Dubai Residential Reit · DFM:DUBAIRESI
Dubai Residential Reit — FY2025 Earnings Presentation
34 slides from Dubai Residential Reit's earnings presentation, February 2026
Slide 1: Dubai Residential FY 2025 Performance
Dubai Residential FY 2025 Performance February 2026 Strictly Private and Confidential
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: Ahmed Al Suwaidi and Girish Kumar
Ahmed Al Suwaidi Girish Kumar Managing Director Member of the Investment Committee Ahmed Al Suwaidi is a seasoned real estate executive with over 15 years of experience in shaping Dubai’s housing Vice President– Finance landscape and enhancing the city’s global appeal as a premier destination Girish
Slide 4: Agenda
Agenda 1. Market Update 2. FY 2025 Performance 3. Update on committed projects 4. Dividend Policy 4
Slide 5: Market Update
Market Update 5
Slide 6: Dubai: Market Dynamics
Dubai : Market Dynamics Demand Dubai Total Population (000s) Leading to Robust Growth in Households to Drive Residential Housing Demand CAGR 2.0% # of Households (000s) 2.6% Average Household Size 4.3 4.2 25’- 30’ CAGR CAGR 4.9% 5,800 937 879 901 920 On track to 825 853 4,540 4,660 795 c.112k 4,250
Slide 7: Dubai: Market Performance
Dubai : Market Performance Strong Rental Rate Growth Across Dubai… Continued Rental Growth … Driven by Both Apartments and Villas (Rebased to 100 in 2014) (Rebased to 100 in 2014) 160 160 Villas 1.2% Y - o- Y 13.4% 137.0 Apartments 7.0% Y - o- Y 138.3 Q4 22’ – Q4 25’ CAGR 136.7 140 140 New Rentals 1
Slide 8: Rental Market Performance
Rental Market Performance DUBAI DUBAI RESIDENTIAL Renewals continue to dominate the rental market… Rental stickiness providing stability to the portfolio… YTD December 2025 YTD December 2025 % share of actual transacted rental contract for the year 2025 % share of actual transacted rental contract f
Slide 9: FY 2025 Performance
FY 2025 Performance 9
Slide 10: FY 2025 Financial snapshot
FY 2025 Financial snapshot 35,700 95% Apartments AED 56.5 / sqft / p.a. AED 1,953m c. AED 23.5bn Residential / 5% Villas Average Total Gross Asset 6.7% vs FY 2024 9.0% vs FY 2024 8.8% vs Dec 2024 Units(1) Rent / Sqft Revenue Value(7) 21 Across 5 Key 88% AED 1,492 m c. 6.3% Residential Neighbourhoods
Slide 11: FY 2025: At a glance
FY 2025: At a glance 1 2 3 4 Corporate 5 Segments Premium Community Affordable Others Total Portfolio Housing Premium developments Family-friendly gated in prime areas and communities with Cost-effective housing, Purpose-built properties Retail spaces within the Overview lifestyle destinations, spec
Slide 12: Robust Cash Generation and Attractive Intended Dividend Policy
Robust Cash Generation and Attractive Intended Dividend Policy Revenues (AED m) +9% CAGR +9% Robust Top • Revenue growth driven by rising rental rates, ERV catch-up on Line Growth renewal, and re-rating on churn 1,953.5 1,646.9 1,792.8 FY 23 FY 24 FY 25 Adjusted EBITDA(1) (AED m) • Improvement in EB
Slide 13: Segment wise KPIs
Segment wise KPI’s 1 Premium 2 Community 3 Affordable 4 Corporate Housing FY 2025 occupancy levels are higher than Occupancy LY in almost all 97.5% 95.4% 98.4% 98.6% 99.0% 98.3% 93.3% 96.2% 99.1% 92.7% 93.1% 99.5% Rate segments due to high GLA (000s demand and retention. sqft) 2,138 2,138 2,138 17,3
Slide 14: Segment wise Financial Summary
Segment wise Financial Summary 8.9% CAGR 9.0% Revenue Total Revenue (AED m) FY 23 FY 24 FY 25 Revenue for FY 2025 stood at AED 1,953m, up by 9% vs last year. Growth Premium 128 145 165 in revenue is driven by strong occupancy across the portfolio, better Community 814 855 930 retention and stable gr
Slide 15: Income Statement
Income Statement AED m FY 23 FY 24 FY 25 Growth (FY 25 Vs FY 24) 1 Direct costs are lower by ~4.5% Vs LY primarily Revenue 1,647 1,793 1,953 9.0% due to lower FM costs as a result of merger related cost efficiencies in FM and other direct 1 (-) Direct Costs (402) (424) (405) costs 2 (-) OPEX - net (
Slide 16: Balance Sheet
Balance Sheet AED m Dec 24 Dec 25 1.1 Investment property as per JLL’s valuation for 31st Dec 2025 – for more details refer slide 19 Assets Property and equipment 18 17 2. 2 Cash and bank balances decreased due to: 1 Investment property 21,633 23,538 • Repayment of AED 1bn of debt in Feb 2025 • Repa
Slide 17: EBITDA to FCF Conversion
EBITDA to FCF Conversion AED m FY 23 FY 24 FY 25 Revenue 1,647 1,793 1,953 Adjusted EBITDA 1,151 1,296 1,492 (-) Corporate Costs & Management fee (119) (134) (139) EBITDA 1,033 1,162 1,353 Margin (%) 62.7% 64.8% 69.2% (-) Depreciation & Amortisation (4) (4) (2) EBIT 1,029 1,158 1,350 (-) Finance Cos
Slide 18: Financing Structure – Dec 2025
Financing Structure – Dec 2025 AED m Drawn Amount FTV x EBITDA ICR Pricing / Rate Maturity (Post-Mgmt Fees) AED 3.7bn Unsecured Revolving Credit Facility 1,600 3M EIBOR + 80bps Nov-29 Total Financial Debt 1,600 6.8% 1.2x 16.7x Less: Cash -937 Net Financial Debt 663 2.8% 0.5x 18.9x Add: Dividend paym
Slide 19: Overview of Appraisal Valuation
Overview of Appraisal Valuation Gross Asset Value Build-up (AED bn) As of 31-Dec-25 Capital Value (AED / sqft) (1) 1,686 711 420 527 965 659 606 Growth of c 8.8% 0.5 1.1 23.5 5.9 21.6 12.5 3.6 Premium Community Affordable Corporate housing Others 2025 Valuation 2024 Valuation 31 Dec 24 Valuation 3.2
Slide 20: EPRA Measures
EPRA Measures (1) KPI 2024 2025 IFRS Earnings (AED m) 2,640 3,022 EPRA Earnings (AED m) 1,094 1,279 EPRA Net Disposal Value (NDV) (AED m) 19,590 22,047 EPRA Net Tangible Assets (NTA) (AED m) 19,568 22,041 EPRA NIY 5.5% 5.7% EPRA "Topped-Up" NIY 5.5% 5.7% Per Unit Data 2024 2025 Number of Units (m) 1
Slide 21: Update on Committed Projects
Update on Committed Projects 21
Slide 22: Update on Committed Projects
Update on Committed Projects Garden View Villas Jebel Ali Village Key Features Key Features • 56 Additional 4 bed units are developed within the existing upscale • Jebel Ali Village is gated community with built-to lease and built-to-sell townhouses hillside gated community of Garden View Villas wit
Slide 23: Dividend
Dividend 23
Slide 24: FY 2025 Dividend Proposal
FY 2025 Dividend Proposal Dubai Residential REIT Board of Directors is recommending the distribution of cash dividend of AED 550 million ( being 4.2 fils per unit) for the second half of the financial year ended 31 December 2025 to be approved at the upcoming general assembly meeting on March 9, 202
Slide 25: FY 2025 Dividend Proposal
FY 2025 Dividend Proposal Dubai Residential delivered strong results in FY 2025, highlighted by significantly improved Funds from Operations (FFO) and Financial Impact Free Cash Flows (FCF). The dividend will be entirely funded from the Dubai FFO (AED m) FCF (AED m) Revenue (AED m) Residential’s ret
Slide 26: Q&A
Q&A 26
Slide 27: For any further questions please email ir@dubairesidential.ae
For any further questions or inquiries please email us on ir@dubairesidential.ae 27
Slide 28: Appendix
Appendix 28
Slide 29: 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 Nad Al Sheba Villas The Gardens Garden View Villas Garden Apartments Layan Badrah at Bluewaters 266 98% 119 95% 361 99% 3,863 95% 285 96% 1,533 99% 554 100% 326 99% Ghoroob Dubai Wharf(3) Number
Slide 30: Overview of Premium Portfolio
Overview of Premium Portfolio 8% Revenue Contribution Total Units (#) Occupancy Rate (%) Occupancy Stood at 98.4% for FY 2025 GLA (000s sqft) 2,138 2,138 2,138 as compared to 95.4% in FY 2024, primarily due to +3.1% increase in occupancy at 746 746 746 98.4% 97.5% 95.4% Bluewaters (95% for FY 25 Vs
Slide 31: Overview of Community Portfolio
Overview of Community Portfolio 48% Revenue Contribution Occupancy Total Units (#) Occupancy Rate (%) Stood at 98.3% for FY 2025 GLA (000s sqft) 17,345 17,592 17,591 as compared to 99% for FY 2024 primarily due to -0.7% change in absorption of 13,431 13,649 13,646 98.6% 99.0% 98.3% refurbished units
Slide 32: Overview of Affordable Portfolio
Overview of Affordable Portfolio 35% Revenue Contribution Total Units (#) Occupancy Rate (%) Occupancy Stood at 99.1% for FY 2025 as GLA (000s sqft) 13,931 13,931 13,932 compared to 96.2% in FY 2024, primarily due to 3% increase in occupancy at 16,259 16,258 16,258 99.1% 93.3% 96.2% AKG-2 (99.3% in
Slide 33: Overview of Corporate Housing Portfolio
Overview of Corporate Housing Portfolio 5% Revenue Contribution Total Units (#) Occupancy Rate (%) Occupancy Stood at 99.5% for FY 2025 as GLA (000s sqft) 865 865 865 compared to 93.1% in FY 2024, primarily due to Al 7% Quoz New being leased out 5,047 5,048 5,050 99.5% fully 92.7% 93.1% Revenue / Le
Slide 34: Thank you
Thank you puBX RESIDENTIAL REIT
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