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ENBD REIT, the Nasdaq Dubai–listed real-estate investment trust, said its funds from operations (FFO) for Q1 2024 was down by 40% quarter-on-quarter (QoQ) to $1.35 million, mainly due to higher provisions.
Net asset value (NAV) stood at $199 million, or $0.80 per share, compared to $194.7 million for the previous quarter, according to the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Limited.
The total value of ENBD REIT’s property portfolio increased by 0.8% to $387 million QoQ.
In August, the REIT was working towards rebalancing its portfolio following the divestment of the Remraam residential assets in Dubai. Proceeds from the sale were deployed to reduce debt, with the loan-to-value (LTV) dropping to 49.4%.
(Writing by Brinda Darasha; editing by Seban Scaria)