Dubai Residential REIT is owned by DHAM Investments LLC, which will remain the majority unitholder post-IPO. DHAM Investments LLC is owned by DHAM LLC, which is a subsidiary of Dubai Holding.

Dubai Residential REIT is a pure-play residential REIT, meaning it focuses on residential properties and leasing activities. The portfolio consists of 21 residential communities catering to various demographic segments across four key categories: Premium, Community, Affordable and Corporate Housing.

Dubai Residential REIT’s portfolio covers a diverse range of price points across four key categories: Premium, Community, Affordable and Corporate Housing. The full list of Dubai Residential REIT communities is as follows:

Premium:
• Bluewaters Residences
• City Walk Residences
• Nad Al Sheba Villas

Community:
• Garden View Villas
• Garden Apartments
• The Gardens
• Bayti
• Remraam
• Layan
• Meydan Residences 1
• Meydan Heights
• Dubai Wharf
• Manazel Al Khor
• Ghoroob Square
• Ghoroob
• Shorooq
• Badrah

Affordable:
• Al Khail Gate
• International City

Corporate Housing:
• Nuzul
• Al Quoz

Dubai Residential REIT is under establishment for the purposes of the IPO. The revenue of its wholly-owned subsidiary, Dubai Residential LLC (“Dubai Residential”), has grown at 11.0% CAGR between 2022 and 2024, driven by rising rental rates, catch-up to applicable new lease rate on renewals, and re-rating on churn.
EBITDA margin was 72% during 2024 through revenue expansion, cost, and operating synergies realised from the pooling of the Meydan, Nakheel and Meraas assets. Dubai Residential’s free cash flow conversion has steadily increased from 81% in 2022 to 90% in 2024.
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In terms of the different categories:
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Premium:
• The Premium portfolio contributed c.AED 145 million of revenue in 2024.
• The portfolio has had stable occupancy levels since 2022, despite a slight decline in 2024, mainly on Bluewaters Residences, whose levels have since improved.
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Community:
• The Community portfolio is the largest in terms of revenue, contributing c.AED 855 million in 2024.
• The segment has seen the highest occupancy levels across the portfolio, standing at 99% as of December 2024, due to high demand and high retention rates.
• Its rental revenue per sq. ft. has also grown 18% between 2022 and 2024, while maintaining high occupancy levels.
• There are ongoing refurbishment projects in The Gardens and Garden View Villas since 2022 and 2023.
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Affordable:
• The Affordable portfolio is the second largest in terms of revenue, contributing c.AED 627 million in 2024.
• The segment also benefits from high occupancy levels, standing at 96% as of December 2024, representing a 2% increase since 2022.
• Additionally, there has been a 19.3% growth in rental revenue per sq. ft. between 2022 and 2024.
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Corporate Housing:
• The Corporate Housing portfolio had a revenue contribution of c.AED 82 million in 2024.
• The segment benefits from an over 4% occupancy uplift between 2022 and 2024.

Dubai Residential REIT will use both organic and inorganic strategies to grow the business:

Organic growth:
• Rent optimization
• Operational efficiency
• Asset upgrades

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Inorganic growth:
• Rights of first offer (ROFO) to acquire built to lease assets from Dubai Holding Asset Management
• Acquisition of third-party assets

Dubai Residential REIT distinguishes itself in the Dubai market as a Shariah-compliant, closed-ended investment fund, uniquely aligned with Dubai Holding. This partnership provides exclusive access to premier real estate and development expertise, positioning it for significant organic and inorganic growth. Its strategic rights of first offer on select properties enhance its portfolio expansion opportunities, making it a compelling choice for investors seeking ethical and strategic investment opportunities in Dubai's dynamic real estate market.

Upon listing, Dubai Residential REIT is expected to be the GCC’s first pure-play residential REIT and is expected to be the GCC’s largest listed REIT, with a gross asset value of AED 21.6 billion, almost double the combined GAV of the five largest REITs in the region.

Investors should consider Dubai Residential REIT for its:
• Scale and Leadership: The largest residential REIT in Dubai, with over 35,000 units across diverse segments.
• Resilient Financials: High occupancy rates (97%), steady rental growth, and robust free cash flow generation.
• Growth Potential: Organic rent increases, refurbishment programs, and opportunities for accretive acquisitions.
• Dividend Policy: Clear dividend policy mandated by SCA regulation, offering attractive dividend payouts supported by stable cash flows and prudent capital management.
• Market Position: Strategic alignment with Dubai Holding, leveraging its expertise and access to premier real estate assets.

Dubai Residential REIT will not receive any proceeds from the offering and no transaction costs of the offering will be borne by Dubai Residential REIT. The net proceeds generated by the offering (after selling commissions and discretionary fees are paid) will be received by DHAM Investments LLC, the selling unitholder.

The offering is being conducted, among other reasons, to allow DHAM Investments LLC to sell part of its unitholding, while providing trading liquidity in the units and raising Dubai Residential REIT’s profile within the international investment community.

• Dubai Residential REIT intends to adopt a semi-annual dividend distribution policy, with payments scheduled for April and September each year, starting from September 2025. To comply with UAE law and SCA regulations governing REITs, Dubai Residential REIT must distribute at least 80% of its annual net profits, before fair value adjustments. In line with this requirement, Dubai Residential REIT expects that its 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% of profit for the period before changes in fair value of investment property, in respect of its financial results for the year ending 31 December 2025, subject at all times to Board approval.  In respect of the financial results for the year ending 31 December 2026 and thereafter, Dubai Residential REIT intends to distribute at least 80% of profit for the period before changes in fair value of investment property for each accounting period (subject to Board approval). The robust free cash flow generation, supported by high occupancy rates, stable rental income, and prudent cost management, underpins Dubai Residential REIT’s ability to maintain a sustainable and competitive dividend payout.