Dubai Residential Reit · DFM:DUBAIRESI
Dubai Residential Reit — H1 2025 Earnings Presentation
37 slides from Dubai Residential Reit's earnings presentation, August 2025
Slide 1: H1 2025 Earnings Call
H1 2025 EARNINGS CALL AUGUST 2025 1
Slide 2: Disclaimer
DISCLAIMER The information contained herein has been prepared by Dubai Residential REIT ("Dubai Residential") or (the “REIT"). The information contained in this presentation may not have been reviewed or reported on by the REIT's auditors. The REIT relies on information obtained from sources believe
Slide 3: Speakers
SPEAKERS Girish Kumar Ahmed Al Suwaidi Member of the Investment Committee Managing Director Vice President– Finance Ahmed Al Suwaidi is a seasoned real estate executive with over 15 years Girish Kumar is Member of the Investment Committee and of experience in shaping Dubai’s housing landscape and en
Slide 4: Today's Presentation
TODAY’S PRESENTATION • Market Update • Dubai Residential Performance • Update on committed projects • Dividend policy 4
Slide 5: Market Update
MARKET UPDATE 5 12
Slide 6: Superior UAE Macro Fundamentals Driving Continued Economic Outperformance
SUPERIOR UAE MACRO FUNDAMENTALS DRIVING CONTINUED ECONOMIC OUTPERFORMANCE STRONG MACRO OUTPERFORMANCE… … ROBUST DEMOGRAPHIC DYNAMICS … Real GDP Personal Disposable Income(2) Population Growth Large Young Population(4) 76% CAGR % 2018 – 2023 2023 – 2028E 2018 – 2023 2023 – 2028E 2018 – 2023 2023 – 20
Slide 7: Rental Market Performance
RENTAL MARKET PERFORMANCE UPWARD PRESSURE ON RENTS… & AFFORDABILITY MAKING TENANTS STICKY Strong Rental Rate Growth Historically Across Dubai… Renewals Are Increasingly More Affordable Than New Rentals… (Rebased to 100 in 2014) (Average Rental Rate Per Contract in AED / sqft) 18% 16% Q2 21’ – Q2 25’
Slide 8: Healthy Demand & Supply Dynamics in the Medium Term
HEALTHY DEMAND & SUPPLY DYNAMICS IN THE MEDIUM TERM Ambitious Population Target Supported by Historical Growth Trajectory… Leading to Robust Growth in Households to Drive Residential Housing Dubai Population and Share of Expats (m, %) Demand… # of Households (000s) Average Household Size 3.92 3.86 C
Slide 9: Dubai Residential Performance
DUBAI RESIDENTIAL PERFORMANCE 9 30
Slide 10: H1 2025: At a Glance
H1 2025 : AT A GLANCE 35,701 AED 55.5 / sqft / p.a. AED 958m 92.6% Residential 95% Apartments / 5% Villas Average Total FCF 6.2% vs. H1 24 0.6% vs. H1 24 Units(1) Rent / Sqft Revenue Conversion(6) H1 June 2025 H1 June 2025 H1 June 2025 H1 June 2025 21 94% 9.8% c. AED 23.0bn Residential Across 5 Key
Slide 11: Financial Snapshot
FINANCIAL SNAPSHOT Corporate Segments 1 Premium 2 Community 3 Affordable 4 5 Others Total Portfolio Housing Premium developments in Family-friendly gated prime areas and lifestyle Cost-effective housing, Purpose-built properties communities with specialized Retail spaces within the Overview destinat
Slide 12: Robust Cash Generation and Attractive Intended Dividend Policy
ROBUST CASH GENERATION AND ATTRACTIVE INTENDED DIVIDEND POLICY Revenues (AEDm) Robust Top • Revenue growth driven by rising rental rates, ERV catch-up 2,000 1,800 1,600 1,456 1,647 1,793 2,000 1,800 1,600 872 958 on renewal, and re-rating on churn 1,400 Line Growth 1,400 1,200 1,200 1,000 1,000 800
Slide 13: Segment Wise KPIs
SEGMENT WISE KPIs 1 Premium 2 Community 3 Affordable 4 Corporate Housing Occupancy • H1 2025 occupancy levels are higher 97.5% 95.4% 95.8% 98.4% 98.6% 99.0% 99.4% 97.4% 93.3% 96.2% 95.5% 99.0% 92.7% 93.1% 88.0% 99.8% than H1 2024 in almost all segments due to high demand and retention. GLA (000s sqf
Slide 14: Segment Wise Financial Summary
SEGMENT WISE FINANCIAL SUMMARY Total Revenue (AED m) 8.9% 9.8% • Revenue for H1 2025 reached AED 958m, up by 9.8% vs last year 2023 2024 H1 2024 H1 2025 Premium 127.6 144.8 70.9 79.5 • Adjusted EBITDA for H1 2025 has grown by 10.9% Community 813.6 854.8 420.6 454.1 as compared to H1 2024 Affordable
Slide 15: Income Statement
INCOME STATEMENT Higher direct costs Vs H1 2024 are primarily due to Growth 1 AED m 2023 2024 H1 2024A H1 2025A inclusion of Meydan assets and higher variable FM (H1 25 Vs H1 24) and utilities in assets with higher occupancies Revenue 1,647 1,793 872 958 9.8% OPEX is lower than H1 2024 primarily due
Slide 16: Balance Sheet
BALANCE SHEET AED m Dec 24 Jun 25 Investment property based on fair value model. For 1 June 2025, the increase is due to (i) fair value gain of AED 1,297m and (ii) additions to IP of AED 103m Assets Property and equipment 18 18 1 Investment property 21,633 23,033 Cash and bank balances decreased due
Slide 17: EBITDA to FCF Conversion Overview
EBITDA TO FCF CONVERSION OVERVIEW AED m 2023 2024 H1 2024 H1 2025 Revenue 1,647 1,793 872 958 Adjusted EBITDA 1,151 1,296 647 718 (-) Corporate Costs & Management fee (119) (134) (63) (67) EBITDA 1,033 1,162 584 651 Margin (%) 62.7% 64.8% 66.9% 68.0% (-) Depreciation & Amortisation (4) (4) (1) (1) E
Slide 18: Robust Balance Sheet with Flexible & Efficient Financing Structure
ROBUST BALANCE SHEET WITH FLEXIBLE & EFFICIENT FINANCING STRUCTURE Balance Sheet (June-25) x EBITDA (LTM) AED m Drawn Amount LTV ICR Pricing / Rate Maturity (Post-Mgmt Fees) AED 3.7bn Unsecured Revolving Credit Facility 1,600(1) 3M EIBOR(2) + 80bps Nov-29 Total Outstanding Debt 1,600 6.9% 1.3x 14.8x
Slide 19: Overview of Appraisal Valuation
OVERVIEW OF APPRAISAL VALUATION Gross Asset Value Build-up (AED bn) As of 30-Jun-25 Capital Value (AED / sqft) (1) 1,631 696 418 438 941 645 606 Growth of c.6.5% 0.4 1.1 5.8 23.0 21.6 12.2 3.5 Premium Community Affordable Corporate Housing Others H1 2025 Val 2024 Val 31 Dec 24 3.2 11.4 5.4 0.4 1.3 V
Slide 20: Summary of EPRA KPIs
Summary of EPRA KPIs KPI FY 2024 (1) H1 2025 (2) IFRS Earnings (AED m) 2,640 2,541 EPRA Earnings (AED m) 1,094 1,245 EPRA Net Disposal Value (NDV) (AED m) 19,590 21,500 EPRA Net Tangible Assets (NTA) (AED m) 19,568 21,487 EPRA NIY 5.5% 5.6% EPRA "Topped-Up" NIY 5.5% 5.7% Per Unit Data Number of Unit
Slide 21: Update on Committed Projects
UPDATE ON COMMITTED PROJECTS 21
Slide 22: Inorganic Growth: Near- and Medium-Term Committed Projects
INORGANIC GROWTH: NEAR- AND MEDIUM-TERM COMMITTED PROJECTS Garden View Villas Jebel Ali Village Dubai Wharf Acres Dubai Science Park Key Features Key Features Key Features Key Features Key Features • Well designed BTL Townhouses with • A strategic asset optimization initiative: • BTL villas in a pre
Slide 23: Dividend
DIVIDEND 23
Slide 24: Interim Dividend Payout of AED 550mn...
INTERIM DIVIDEND PAYOUT OF AED 550MN... Dubai Residential’s first two dividend payments, which it intends to make in September 2025 and April 2026, in aggregate will total the higher of I. AED 1,100 million, and II. an amount equal to 80 per cent. of profit for the period before changes in fair valu
Slide 25: ...To Be Funded from Retained Earnings, Suggesting Strong Financials
…TO BE FUNDED FROM RETAINED EARNINGS, SUGGESTING STRONG FINANCIALS Dubai Residential delivered strong results in H1 2025, highlighted by significantly improved Funds from Operations (FFO) and Free Cash Financial Impact Flows (FCF) The dividend will be entirely funded from the Dubai Residential’s FFO
Slide 26: Key Takeaways
KEY TAKEAWAYS 26
Slide 27: Key Takeaways
KEY TAKEAWAYS Delivering Strong Growth with Stable Margins High-Occupancy, Diversified Portfolio Fortress Balance Sheet Enables Scalable Growth Clear Pipeline, Long Runway Consistent, Attractive Returns to Investors 27
Slide 28: Q&As
Q&As 28
Slide 29: Thank You
THANK YOU For further enquiries, please contact: ir@dubairesidential.ae
Slide 30: Appendix
APPENDIX 30
Slide 31: Assets Well Positioned in Key Catchment Areas
ASSETS WELL POSITIONED IN KEY CATCHMENT AREAS… Palm Jebel Ali Palm Jumeirah 2 1 Jebel Ali Port Business Dubai Marina Ibn Battuta Mall Bay 7 Dubai Mall Al Jaddaf 4 21 18 Meydan / Nad 5 6 Mall of Emirates Al Sheba 13 DXB Airport 17 11 12 Jebel Ali 20 Al Barsha Mall 10 Dubai Festival Dubai City Mall Hi
Slide 32: Diversified Across All Price Points and Micro-Markets of Dubai
DIVERSIFIED ACROSS ALL PRICE POINTS AND MICRO-MARKETS OF DUBAI Serviced Apartments City Walk Residences at Bluewaters Nad Al Sheba Villas The Gardens Garden View Villas Garden Apartments Layan Badrah 266 98% 119 97% 361 99% 3,864 92% 285 96% 1,533 99% 554 100% 326 98% Ghoroob Dubai Wharf(3) Number o
Slide 33: Diversified Across Product Types and Customer Groups
DIVERSIFIED ACROSS PRODUCT TYPES AND CUSTOMER GROUPS Primarily Multi-Family Units in the Affordable & Community Segments… …Comprised Largely of High Demand Studio – 2 Bed Units (# of units for multi-family apartments) 1% Community 13% 32% 43% 12% 5% 5% 35.7k 42% 28.7k 14% 14% 80% Units Units 53% 57%
Slide 34: Overview of Premium Portfolio
H1 25 Revenue contribution OVERVIEW OF PREMIUM PORTFOLIO 8% Total Units (#) Occupancy Rate The segment has a revenue Total GLA (000s sqft) contribution of AED 79.5m in H1 2025 Vs AED 70.9m in 2,138 2,138 2,138 2,138 H1 2024, a growth of 12.1% Vs last year 800 746 746 800 746 746 97.5% 95.4% 95.8% 98
Slide 35: Overview of Community Portfolio
H1 25 Revenue contribution OVERVIEW OF COMMUNITY PORTFOLIO 47% Total Units (#) Occupancy Rate The segment has a revenue Total GLA (000s sqft) contribution of AED 454.1m in H1 2025 Vs AED 420.9m in 17,345 17,592 17,345 17,592 H1 2024, reflecting an increase of 8.0% Vs last year 13,431 13,649 13,430 1
Slide 36: Overview of Affordable Portfolio
H1 25 Revenue contribution OVERVIEW OF AFFORDABLE PORTFOLIO 35% Total Units (#) Occupancy Rate The segment has a revenue contribution of AED 336.9m Total GLA (000s sqft) in H1 2025 Vs AED 301.9m in H1 2024, reflecting an increase 13,931 13,931 13,931 13,931 120.0% 120.0% of 11.6% Vs last year 16,259
Slide 37: Overview of Corporate Housing Portfolio
H1 25 Revenue contribution OVERVIEW OF CORPORATE HOUSING PORTFOLIO 8% Total Units (#) Occupancy Rate The segment has a revenue contribution of AED 43.9m Total GLA (000s sqft) in H1 2025 Vs AED 38.5m in H1 2024, reflecting an 865 865 865 866 increase of 13.9% vs last 92.7% 93.1% 99.8% 88.0% 100.0% 10
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