Dolmen City REIT
By PSX Investors Zone · Updated October 22, 2026
Dolmen City REIT (PSX: DCR) is a listed, perpetual, Shariah-compliant rental real estate investment trust established in January 2015. It provides unit holders with exposure to two commercial properties in Karachi: Dolmen Mall Clifton, a major retail and shopping destination, and The Harbour Front, an office complex. Rental income generated by these properties is distributed to unit holders through dividends, subject to the scheme's results and applicable requirements. For FY2026, PSX's financial summary reports total income of approximately Rs.6.75 billion and profit after taxation of Rs.12.69 billion, including accounting effects that investors should examine in the audited financial statements. The PSX-KMI All Share Islamic Index screening published in May 2026 classified DCR as Shariah-compliant. However, PSX's company page displays a Risk Warning Alert concerning possible suspension or delisting, which investors should verify against current official disclosures.
Overview
Dolmen City REIT (PSX: DCR) is a listed, closed-end, perpetual rental real estate investment trust established under a trust deed dated January 20, 2015. The scheme is managed by Arif Habib Dolmen REIT Management Limited, with Central Depository Company of Pakistan Limited serving as trustee. It operates under the regulatory framework for REITs in Pakistan.
Unlike an ordinary operating company, DCR gives investors exposure to income-generating commercial real estate through listed units. Rental income from its properties is the primary source of recurring operating income, while changes in property valuations can also affect reported accounting results.
Official website: https://www.arifhabibdolmenreit.com/
Official PSX profile: https://dps.psx.com.pk/company/DCR
Business Model and Property Portfolio
DCR's portfolio comprises two principal commercial properties in Karachi:
Dolmen Mall Clifton
Dolmen Mall Clifton is a major retail destination with shops, restaurants, a food court and other retail facilities. Its rental income is influenced by tenant occupancy, lease agreements, customer activity, tenant business performance and prevailing retail-market conditions.
The Harbour Front
The Harbour Front is a commercial office complex that accommodates corporate and multinational tenants. Its rental performance depends on occupancy, lease renewals, rental terms and demand for office space.
The REIT's official website reports a combined leasable area of approximately 800,009 square feet across these properties. Its published property facts also report high occupancy levels, although investors should check the latest property and financial reports for updated figures.
Source: https://www.arifhabibdolmenreit.com/dolmen-city-reit-2-3/
Financial Performance
According to the financial summary displayed on the PSX company profile, DCR reported the following results:
| Financial indicator | FY2026 | FY2025 |
|---|---|---|
| Total income | Rs. 6.751 billion | Rs. 6.055 billion |
| Profit after taxation | Rs. 12.688 billion | Rs. 7.992 billion |
| Earnings per unit (EPS as displayed by PSX) | Rs. 5.70 | Rs. 3.60 |
Source: PSX financial summary. The PSX page notes that standardized financial data may differ from figures in the issuer's original financial statements.
Reported profit after taxation is substantially higher than total income in both years. Investors should therefore avoid treating the entire reported profit as recurring rental earnings. Real estate valuations and other accounting items can materially affect a REIT's reported profit. Review the audited financial statements for rental revenue, operating expenses, fair-value movements, cash flow and distributable income.
Financial source: https://dps.psx.com.pk/company/DCR
Official financial reports: https://www.arifhabibdolmenreit.com/financial-reports/
Shariah Compliance Status
Dolmen City REIT was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index screening published on May 29, 2026, based on accounts to December 31, 2025.
The published screening reported these measures:
| Screening measure | Reported ratio |
|---|---|
| Debt to total assets | 0.00% |
| Non-compliant investments to total assets | 0.00% |
| Non-compliant income to total revenue | 0.00% |
| Illiquid assets to total assets | 98.84% |
| Net liquid assets per unit compared with reference price | -0.62 |
The screening notice reported a purification rate of 0.00% for the period assessed. These figures apply to the specified review and should not be assumed to remain unchanged indefinitely. Investors should check the latest official PSX screening and methodology before relying on this status.
Official screening notice: https://dps.psx.com.pk/download/attachment/277899-1.pdf
Dividends and Distribution Policy
Rental REITs distribute income to unit holders through dividends, subject to available distributable income, applicable requirements and board decisions. DCR has a history of periodic cash distributions.
PSX announcements show that DCR declared a final dividend for FY2026 in July 2026 and an interim cash dividend of Rs. 0.66 per unit on October 8, 2026, for the year ending June 30, 2027. Investors should use the official payout record to confirm entitlement dates, payment status and the total distribution for any selected period.
A dividend announcement is not the same as a guaranteed future payout. Distributions can vary with rental collections, property expenses, cash requirements and board decisions.
Official announcements and payout history: https://dps.psx.com.pk/company/DCR
Important Risk Warning Alert (RWA)
The PSX company page displays a Risk Warning Alert for DCR. The notice states that the company is in continuous violation of Clauses 5.11.1 or 5.11.2 and carries a risk of trading suspension or delisting from the Exchange, subject to PSX terms and conditions.
This alert should be checked against the latest PSX notices before publishing or updating this profile. Its presence should not be interpreted as proof that suspension or delisting has occurred, but it is a material regulatory disclosure that investors should not ignore.
Official PSX profile: https://dps.psx.com.pk/company/DCR
What Investors Should Monitor
Investors researching DCR may wish to assess:
- Rental income: Trends in rent collections, occupancy, tenant retention and lease renewals.
- Property valuation: The effect of independent property valuations and fair-value adjustments on reported profit and net asset value.
- Distribution sustainability: Whether cash generated from operations supports dividends over time.
- Net asset value: The value of the underlying properties and liabilities relative to the market price of DCR units.
- Interest rates and financing: Changes in financing costs and their effects on property values and demand.
- Tenant concentration: Exposure to major tenants, lease expirations and changes in the commercial property market.
- Regulatory status: The current status of the Risk Warning Alert shown on the PSX page.
- Shariah screening: Any new official screening notice or change in applicable criteria.
Frequently Asked Questions
What is Dolmen City REIT's PSX symbol?
Its trading symbol is DCR.
What properties does DCR own or represent?
Its portfolio includes Dolmen Mall Clifton and The Harbour Front in Karachi.
Is Dolmen City REIT Shariah-compliant?
It was classified as compliant in the PSX-KMI All Share Islamic Index screening published May 29, 2026, based on accounts to December 31, 2025. Check the latest official screening for current status.
How does DCR generate income?
Its principal operating income comes from rent earned on its commercial properties. Unit holders may receive distributions from available income under the scheme's terms and applicable requirements.
Does DCR pay dividends?
PSX records show periodic cash distributions, including an interim dividend of Rs. 0.66 per unit announced on October 8, 2026. Future distributions are not guaranteed.
What does the PSX Risk Warning Alert mean?
The PSX page states that specified listing-regulation violations create a risk of suspension or delisting. Investors should check current PSX disclosures for the latest status.
Does Shariah-compliant status mean DCR is risk-free?
No. Shariah screening does not guarantee dividends, unit-price stability, property valuations or freedom from regulatory, market and liquidity risks.
Investor Note
This profile is for educational and research purposes. Financial results, property valuations, distributions, regulatory status and Shariah screening may change. Consult the latest official PSX announcements, scheme reports and screening notices before making an investment decision.
This profile is for educational purposes and is not a recommendation to buy or sell any security.