New Risk • Jun 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jun 30
Full year 2026 earnings released: FFO per share: US$0.05 (vs US$0.045 in FY 2025) Full year 2026 results: FFO per share: US$0.05 (up from US$0.045 in FY 2025). Revenue: US$37.5m (up 1.7% from FY 2025). Funds from operations (FFO): US$12.5m (up 12% from FY 2025). FFO margin: 33% (up from 30% in FY 2025). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 04
Final dividend of US$0.02 announced Dividend of US$0.02 is the same as last year. Ex-date: 7th July 2026 Payment date: 22nd July 2026 Dividend yield will be 8.2%, which is higher than the industry average of 5.4%. Board Change • Jun 04
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 25
ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 24, 2026 ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 24, 2026, at 12:00 Arabian Standard Time. Location: the library, level 3, gate village 2, difc, United Arab Emirates Announcement • May 29
ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 25, 2025 ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 25, 2025, at 12:00 Arabian Standard Time. Location: the academy, lecture room 3 (the library) level 3, gate village 2, difc, United Arab Emirates New Risk • Mar 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Board Change • Mar 06
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 23
Upcoming dividend of US$0.016 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 27 August 2024. Trailing yield: 8.0%. Within top quartile of Emirian dividend payers (7.0%). Higher than average of industry peers (5.2%). Announcement • Jun 27
ENBD REIT (CEIC) PLC, Annual General Meeting, Jul 17, 2024 ENBD REIT (CEIC) PLC, Annual General Meeting, Jul 17, 2024, at 12:00 Arabian Standard Time. Location: the academy, lecture room 3 (the library) level 3, gate village (salt bae building), difc, United Arab Emirates Board Change • Jun 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (US$86.3m market cap). Board Change • May 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 26
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 21
ENBD REIT Announces Executive Changes ENBD REIT has appointed Samir Kazi as its new head of real estate effective December 1, 2023. The appointment concludes the leadership transition initiated with the June 2023 announcement of Anthony Taylor to step down. An industry veteran, Kazi brings with him a wealth of real estate and finance experience including most recently as director of strategy and business development at AW Rostamani Real Estate, where he was responsible for the UAE and international real estate portfolio. Prior to that, he held senior leadership roles at Sedco Holding, Bedrock Real Estate Partners, and Dubai World. Kazi holds a MBA from Warwick Business School and has completed various executive programmes at Harvard and Wharton Business Schools. New Risk • Oct 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$100.0m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (US$100.0m market cap). Board Change • Oct 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Aug 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Aug 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Jul 03
Price target increased by 1,030% to US$4.52 Up from US$0.40, the current price target is provided by 1 analyst. New target price is 1,030% above last closing price of US$0.40. Stock is down 4.8% over the past year. The company posted earnings per share of US$0.086 last year. Board Change • Jul 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jun 02
ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 22, 2023 ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 22, 2023, at 12:00 Arabian Standard Time. Agenda: To receive and approve the audited financial statements of the Fund for the financial year ending 31st March 2023 and the reports of the directors and the auditors thereon; to consider the dividend; to re-appoint Tariq Abdulqader Ibrahim Abdulqader Bin Hendi as director of the Fund; to re-appoint Mark Edward John Creasey as director of the Fund; to re-appoint Khalid Abdulkareem Ismaeil Ali Alfaheem as director of the Fund; to re-appoint Ali Rashid Humaid Almazroei as director of the Fund; to re-appoint Khalid Abdulkareem Ismaeil Ali Alfaheem and Christopher Brian Seymour, and to ratify the appointment of James Robert Cresswell, each as members of the Investment Committee of the Fund until the conclusion of the next annual general meeting of the Fund; to re-appoint Deloitte & Touche (M.E.) as the auditor of the Fund; and to consider the other matters. Reported Earnings • May 30
Full year 2023 earnings released: EPS: US$0.09 (vs US$0.005 loss in FY 2022) Full year 2023 results: EPS: US$0.09 (up from US$0.005 loss in FY 2022). Revenue: US$31.0m (up 14% from FY 2022). Net income: US$21.4m (up US$22.7m from FY 2022). Profit margin: 69% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Mar 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 26
First half 2023 earnings released First half 2023 results: EPS: US$0.04. Revenue: US$15.0m (flat on 1H 2022). Net income: US$10.9m (up US$21.7m from 1H 2022). Profit margin: 73% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Aug 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jul 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 30
Upcoming dividend of US$0.02 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 29 July 2022. Trailing yield: 9.0%. Within top quartile of Emirian dividend payers (5.7%). Higher than average of industry peers (4.6%). Board Change • Jun 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • May 31
ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 21, 2022 ENBD REIT (CEIC) PLC, Annual General Meeting, Jun 21, 2022, at 08:00 Coordinated Universal Time. Agenda: To receive and approve the audited financial statements of the Fund for the financial year ending 31 March 2022 and the reports of the directors and the auditors thereon; to declare a final dividend; to re-appoint Khalid Abdulkareem Ismaeil Ali Alfaheem, Sophie Anita Llewellyn and Christopher Brian Seymour as members of the Investment Committee of the Fund until the conclusion of the next annual general meeting of the Fund; and to consider other matters. Reported Earnings • May 30
Full year 2022 earnings released: US$0.005 loss per share (vs US$0.16 loss in FY 2021) Full year 2022 results: US$0.005 loss per share (up from US$0.16 loss in FY 2021). Revenue: US$27.3m (down 15% from FY 2021). Net loss: US$1.29m (loss narrowed 97% from FY 2021). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • May 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 30
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: US$0.013 FFO loss per share (vs US$0.013 loss in 2Q 2021). Revenue: US$7.45m (down 15% from 2Q 2021). Funds from operations (FFO) loss: US$3.27m (loss narrowed 3.0% from 2Q 2021). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) were also behind analyst estimates. Earnings per share (EPS) were behind analyst estimates. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 18
Price target increased to US$0.49 Up from US$0.40, the current price target is provided by 1 analyst. New target price is 11% above last closing price of US$0.44. Stock is up 47% over the past year. Board Change • Oct 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Mark Edward Creasey was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Jul 27
Price target increased to US$0.49 Up from US$0.40, the current price target is provided by 1 analyst. New target price is 8.9% above last closing price of US$0.45. Stock is up 36% over the past year. Breakeven Date Change • Jul 27
Forecast to breakeven in 2022 The analyst covering ENBD REIT (CEIC) expects the company to break even for the first time. New forecast suggests the company will make a profit of US$3.60m in 2022. Earnings growth of 139% is required to achieve expected profit on schedule. Upcoming Dividend • Jun 30
Upcoming dividend of US$0.018 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 27 July 2021. Trailing yield: 8.5%. Within top quartile of Emirian dividend payers (6.0%). Higher than average of industry peers (4.0%). Breakeven Date Change • Jun 08
Forecast to breakeven in 2022 The analyst covering ENBD REIT (CEIC) expects the company to break even for the first time. New forecast suggests the company will make a profit of US$3.60m in 2022. Earnings growth of 139% is required to achieve expected profit on schedule. Reported Earnings • Jun 08
Full year 2021 earnings released: US$0.16 loss per share (vs US$0.12 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: US$31.9m (down 8.2% from FY 2020). Net loss: US$39.4m (loss widened 34% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 29
Price target increased to US$0.49 Up from US$0.40, the current price target is provided by 1 analyst. New target price is 11% above last closing price of US$0.44. Stock is up 26% over the past year. Price Target Changed • Mar 05
Price target raised to US$0.49 Up from US$0.40, the current price target is provided by 1 analyst. The new target price is 11% above the current share price of US$0.44. As of last close, the stock is up 10.0% over the past year. Price Target Changed • Dec 07
Price target lowered to US$0.40 Down from US$0.59, the current price target is provided by 1 analyst. The new target price is 10% below the current share price of US$0.45. As of last close, the stock is down 11% over the past year. Reported Earnings • Nov 27
Second quarter 2021 earnings released: US$0.013 FFO loss per share The company reported a poor second quarter result with increased losses and weaker control over expenses, although revenues were flat. Second quarter 2021 results: Revenue: US$8.67m (flat on 2Q 2020). Funds from operations (FFO) loss: US$3.37m (loss widened 20% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 110% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. 
