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 2025. NAV stood at USD 236.6 million, equivalent to USD 0.95 per share, reflecting a 8.2% quarter-on-quarter (QoQ) and 18.8% year-on-year (YoY) increase.
The total value of ENBD REIT’s property portfolio rose to USD 411 million, up 4% QoQ and 10% YoY, with the increase largely driven by valuation gains across prime office assets such as Burj Daman in DIFC. Portfolio occupancy remained at a record-high 95%, reinforced by long-term leases across alternative assets. The Weighted Average Unexpired Lease Term (WAULT) stood at 3.30 years, reflecting a well-balanced mix of secure long-term income streams and active leasing opportunities.
Funds From Operations (FFO) reached USD 3.2 million, up from USD 2.85 million in the previous quarter, a 13% QoQ increase, supported by lower reinstatement costs, disciplined fund expense management, and steady rental income. Net income for the quarter, including valuation movements, of USD 18.2 million, largely driven by a USD 15 million unrealised gain in valuations.
Jonathan McGloin, Head of Real Estate at Emirates NBD Asset Management, commented: “Our strong first-quarter results reflect the positioning of ENBD REIT’s existing portfolio and ability to capture value from a diverse base of high-quality, income-generating assets. Valuation growth has been largely driven by a sustained demand for prime office space and a solid leasing environment, while our portfolio continues to deliver stable returns with record-high occupancy levels maintained.”
The loan-to-value (LTV) ratio improved to 44%, supported by previous debt repayment and higher valuations. Finance costs declined 16% YoY, while operating expenses fell 29% YoY, and fund expenses decreased 30% YoY due to lower provisioning.
ENBD REIT remains focused on maintaining high occupancy across its diversified portfolio, driving asset performance, and pursuing disciplined asset management to unlock value. By leveraging favourable market dynamics and the sustained 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.