ENBD REIT NAV Rises 11.3% to $263.3 Million in Q1

DUBAI, UNITED ARAB EMIRATES: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’ah compliant real estate investment trust managed by Emirates NBD Asset Management Limited, announces its financial results for the first quarter of the financial year ended 30th June 2026. Net Asset Value (NAV) stood at USD 263.3 million, equivalent to USD 1.05 per share, a 3.4% increase over the quarter and 11.3% higher YoY. The quarter was characterised by continuity, with occupancy and income remaining robust on the back of proactive leasing and active asset management across the portfolio.

Funds from Operations (FFO) rose to USD 3.9 million for the quarter, 21% higher than a year ago, supported by lower fund expenses, including finance costs and lower one-off operating expenses being accounted for in the quarter, resulting in an FFO margin improvement to 41% from 34% in Q1 2025. Rental income rose slightly to USD 9.3 million, with operating expenses falling 27% YoY to USD 1.1 million. Fund expenses fell 4.5% to USD 1.5 million, and finance costs reduced 4.5% to USD 2.9 million.

The property portfolio closed the quarter at USD 434 million, up 1.0% QoQ and 5.6% YoY. Offices remain the largest allocation at 71% of value, with residential at 14% and alternatives at 15%. Overall occupancy held at 95%, with the Weighted Average Unexpired Lease Term (WAULT) at 3.2 years.

Including movements in valuation, the REIT recorded net income of USD 8.1 million for the quarter. Unrealised valuation gains across the portfolio were reported at USD 4.2 million, showing positive valuation gains for the period. LTV closed the quarter at 41% on GAV, supported by valuation growth and continued balance sheet discipline.

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

“The first quarter has been one of continued, steady delivery and commitment to realising performance. Valuations, occupancies and income have remained positive, supported by a combination of hands-on leasing and pro-active asset management.”

ENBD REIT remains focused on maintaining high occupancy across its diversified portfolio, driving asset performance and pursuing disciplined asset management to unlock value. With Dubai's real estate market continuing to show resilience, the REIT enters the remainder of the financial year with a well-let portfolio and a balance sheet that supports consistent income returns for shareholders.