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ENBD REIT Announces Full Year Results for 31st March 2026
(MENAFN- ipexcellera) Dubai, United Arab Emirates, 22 May 2026: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shariah compliant real estate investment trust managed by Emirates NBD Asset Management Limited, announces its full year results for the financial year ended 31st March 2026. Net Asset Value (NAV) stood at USD 254.7 million, equivalent to USD 1.02 per share, representing a 16.5% increase year-on-year from USD 218.6 million. The increase was driven by valuation uplifts across the portfolio, supported by continued leasing activity and favourable conditions across Dubai's commercial real estate market.
The office portfolio remained the primary engine of performance across the year. Improving market rents and strong occupier demand sustained momentum across the REIT's core commercial assets. The Dubai International Financial Center (DIFC) continues to attract regional and international occupiers, keeping vacancy low and supporting valuations. At The Edge in Dubai Internet City, the year saw two notable leasing milestones, with an existing tenant expanding by an additional 15,000 sq ft and a 30,000 sq ft lease renewal secured, bringing the asset to 99% occupancy at year end. Offices now account for 72% of total portfolio value, consistent with the REIT's strategic focus on prime, income-generating locations.
The property portfolio closed the year at USD 430 million, up 8.6% year-on-year from USD 395 million, with gains recorded across office assets and stable contributions from the residential and alternative segments. Overall occupancy held at record levels of 95%, unchanged from the prior year and reflecting a disciplined approach to leasing and tenant retention throughout the portfolio.
Funds from Operations (FFO) for the full year reached USD 12.5 million, up 11.7% from USD 11.2 million, supported by higher portfolio income and a reduction in finance costs. Finance costs fell to USD 11.9 million from USD 13.2 million in the prior year. Rental income grew to USD 37.7 million from USD 36.9 million. Net income for the year, including unrealised valuation gains, amounted to USD 45.5 million, a 35% increase from USD 33.7 million in FY2025. The LTV ratio stood at 42% at year end.
Jonathan McGloin, Head of Real Estate at Emirates NBD Asset Management, commented:
"This has been a strong year for ENBD REIT. NAV grew meaningfully, FFO improved, and occupancy remained at its highest recorded level, a reflection of the quality of the portfolio and the leasing work done throughout the year. DIFC in particular continued to perform well, with sustained demand and take up holding firm providing upward pressure on rentals since the start of the financial year. We go into the new financial year with a well-occupied, well-managed portfolio and a balance sheet that gives us room to continue delivering for shareholders."
Operating expenses rose modestly year-on-year, primarily reflecting higher maintenance and utility costs associated with sustained occupancy. Fund expenses increased in line with NAV-linked management fees.
ENBD REIT's Board has proposed a final dividend of USD 5.0 million, or USD 0.02 per share, for the financial year ending 31st March 2026. This brings the total dividend for the year to USD 10.1 million, or USD 0.0404 per share, consistent with the prior year.
Subject to shareholder approval of the dividend at the Annual General Meeting on 24th June 2026, the shares will trade ex-dividend on 7th July 2026, with the record date set as 8th July 2026 and the payment date on 22nd July 2026.
The office portfolio remained the primary engine of performance across the year. Improving market rents and strong occupier demand sustained momentum across the REIT's core commercial assets. The Dubai International Financial Center (DIFC) continues to attract regional and international occupiers, keeping vacancy low and supporting valuations. At The Edge in Dubai Internet City, the year saw two notable leasing milestones, with an existing tenant expanding by an additional 15,000 sq ft and a 30,000 sq ft lease renewal secured, bringing the asset to 99% occupancy at year end. Offices now account for 72% of total portfolio value, consistent with the REIT's strategic focus on prime, income-generating locations.
The property portfolio closed the year at USD 430 million, up 8.6% year-on-year from USD 395 million, with gains recorded across office assets and stable contributions from the residential and alternative segments. Overall occupancy held at record levels of 95%, unchanged from the prior year and reflecting a disciplined approach to leasing and tenant retention throughout the portfolio.
Funds from Operations (FFO) for the full year reached USD 12.5 million, up 11.7% from USD 11.2 million, supported by higher portfolio income and a reduction in finance costs. Finance costs fell to USD 11.9 million from USD 13.2 million in the prior year. Rental income grew to USD 37.7 million from USD 36.9 million. Net income for the year, including unrealised valuation gains, amounted to USD 45.5 million, a 35% increase from USD 33.7 million in FY2025. The LTV ratio stood at 42% at year end.
Jonathan McGloin, Head of Real Estate at Emirates NBD Asset Management, commented:
"This has been a strong year for ENBD REIT. NAV grew meaningfully, FFO improved, and occupancy remained at its highest recorded level, a reflection of the quality of the portfolio and the leasing work done throughout the year. DIFC in particular continued to perform well, with sustained demand and take up holding firm providing upward pressure on rentals since the start of the financial year. We go into the new financial year with a well-occupied, well-managed portfolio and a balance sheet that gives us room to continue delivering for shareholders."
Operating expenses rose modestly year-on-year, primarily reflecting higher maintenance and utility costs associated with sustained occupancy. Fund expenses increased in line with NAV-linked management fees.
ENBD REIT's Board has proposed a final dividend of USD 5.0 million, or USD 0.02 per share, for the financial year ending 31st March 2026. This brings the total dividend for the year to USD 10.1 million, or USD 0.0404 per share, consistent with the prior year.
Subject to shareholder approval of the dividend at the Annual General Meeting on 24th June 2026, the shares will trade ex-dividend on 7th July 2026, with the record date set as 8th July 2026 and the payment date on 22nd July 2026.
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