Emirates NBD’s real estate investment trust (ENBD REIT) booked USD 18.2 mn in net income in 1Q FY 2025-26, driven by USD 15 mn in unrealized valuation gains, according to its earnings release. Funds from operations rose 13% q-o-q to USD 3.2 mn on the back of lower reinstatement costs, disciplined expense management, and steady rental income.

The property portfolio’s total value climbed 10% y-o-y to USD 411 mn, with much of the uplift attributed to prime office holdings including Burj Daman in Dubai International Financial Center. Net asset value increased 8.2% q-o-q and 18.8% y-o-y to USD 236.6 mn.

Occupancy remained at a record 95%, supported by long-term leases, while the weighted average unexpired lease term stood at 3.3 years. The shariah-compliant trust, managed by Emirates NBD Asset Management, now owns 10 properties split across office (71%), residential (13%), and alternative assets (16%) such as student housing and schools.

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