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- FFO increased by 51% Y-o-Y to USD 8.4 million
- Occupancy topped previous quarters record, reaching 95%, showcasing robust leasing activity across the portfolio
- Total property portfolio value up 3.9% Q-o-Q to USD 394 million
- Net income for the 9-months YTD period increased by 65% Y-o-Y to USD 30.3 million
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, announces its financial results for the third quarter ended 31 December 2024. ENBD REIT's Net Asset Value (“NAV”) stood at USD 216 million or USD 0.86 per share, compared to USD 202 million for the previous quarter and USD 191 million the previous year, a respective 6.9% Quarter-on-Quarter (Q-o-Q) and 13.1% Year-on-Year (Y-o-Y) increase.
The financial performance continues to improve, driven by strategic leasing, prudent cost management and efficient operating processes. Notably, the office portfolio has shown strong momentum, benefiting from robust tenant demand. The reduction in financing cost has also supported performance this past quarter.
The ongoing efforts to enhance asset performance and optimize the portfolio have driven a significant improvement in Funds From Operations (FFO), reinforcing its ability to sustain income growth. FFO surged 51% Y-o-Y to USD 8.4 million, supporting sustainable dividend payout expectation.
Portfolio valuations increased 3.9% Q-o-Q to USD 394 million, reflecting both the strength of Dubai’s real estate market and ENBD REIT’s proactive management approach. Occupancy remained at a record high of 95%, supported by strong tenant demand across the portfolio. Office assets continued to lead performance, with rentals and occupancies responding robustly to market demand. Most notably, Burj Daman recorded a 27% valuation increase Y-o-Y. These results highlight the resilience of the office sector and the effectiveness of ENBD REIT’s leasing strategy.
Samir Kazi, Head of Real Estate at Emirates NBD Asset Management, commented:
“Our continued strong financial and operational performance conveys our ability to navigate a dynamic market while reinforcing our core portfolio. With NAV growth and rising FFO, we have delivered a 15.7% total return for the first 3 quarters of the year. Moving forward, we are eager to continue driving even greater value for our shareholders in the quarters to come.”
Operating expenses rose by 5% Y-o-Y, largely due to increased maintenance costs driven by higher occupancy levels. Fund expenses increased by 5% Y-o-Y due to an increase in fund management fees. Finance costs have declined by 5.3% Y-o-Y.
-Ends-
For more information:
ENBD REIT (Investor Relations)
Mona Zahooruddin
ENBDREITIR@EmiratesNBD.com
Company Secretary
Kathryn Miller
cosecme@equiomgroup.com
Equiom Corporate Services
Instinctif Partners (Public Relations)
Arief Zulkifli
Arief.Zulkifli@instinctif.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 394 million |
| NAV | USD 216 million* (USD 0.86 per share) |
| LTV (on GAV) | 46% |
| Occupancy | 95% |
| WAULT (years) | 3.71 |
| No. of properties | 10 |
| Sectors | Office 70% |
| Residential 13% | |
| Alternative 17% |
*All figures are as at 31st December 2024
