Emirates REIT Reports Strong H1 2025 Performance With 20% LTV and Record 57% NAV Growth

Real Estate

Emirates REIT Reports Strong H1 2025 Performance With 20% LTV and Record 57% NAV Growth

Equitativa (Dubai) Limited (“Equitativa”), the manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), has announced robust financial results for the first half of 2025, highlighting strong portfolio performance, higher occupancy, and significant balance sheet improvements.

Financial Highlights

Total property income rose by 24% year-on-year to reach USD 39 million.
Portfolio occupancy climbed to 95%, compared to 91% in H1 2024.
Finance-to-Value (LTV) ratio reduced by half to 20%, down from 40% in H1 2024.
Finance costs decreased by 57% to USD 12 million.
Funds from Operations (FFO) turned positive, reaching USD 7 million versus a loss of USD 1.5 million in H1 2024.
Revaluation gains of USD 177 million lifted total asset value to USD 1.2 billion, despite the disposal of two properties in FY2024.
Net Asset Value (NAV) surged 57% year-on-year to a record USD 886 million (USD 2.78 per share).
Dividend payout of USD 7 million was made in H1 2025.

Operational Performance

Equitativa’s asset management strategy boosted occupancy to record levels of 95% and increased rental rates by 14%. This drove net property income to USD 34 million, marking a 24% year-on-year increase on a like-for-like basis. Investment properties were valued at USD 1.1 billion, a 34% rise during the reporting period.

Strengthened Balance Sheet

The sharp reduction in LTV to 20% was driven by strategic asset sales in FY2024 and the refinancing of Sukuk II. This, along with lower financing rates, helped reduce net finance costs significantly. Revaluation gains further reinforced Emirates REIT’s financial position, pushing assets to USD 1.2 billion.

On the back of these results, the REIT maintained its dividend strategy, distributing USD 7 million to shareholders in the first half of 2025.

CEO Statement

Commenting on the results, Thierry Delvaux, CEO of Equitativa Dubai, said:
“We are pleased to report a successful half-year performance, which demonstrates that our strategy is delivering tangible results for shareholders. These results are underpinned by Equitativa’s careful selection of high-quality assets at acquisition, ensuring that our portfolio comprises some of the UAE’s most sought-after commercial real estate. This positions us strongly to continue delivering sustainable growth and consistent returns for our stakeholders.”

With a solid balance sheet, improved cash flow, and strong portfolio fundamentals, Emirates REIT remains well-positioned to pursue its progressive dividend strategy and deliver long-term shareholder value.