fund expenses increased by 13% for the period, mainly due to a higher provision in September 2025 and an increase in fund management fees linked to the higher NAV.

ENBD REIT remains focused on sustaining high occupancy across its diversified portfolio, driving asset performance and pursuing disciplined asset management to unlock value. Supported by favourable market conditions and the continued strength of Dubai’s real estate sector, the REIT is well-positioned to deliver consistent income returns and sustainable long-term growth for its shareholders.

The proposed interim dividend, subject to shareholder approval, of USD 5,100,000, or USD 0.0204 per share will trade ex-dividend on 5 December 2025, with payment date set for 19 December 2025.

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

Company Secretary
Kathryn    Miller                                                                                   
cosecme@equiomgroup.com

Equiom Corporate Services                                                   
+971 (0) 4 446 3900

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