Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today reported FY2025 financial results for Emirates REIT for the period ending 31 December 2025.
KEY HIGHLIGHTS
- Funds from Operations, excluding gains from divested investment properties in 2024, reached a record high of USD 25m (FY2024: USD -5m).
- Net property income increased by 20% year-on-year on a like-for-like basis to USD 71m (FY2024: USD 59m).
- Occupancy rose to 96% (FY2024: 94%).
- Finance to Asset Value (LTV) dropped to 20% (FY 2024: 24%).
- Net Finance Costs decreased by 61% to USD 19m (FYE2024: USD 50m).
- Revaluation gains reached USD 191m, lifting total asset value to USD 1.25b, despite the disposal of two investment properties in FY2024.
- Net Asset Value increased 27% year-on-year to USD 896m.
- Dividend of USD 14.5m paid during FY2025.
Focused portfolio management, disciplined balance sheet control and positive valuation gains combined to deliver record-setting results for Emirates REIT. Several significant strategic initiatives completed in FY2024, including the full refinancing of the REIT’s Sukuk II and refinancing of Islamic facilities, delivered a positive impact by improving the REIT’s cash position and enabling the resumption of bi-annual dividend payments.
The REIT returned Funds from Operations of USD 24.9m for FY2025, supported by successful enhancement to the portfolio occupancy, increase of the rental rates and strong demand for high quality commercial property and a substantial reduction in financing costs.
Operational efficiency continued to improve in 2025, with a 16% reduction in property operating expenses to USD 9.7m.
The REIT also benefited significantly from its refinancing strategy. Net finance costs fell sharply by 61% to USD 19.3m (FY2024: USD 49.5m) following the successful refinancing of Sukuk II with a substantially lower coupon rate. In November 2025, the REIT refinanced an existing USD 50.1 million Islamic Financing Facility with Ajman Bank on enhanced commercial terms, continuing this positive trajectory. As a result, the REIT’s Finance to Asset Value ratio declined to 20% from 24% in FY2024.
Thierry Delvaux, CEO of Equitativa, said: “In all, 2025 was an excellent year for Emirates REIT. We have delivered record funds from operations, achieved occupancy levels of 96% and strengthened our balance sheet through significantly lower financing costs. Stronger financials and consistent cash flow have enabled us to deliver dividend distributions of USD 14.5 million to our shareholders during the year. “
“Looking ahead, the current geopolitical environment has introduced heightened uncertainty across the wider region. While the UAE continues to demonstrate resilience within the commercial real estate sector, Emirates REIT remains focused on maintaining a disciplined approach to capital management and portfolio oversight. Equitativa continues to closely monitor developments and assess potential implications for the business and its operating environment,” he added.
