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NNAR

Naya Nazimabad Apartment REIT

NNAR · Real Estate Investment Trust · Company only accounts

Share price
Rs 20.53
30 Oct 2026, 4:31 PM PKT
Latest accounts
Sep 2026
Q1 report

Operating performance

Figures from the reports' own text. Only like-for-like series are charted: levels across every report, volumes across full years.

Not enough comparable operating figures to chart yet.

Other reported figures (59) — not charted because they are not like-for-like
FigureLatestPeriodWhy not chartedSource
Commercial land area, Bankers Avenue651.38 marlaJun 2026Unit not recognised
Residential land area, Bankers Avenue1,647.8 marlaJun 2026Unit not recognised
Book building portion oversubscription8 timesJun 2026Unit not recognised
Carrying net asset value per unit14.99 PKRJun 2026Fewer than three full-year figures
Carrying value of inventory property14,792,986 PKR '000Jun 2026Fewer than three full-year figures
Shariah compliance status1 flagJun 2026Unit not recognised
Collection against bookings5,515,380 PKR '000Jun 2026Fewer than three full-year figures
Cumulative sales value of residential and commercial units19.59 PKR billionJun 2026Fewer than three full-year figures
Earnings per unit (basic and diluted)3 PKRJun 2026Fewer than three full-year figures
Finance cost178,294 PKR '000Sept 2026Fewer than three full-year figures
General subscription portion oversubscription4.3 timesJun 2026Unit not recognised
Installment recovery rate85 %Sept 2026Fewer than three comparable periods
Book building oversubscription8 timesSept 2026Unit not recognised
Book building floor price18 PKR per unitSept 2026Fewer than three comparable periods
General subscription oversubscription4.3 timesSept 2026Unit not recognised
Offer for sale as percent of total issued units15 %Sept 2026Fewer than three comparable periods
Offer for sale units44,062,500 unitsSept 2026Fewer than three full-year figures
Retail strike price23 PKR per unitSept 2026Fewer than three comparable periods
Shops in I.T. Tower assessed75 shopsJun 2026Unit not recognised
Area of 76 shops in Lahore commercial plaza12,248.57 sq ftJun 2026Unit not recognised
Commercial plots in Lahore housing society70 plotsJun 2026Unit not recognised
Total plots in Lahore housing society (residential and commercial)203 plotsJun 2026Unit not recognised
Area of residential and commercial plots acquired, Lahore housing society2,442 marlaJun 2026Unit not recognised
Residential plots in Lahore housing society133 plotsJun 2026Unit not recognised
Area of Lahore plots acquired2,442 marlasSept 2026Unit not recognised
Site area COM-355,956 sq yardsSept 2026Unit not recognised
Site area COM-375,394 sq yardsSept 2026Unit not recognised
Site area COM-394,729 sq yardsSept 2026Unit not recognised
Site area COM-416,166 sq yardsSept 2026Unit not recognised
Commercial plots acquired in private housing society Lahore70 plotsSept 2026Unit not recognised
Residential plots acquired in private housing society Lahore146 plotsSept 2026Unit not recognised
Loss per unit basic and diluted0.68 PKRSept 2026Fewer than three full-year figures
Loss per unit2.5 PKRJun 2026Fewer than three full-year figures
Borrowing rate capitalization factor on musharaka finance22 %Sept 2026Fewer than three comparable periods
Musharaka capital share bank42.06 %Sept 2026Fewer than three comparable periods
Musharaka capital share REIT57.94 %Sept 2026Fewer than three comparable periods
Net assets value per unit14.31 PKRSept 2026Fewer than three full-year figures
Net operating loss193.22 PKR millionSept 2026Fewer than three full-year figures
Net operating loss767.5 PKR millionJun 2026Fewer than three full-year figures
Undistributable notional gain adjustment per unit5.51 PKRJun 2026Fewer than three full-year figures
Commercial sites in Peace Apartments7 sitesSept 2026Unit not recognised
Commercial sites under construction4 sitesSept 2026Unit not recognised
Total area of Peace Apartments commercial sites46,597 sq yardsSept 2026Unit not recognised
Towers under construction7 towersSept 2026Unit not recognised
Plots sold from Lahore housing society inventory28 plotsSept 2026Unit not recognised
Profit after tax881.7 PKR millionJun 2026Fewer than three full-year figures
Consideration for 13 residential plots sold155.92 PKR millionJun 2026Fewer than three full-year figures
Residential plots sold from Lahore housing society13 plotsJun 2026Unit not recognised
Revenue from contracts with customers164,735 PKR '000Jun 2026Fewer than three full-year figures
Revenue from contracts with customers329,925 PKR '000Sept 2026Fewer than three full-year figures
Consideration for one shop sold8.82 PKR millionJun 2026Fewer than three full-year figures
Shops/units acquired in Lahore commercial plaza76 unitsSept 2026Fewer than three full-year figures
Area of Lahore shops acquired12,248.57 sq ftSept 2026Unit not recognised
Shops sold from Lahore commercial plaza1 shopsJun 2026Unit not recognised
Total aggregate area of seven commercial sites, Peace Apartments46,597 sq yardsJun 2026Unit not recognised
Total value of inventory booked19,592,053 PKR '000Jun 2026Fewer than three full-year figures
Unit holders' fund at carrying value4,402,290 PKR '000Jun 2026Fewer than three full-year figures
Total units issued293.75 million unitsJun 2026Fewer than three full-year figures
Units issued293,750,000 unitsSept 2026Fewer than three full-year figures

Projects

9 projects, wells and blocks, most recently mentioned first. Stages are as reported; durations between reports are not project timelines.

  • Peace Apartments, Naya Nazimabad Karachi (land and development)Under constructionLast reported Sept 2026 · 3 mentions

    Seven commercial sites over 46,597 sq. yards at Manghopir road; project launched, consisting of commercial spaces and residential apartments; land cost Rs 5,824 million

    View history
    1. Reported in Sept 2026 · Under construction · Rs 5,824 million (land) Seven commercial sites over 46,597 sq. yards at Manghopir road; project launched, consisting of commercial spaces and residential apartments; land cost Rs 5,824 million
    2. Reported in Sept 2026 · Under construction Construction underway on commercial site COM-41 (6,166 sq. yards) within Peace Apartments
    3. Reported in Jun 2026 · Under construction Construction underway on commercial site COM-41 (6,166 sq. yards) within Peace Apartments
  • Peace Apartments - COM-39 tower constructionUnder constructionLast reported Sept 2026 · 2 mentions

    Construction underway on commercial site COM-39 (4,729 sq. yards) within Peace Apartments

    View history
    1. Reported in Sept 2026 · Under construction Construction underway on commercial site COM-39 (4,729 sq. yards) within Peace Apartments
    2. Reported in Jun 2026 · Under construction Construction underway on commercial site COM-39 (4,729 sq. yards) within Peace Apartments
  • Peace Apartments - COM-37 tower constructionUnder constructionLast reported Sept 2026 · 2 mentions

    Construction underway on commercial site COM-37 (5,394 sq. yards) within Peace Apartments

    View history
    1. Reported in Sept 2026 · Under construction Construction underway on commercial site COM-37 (5,394 sq. yards) within Peace Apartments
    2. Reported in Jun 2026 · Under construction Construction underway on commercial site COM-37 (5,394 sq. yards) within Peace Apartments
  • Acquisition of 146 residential and 70 commercial plots, private housing society LahoreCompletedLast reported Sept 2026 · 2 mentions

    Acquired 146 residential plots and 70 commercial plots (2,442 marlas) in a private housing society in Lahore; 28 plots sold and handed over during the period (note 23 states 28 of 216 plots sold)

    View history
    1. Reported in Sept 2026 · Completed · Rs 3,376 million Acquired 146 residential plots and 70 commercial plots (2,442 marlas) in a private housing society in Lahore; 28 plots sold and handed over during the period (note 23 states 28 of 216 plots sold)
    2. Reported in Jun 2026 · Completed · Rs 3,229.397 million Acquired 146 residential plots and 70 commercial plots (2,442 marlas) in a private housing society in Lahore; 13 residential plots sold during the year

Risks

Highlighted by management in the latest report. Severity is a model assessment, not a probability.

  • Operating loss due to revenue recognition timing under IFRS 15 point-in-time method; revenue deferred until control transfers to customers

    Model severitymedium· other· mentioned since Jun 2026

  • Interest rate movements; tightening of monetary policy due to geopolitical developments and rising energy prices

    Model severitymedium· interest rate· mentioned since Jun 2026

  • Customer installment collection risk

    Model severitymedium· credit· mentioned since Jun 2026

  • Financing costs, construction input prices, taxation measures and broader geopolitical uncertainties remain key considerations for the sector

    Model severitymedium· macro· mentioned since Jun 2026

Management view

What management expects, from the Q1 report for Sept 2026

  • Medium to long-term outlook for NNAR remains positive, underpinned by an improving macroeconomic environment and supportive Federal Budget 2026-27 measures. (positive tone)
  • Sustained macroeconomic stability and strengthening investor confidence are expected to enhance the appeal of quality real estate as a long-term investment option. (positive tone)
  • Continued demand for secure, professionally managed developments with verified titles presents further opportunities, particularly among overseas Pakistanis. (positive tone)
  • Revenue from units under development will be recognised upon completion and transfer of control of the respective units to customers. (neutral tone)

Stated targets: Musharaka accrued profit calculated using a tentative rate of return of 22%.; Borrowing cost capitalisation rate of 22%.; Trustee remuneration equal to 0.2% of REIT fund annually.; RMC management fee equal to 1.0% of REIT fund annually.; SECP monitoring fee equal to 0.20% of average REIT fund.

▲ positive · ■ neutral · ▼ negative tone, as assessed by the model.

Read from NNAR's reports; nothing here is a forecast by this dashboard.