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.
