Emirates REIT: Property Income Up 22%, Finance Costs Down 57%

Equitativa (Dubai) Limited reports Q3 2025 results for Emirates REIT:

FINANCIAL HIGHLIGHTS

> Total property income for the three quarters increased by 22% year-on-year on a like-for-like basis, reaching USD 60m.

> Occupancy increased to 94% (Q3 2024: 92%).

> Finance to Value (LTV) has been reduced by 16% to a stable 20% (Q3 2024: 36%).

> Net Finance costs decreased by 57% to USD 17m (Q3 2024: USD 40m).

> Fund From Operations (FFO) reached USD 14m (Q3 2024: USD -0.5m, inclusive of divested investment properties in FY 2024)

> Revaluation gains of USD 171m bringing total assets value to USD 1.22b, higher than the USD 1.17b in Q3 2024, despite the sale of properties in 2024.

> Net Asset Value reached a historic high with an increase of 37% year-on-year to USD 886m or USD 2.78 per share from USD 648m (USD2.03 per share) in Q3 2024.

OPERATIONS

Equitativa’s asset management team continued to deliver steady operating performance across the Emirates REIT portfolio, with occupancy increasing to 94% as at 30 September 2025. The improvement reflects sustained tenant demand across the portfolio, and the continued focus on proactive asset and lease management.

The net property income closed at USD 52m, remaining broadly stable year-on-year, despite the disposal of investment properties in 2024, and underlining the resilience of the portfolio’s income generation.

FINANCE

Emirates REIT maintained its conservative capital structure during the period, with the Finance-to-Value reduced to 20%, compared to 36% a year earlier. This reduction reflects proactive deleveraging and disciplined balance sheet management.

Combined with refinancing initiatives and a reduced debt profile, net finance costs decreased by 57% year-over-year to USD 17 million, supporting the improvement in Funds From Operations to USD 14 million for the period.

Revaluation gains of USD 171m were recorded during the period.

Commenting on Emirates REIT’s performance, Thierry Delvaux, CEO of Equitativa Dubai, said: “Emirates REIT’s continued strong performance underscores the resilience of our portfolio and the disciplined execution of our strategy. We have delivered higher property income while materially reducing finance costs, with Net Asset Value reaching a record USD 886 million. At the same time, LTV has been reduced to 20% and net finance costs lowered by 57% to USD 17 million, strengthening the REIT’s balance sheet and positioning us well for sustainable growth and attractive returns for our shareholders.”