ENBD REIT announces Q3 NAV of USD 168mln

ENBD REIT announces Q3 NAV of USD 168mln

Dubai, United Arab Emirates: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value (“NAV”) as at 31 December 2021. ENBD REIT’s NAV stood at USD 168 million (USD 0.67 per share), as compared to USD 164 million in September 2021 and USD 184 million in December 2020, indicating early signs of value stabilisation. ENBD REIT property portfolio value stands at USD 357 million, an increase of 3% compared to the previous quarter. This positive movement is largely due to a revised valuation methodology across the portfolio in line with regulations.

Occupancy across the portfolio remains stable at 77% compared to 76% for the previous quarter, due to positive leasing performance from assets in the residential segment which are benefiting from improving market conditions. The Weighted Average Unexpired Lease Term (“WAULT”) stands at 4.30 years for the portfolio.

The Company’s operating expenses for the nine-month period ending 31 December 2021 reduced by 6.6%, whilst fund expenses went down by 20% over the same period. Finance costs for the nine-month period, however, increased by 3.5% due to one off costs relating to the refinancing in the period.