Real Estate

Equitativa (Dubai) Limited ("Equitativa"), the manager of Emirates REIT (CEIC) PLC ("Emirates REIT" or the "REIT"), announced today the full-year financial results for 2024, highlighting record-breaking performance driven by higher property income, increased occupancy, and strategic asset optimization.

Key Financial Highlights:

• Total property income surged by 79% year-on-year to USD 133 million, propelled by gains on disposals, stronger occupancy rates, and improved rental yields.

• Operating profit reached USD 99 million, underpinned by effective cost control and portfolio management.

• Property operating expenses decreased by 6% to USD 11.5 million.

• Total portfolio occupancy climbed to 94%, marking an 8% increase year-on-year.

• Divestments included the sale of Trident Grand Mall for USD 20 million and Office Park for USD 196 million.

• The REIT’s investment property portfolio remained robust, closing at USD 932 million despite asset sales.

• The Financing-to-Value (FTV) ratio improved to 24%, the lowest level since 2014.

• Net Asset Value (NAV) soared by 42% to USD 708 million, with NAV per share rising to USD 2.22.

The successful disposal of selected assets allowed Emirates REIT to fully repay a bilateral bank facility and partially settle Sukuk obligations. This was followed by the refinancing of a new long-term Sukuk at a reduced coupon rate of 7.5%, compared to 11.25% previously, providing a solid foundation for future financial improvements.

On a like-for-like basis, total property income increased by 19% year-on-year, further highlighting the REIT’s strong underlying performance.

Unrealized gains rose to USD 159 million, up from USD 133 million in 2023, pushing the net profit for 2024 to USD 209 million — a 64% year-on-year increase.

Thierry Delvaux, CEO of Equitativa Dubai, commented:
"We are very proud to report a positive set of full-year results that reflect the continued strength of our portfolio, the resilience of our strategy, and the dynamism of the UAE’s property sector, particularly in the commercial space. With a 79% increase in property income, a robust occupancy rate of 94%, and a much-improved FTV of 24%, Emirates REIT continues to deliver through disciplined financial control and focused portfolio management. As the UAE property market continues to develop, Emirates REIT is well placed to drive sustainable growth and generate long-term value for our stakeholders."

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