Al Mal Capital REIT

A landlord to schools and healthcare operators

As of: 2026-06-30

Al Mal Capital REIT is a UAE public closed-ended property investment fund traded on DFM as AMCREIT. Its business is collecting rent from operating real estate, not selling apartments off-plan. The portfolio combines school campuses, a hospital and an office building in Ajman, Sharjah and Dubai. Owning these properties does not mean that the fund runs the schools or provides medical care.

Long leases provide a contractual rental base, but income still depends on tenants paying, operating costs, financing and property valuations. The acquisition of healthcare and office assets in September 2025 broadened the portfolio beyond education; the following interim period therefore does not represent an unchanged property portfolio.

Fund, manager and controlling unitholder

As of: 2026-06-30

The fund was incorporated on 15 December 2020. The consolidated reporting perimeter includes the fund and its wholly owned Carnation Education LLC, which holds educational property, including freehold land, a school campus and the associated mortgage. This is not the consolidated balance sheet of the wider Dubai Investments group.

The legal note describes a mandate spanning educational, healthcare and industrial property in the UAE and GCC. The actual reported portfolio is narrower: the presence of a sector in the investment mandate does not mean an asset in that sector has been acquired.

Operating assets and land rights

As of: 2025-12-31; portfolio confirmed 2026-06-30

The land figures below describe the plots supporting operating properties, not an undeveloped land bank or floor area available for sale. The annual report identifies the school plots as owned, while the hospital and office asset share a usufruct plot. The latter must not be added to freehold land as if the legal rights were identical.

The interim property note retains this asset set at 30 June 2026. For the shared hospital and office plot, the annual report gives 191,637 square feet and approximately 73 years remaining under the usufruct arrangement in its dated acquisition discussion; that is not a refreshed remaining term today.

Lease duration is not operator occupancy

As of: 2025-12-31; asset comments February 2026

The manager described portfolio occupancy as approximately 100% and weighted average unexpired lease term as approximately 16 years at the end of 2025. These are dated management operating indicators, not current measurements or an audit conclusion about every tenant. A leased school can have unused student capacity; rental occupancy does not measure student enrolment or hospital bed utilisation.

The annual asset page describes the hospital lease as 17 years, whereas the interim accounts describe a 20-year lease initially commencing in February 2023. These descriptions are retained as date-specific source statements, not silently reconciled into a newly calculated expiry. Falcon House has shorter annual and multi-year office leases. At Al Qaraein, the annual report says the operator was considering a new school brand as of February 2026; that is a proposal, not confirmation of a completed rebranding.

Annual earnings: rent and valuation are different

As of: 2025-12-31

Rental growth did not translate into higher bottom-line profit in 2025: the reported revaluation gain was smaller and the income statement included a tax expense. Property valuations are non-cash accounting estimates. Operating cash flow is a separate reported measure and is not relabelled here as FFO or AFFO.

Latest interim results and cash conversion

As of: 2026-06-30

The latest interim accounts listed in the official disclosure index at the check date cover the six months ended 30 June 2026. They are unaudited interim statements subject to KPMG review, not a full annual audit. KPMG reported no matter causing it to believe the statements were not prepared in all material respects under the interim reporting standard.

The acquisition changes the comparison base, and the revaluation gain contributes to net profit without bringing in rent cash. Rent receivable increased to AED 32,246 thousand from AED 22,768 thousand at year-end. That makes collection performance worth monitoring alongside the income statement; it is not evidence that the full receivable is overdue.

NAV, debt and available cash

As of: 2026-06-30

Reported NAV per unit was AED 1.15982 at 30 June 2026, compared with AED 1.13707 at 31 December 2025. NAV is an accounting measure based substantially on property valuations, not the unit trading price, a guaranteed redemption amount or enterprise value.

Bank debt rose as acquisition funding moved from a related-party payable to a new Islamic bank facility; the rise is not, by itself, evidence of another property purchase during the period. Short-term deposits shown separately are under lien and must not be treated as unrestricted cash. The fund reports floating financing linked to EIBOR, with property mortgages and assignments of lease proceeds and insurance.

Financing commitments and refinancing exposure

As of: 2026-06-30

The new facility is AED 175 million for 5 years, including a 3-year moratorium. The maturity table below includes estimated interest, so its cash-flow total is not comparable to the carrying amount of debt as if both represented principal. The current accounting portion of bank borrowings is AED 95,079 thousand, another distinct measure.

The annual report’s 47.3% LTV at year-end includes bank borrowings and related-party balances. It should not be presented as a current bank-only leverage ratio. The interim sensitivity disclosure estimates that a 50-basis-point rate move would change period profit by AED 3.2 million in the opposite direction, with other variables held constant; this is a sensitivity, not a forecast.

Distributions: declaration versus payment

As of: 2026-08-30

The accounts describe a requirement to distribute 80% of annual realised net profit. This is not a promise to distribute the same proportion of every interim accounting gain or to guarantee a yield on the market price. For 2025, the accounts state that the interim and final distributions represented 96% of annual realised profit; the final distribution was AED 0.0375 per unit.

The August announcement declares 4 fils per unit for the first half of 2026, totalling AED 28,048,575. Its expected payment date was 28 August 2026, subject to administrative procedures. At the check on 30 August 2026, DFM instead listed payment on 31 August 2026, with entitlement on 20 August and ex-distribution on 21 August 2026. These are disclosed scheduling differences, not evidence of payment completion. A market-price distribution yield is not calculated here.

Management fees and related-party decisions

As of: 2026-06-30; manager update 2026-08-14

The latest distribution release identifies Sanjay Vig as CEO of Al Mal Capital PSC, the manager. The annual report names an Investment and Oversight Committee chaired by Hussain Lootah; it describes the hospital and office purchase as a related-party transaction subject to committee and unitholder approvals. Oversight and common ownership do not make related-party pricing economically irrelevant.

The interim tax note says the fund and subsidiary did not meet certain exemption conditions for 2025 and 2026 and therefore provided for current and deferred tax. Management continues discussions about transitional relief; reinstatement of an exemption is not assumed in this profile.

Strategy, risks and what to monitor

As of: 2026-08-14

Management’s stated direction is selective acquisitions and careful management of the existing portfolio. It is an intention rather than a committed new development pipeline. The hospital and office acquisition is completed; possible school rebranding and tax relief discussions remain separate prospective developments. No additional construction project or undisclosed land reserve is assumed.

Editorial assessment: the key risk is not simply whether a building is leased. A limited group of education and healthcare operators underpins much of the rent, making collection quality and tenant continuity important. Shorter office leases create a different renewal exposure. Floating financing, maturities, tax treatment and related-party dealings affect the cash ultimately available for distributions.

Property values also depend on valuation assumptions and market yields; an increase in NAV need not generate distributable cash. Useful next checks are rent collection, refinancing on maturity, confirmed distribution payment and any announced change to the asset or ownership perimeter. This profile describes the business and dated evidence, not a purchase recommendation or a target price.

Official contacts and update discipline

As of: 2026-08-30

The contacts below are published corporate channels for the fund and investor relations. They are not personal contact details. Financial sections should be revisited when new statements appear; acquisitions, ownership and leases when disclosures change; contacts monthly and the complete profile quarterly. Each section keeps its own evidence date rather than implying that every operating metric was measured today.

Sources

1. S1 · First-half 2026 consolidated interim financial statements · 2026-06-30
2. S2 · Annual report 2025: portfolio and consolidated accounts · 2025-12-31
3. S3 · Dubai Investments: first-half distribution announcement · 2026-08-14
4. S4 · DFM distribution calendar: AMCREIT · 2026-08-30
5. S5 · Official corporate contacts · 2026-08-30
6. S6 · Official disclosure index · 2026-08-30