Emirates REIT

A landlord, not a property developer

As of: 2026-06-30

Emirates REIT (CEIC) PLC is a Dubai-based, closed-ended Sharia-compliant property investment fund. It earns rent from offices, retail space and school campuses rather than selling newly built apartments. Its shares trade on Nasdaq Dubai as REIT, ISIN AEDFXA1XE5D7. It is a separate issuer from ENBD REIT and Emirates NBD Bank.

Established on 28 November 2010 and listed on 8 April 2014, the fund gives shareholders exposure to the economics of owning rental property. The schools and other tenants run their own businesses: ownership of their premises does not make the REIT the operator of those businesses. Results below concern the consolidated REIT group and are reported in USD; its financial year ends on 31 December.

Manager and consolidation boundary

As of: 2026-06-30

Equitativa (Dubai) Limited is the external manager and sole corporate director. The manager and its wider group must not be treated as assets owned by the listed fund. The consolidated perimeter includes Emirates REIT Sukuk III Limited, a Cayman structured entity used for financing. Its share capital is held by a trustee for charitable purposes, yet the REIT consolidates it under IFRS 10 on the basis of its purpose and design. Consolidation is therefore not a claim of ordinary share ownership.

The management fee is 1.5% a year of aggregate gross asset value; the performance fee is 3.0% of the increase in NAV per share against the previous high used for the fee calculation. These are different bases. A rise in property values can increase fees without generating an equivalent cash inflow, so fee expense belongs alongside rent, financing and maintenance in assessing returns.

Shareholders and governance

As of: 2026-06-30

The following holdings are disclosed at 30 June 2026, not inferred from founders or seed investors. The report records 319,156,400 ordinary shares in issue. Aralia replaced Vintage Commodities after a transfer effective 5 February 2026; the table uses the later dated ownership snapshot.

The current official governance page names Abdulla Al Hamli as chairman, Sylvain Vieujot as executive deputy chairman, Magali Mouquet as executive director and Trevor McFarlane as independent non-executive director. The management team includes Thierry Delvaux as CEO and Timothy Collier as CFO. At the 26 June 2026 AGM, the resolution to reappoint the existing Investment Board members did not pass. Management states that the fund continues to meet applicable governance requirements; that statement does not establish that the proposed reappointments occurred.

What the fund actually owns

As of: 2026-06-30

At 30 June 2026 the portfolio contains 7 Dubai properties; Index Tower and Index Mall count as one asset. The report states net lettable area of 166,152 sq m. This is rental accommodation, not a development land bank. The table distinguishes known ownership rights from the physical asset and uses the report's asset-level occupancy and weighted average lease expiry (WALE). All figures are dated; they are not live leasing availability.

The Durham land interest covers a 25,000 sq m leased plot, distinct from the campus's lettable area. Four portfolio properties stand on leased land according to the financial notes; their unnamed lease terms should not be assigned to individual buildings by guesswork. The investment-property carrying value incorporates right-of-use accounting and other adjustments, so it is not a simple freehold-land valuation.

Lease durability and remaining vacancy

As of: 2026-06-30

The fund reports 371 tenants, 96% overall occupancy and portfolio WALE of 5.5 years. These averages conceal a different office profile: excluding schools, the disclosed like-for-like lease term is 2.3 years, while about 34% of leases expire within the next three years. Long school contracts cannot be read as the lease duration of every office tenant.

The education leases are triple net: operators are responsible for maintenance, repairs and insurance. This reduces the landlord's operating obligations but does not remove tenant credit risk. Loft Offices, with 69% occupancy, represents a different leasing challenge from the fully leased schools. Filling vacant space can help income, but occupancy improvement is not guaranteed and refurbishment has a cost.

Completed disposals, not future projects

As of: 2026-06-30

Indigo 7 was sold on 12 June 2026. The financial note records sale consideration of USD 10,074 thousand, carrying value of USD 7,351 thousand and disposal costs of USD 125 thousand. The resulting reported gain is USD 2,598 thousand. This sold building is not included in the current asset table; its rental history must not be presented as future recurring income.

The earlier Office Park disposal to TECOM Investments was a related-party transaction in FY2024. The LFJM campus, by contrast, remains in the portfolio and its development phases are described as completed. The profile therefore separates capital recycling from operating assets, and completed construction from management's continuing asset-enhancement ambitions.

Latest interim results: rent versus valuation

As of: 2026-06-30

The latest results located on the official IR page are for the six months ended 30 June 2026, published on 26 August. The interim consolidated financial information is unaudited and subject to KPMG's review, which is narrower than an audit. It must not be described as audited annual results or extrapolated automatically into a full-year forecast.

Rent and net property income rose, while total profit fell because the unrealised valuation gain was much smaller than in the comparative period. Profit before revaluation also includes the disposal gain; it is not automatically a recurring cash measure. The table uses the financial statements, not overview-table amounts that differ slightly. The report warns of rounding differences; the values are reproduced as reported without editorial recalculation.

Annual context and comparability

As of: 2025-12-31

The FY2025 statements provide the annual base below. Large valuation gains explain why accounting profit is much higher than rent or cash generation. The corrected presentation brings long-term land right-of-use assets into investment properties and reclassifies liquidity-provider holdings of the fund's own shares from assets to equity. Uncorrected earlier figures should not be mixed into this comparison.

Cash-flow classification also matters: the annual comparative reclassified property sale and purchase flows into operating activities, whereas the H1 statement displays property investment and sale proceeds under investing activities. Reading the labelled source statements is safer than treating their operating-cash-flow totals as interchangeable across these reporting bases. No AFFO or distribution-cover ratio is invented here.

NAV is not cash or a realizable sale price

As of: 2026-06-30

NAV per share is reported at USD 2.97 at 30 June 2026, versus USD 2.81 at 31 December 2025. This is an accounting measure, not a promise of a cash distribution or a market price target. The property carrying value includes valuation and lease-accounting adjustments and should not be confused with the headline market value of the physical portfolio.

The external valuations at 30 June 2026 carry a material valuation uncertainty clause because of the regional conflict. The note does not invalidate the valuations but calls for greater caution than in normal conditions. Liquidity, refinancing and potential asset-sale proceeds should therefore not be assessed on an assumption that every property can immediately be sold at book value.

Debt maturity and distributions

As of: 2026-06-30

Sukuk III has USD 205 million face value and matures on 12 December 2028. Its profit rate is 7.5% in the first three years and 8.25% in the fourth; it is secured on specified Index Tower properties. The USD 200,746 thousand carrying amount at June end is net of accounting adjustments and is not a replacement for the face value. The Ajman Bank facility matures in 2035 after the refinancing completed in 2025. Its margin is three-month EIBOR plus 1.85% for years 1–5 and plus 2.35% for years 6–10.

The financial notes report compliance with the financing covenants at the reporting date. That is a dated statement, not immunity from future interest-rate or refinancing pressure. Lease liabilities are shown separately from bank and sukuk financing; ignoring them would understate the fund's contractual obligations.

For FY2025, the final USD 13 million cash dividend, USD 0.040732 per share, was paid by the June reporting date; total distributions attributed to FY2025 were USD 20.5 million. Separately, a USD 7 million interim dividend for FY2026, USD 0.021933 per share, was declared for payment on or before 30 September 2026, to holders on the register on 23 September. The latter is announced, not yet a completed payment at this profile's preparation date.

Strategy and what can go wrong

As of: 2026-06-30

Management's stated priorities are active leasing, rental-income growth, operating efficiency and selective acquisitions or disposals. These are objectives, not completed transactions or guaranteed earnings. The portfolio is income-producing property rather than a pipeline of apartment presales; a backlog or speculative development land bank is therefore not manufactured for this profile.

The editorial reading is that lease renewals, vacant-office absorption and the cash cost of financing matter more for durable distributions than a single valuation-led profit headline. Risks include Dubai property concentration, tenant payment failures, office lease expiries, refinancing at maturity, floating-rate exposure, manager fees and related-party governance. High occupancy does not remove these risks, and an attractive NAV does not establish what a shareholder can realize in the market.

Regional uncertainty is explicitly reflected in the valuation caveat. Future dividends also depend on retained earnings and the ability to pay debts after distribution, not merely on the stated income-distribution objective. This profile does not provide a price target, guaranteed yield or buy/sell recommendation.

Official contacts and refresh dates

As of: 2026-08-31

Use the official corporate contact form for fund or shareholder enquiries. The public corporate phone is +971 4 405 7348. The published address is Level 23, East Entrance, Index Tower, DIFC, PO Box 482015, Dubai, UAE. No personal numbers or guessed email addresses are supplied.

Sources were checked on 31 August 2026. Financial and operating snapshots retain their stated reporting dates; website management details reflect the checking date. Refresh financial sections on new results, ownership and assets on material disclosures, and the announced dividend after its payment date. Check contacts and unresolved corporate changes monthly, and review the whole profile quarterly.

Sources

1. S1 · H1 2026 report and interim financial information · 2026-06-30
2. S2 · FY2025 annual report, corrected presentation · 2025-12-31
3. S3 · Official trading identity · 2026-08-31
4. S4 · Official management and governance · 2026-08-31
5. S5 · Official contact form and address · 2026-08-31
6. S6 · Official results and announcements · 2026-08-31