Emirates NBD’s real estate investment trust’s (ENBD REIT) net income dipped slightly to USD 21 mn in its FY 2023-2024, which ended in March, factoring in non-cash valuation changes, according to a Nasdaq Dubai disclosure. Gross income jumped to USD 34.5 mn during the quarter, up from USD 31.3 mn last year. Its property portfolio value rose 4% to USD 384 mn during the year, driven by a 93% occupancy rate.

On the downside, net rental income fell 15% to USD 7.8 mn amid higher financing and operating costs, which offset revenue gains, the fund said.

What they said: “We expect further positive momentum in Dubai’s real estate market conditions with healthy demand for high-quality sustainable assets, despite the persistent high interest rate environment,” CEO Samir Kazi said.

The REIT is eyeing further improvements in value to shareholders within the next nine to 12 months, with the fund focusing on “enhancing the attractiveness of our properties to drive income and occupancy levels, [managing] our financing and other costs whilst improving the overall mix of the portfolio,” he added.

Dividends: The fund proposed a final dividend of USD 4 mn, bringing the total annual payout to USD 7.5 mn.

ALSO- Emirates REIT’s manager Equitativa Dubai will extend its USD 380 mn secured sukuk by one year, now maturing on 12 December 2025, according to a filing picked up by Zawya. The sukuk was originally issued in 2017 and refinanced in 2022 with a bondholder agreement.

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