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- FFO reached USD 9.4 million, representing a 4.1% increase Q-o-Q
- Total property portfolio value increased 4.0% Q-o-Q to USD 436 million
- Net income amounted to USD 48.9 million for the period, a 61% Y-o-Y increase
- Portfolio occupancy remained robust at 95%
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 financial results for the quarter ended 31st December 2025. Net Asset Value (NAV) stood at USD 257.4 million, equivalent to USD 1.03 per share, representing a 6.1% increase quarter-on-quarter and a 19.4% increase year-on-year. The increase was driven by valuation uplifts across the portfolio, supported by favourable market conditions and continued leasing activity.
Performance during the quarter was led by the office portfolio, which benefited from improving market rents, resilient occupier demand and sustained investor interest in high-quality commercial assets. The Dubai International Financial Center (DIFC) remains the primary driver for the continued strength of the office segment, where limited supply, strong leasing momentum and demand from regional and international occupiers supported valuation gains across key assets. Offices remain the largest contributor to portfolio value, reflecting the REIT’s strategic focus on prime, income-generating locations.
The total value of the Fund’s property portfolio increased to USD 436 million, reflecting a 4.0% quarter-on-quarter increase and an 10.6% increase year-on-year. Portfolio performance was supported by disciplined asset management and continued strength across core office assets, complemented by stable income from residential and alternative sectors.
Funds From Operations (FFO) for the period reached USD 9.4 million, representing a 12.6% increase year-on-year, supported by higher portfolio income and lower finance costs. Portfolio occupancy stood at 95% as at quarter end, a strong testament to the REIT’s proactive leasing strategies and resilient tenant demand.
Net income for the period, including valuation movements, amounted to USD 48.9 million, a 61% increase compared to USD 30.3 million in the prior year. This was largely driven by unrealised valuation gains recorded across the portfolio. The loan-to-value (LTV) ratio stood at 42%, supported by valuation growth and prudent balance sheet management.
Jonathan McGloin, Head of Real Estate at Emirates NBD Asset Management, commented:
“ENBD REIT continued to deliver solid performance through the third quarter, supported by sustained demand across the office portfolio, improving market rents and ongoing strength in prime locations such as DIFC. Our focus remains on disciplined asset management, maintaining high occupancy levels and preserving balance sheet strength, as we continue to deliver stable income and long-term value for our shareholders.”
Operating expenses for the period decreased modestly year-on-year, reflecting lower reinstatement costs, while fund expenses increased slightly, primarily due to higher provisions and management fees linked to the increase in NAV.
ENBD REIT continues to be well positioned to benefit from favourable market conditions in Dubai, cemented by a diversified portfolio, strong occupancy levels and a prudent approach to capital management.
For more information:
ENBD REIT (Investor Relations)
Mona Zahooruddin
ENBDREITIR@EmiratesNBD.com
Company Secretary
Minaz Rahemani
uaecosec@waystone.com
Waystone Compliance Solutions (Middle East) Limited
IP Excellera (Public Relations)
Arief Zulkifli
Arief.Zulkifli@ipexcellera.com
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.
HIGHLIGHTS*
| Property portfolio value | USD 436 million |
| NAV | USD 257 million* (USD 1.03 per share) |
| LTV (on GAV) | 42% |
| Occupancy | 95% |
| WAULT (years) | 3.00 |
| No. of properties | 10 |
| Sectors | Office 72% |
| Residential 13% | |
| Alternative 15% |
*All figures are as at 31st December 2025
