Emirates REIT (REIT) investor relations material

Executive summary

• Achieved strong operational and financial performance in H1 2025, with high occupancy, rental rates, and disciplined cost management supporting a long-term management strategy.

• Net Asset Value (NAV) reached a historic high of $886M, up 57% year-over-year, with NAV per share at $2.78.

• Occupancy improved to 95%, supported by strategic asset management and refurbishment initiatives.

• Finance-to-value ratio reduced to 20% from 40% year-over-year, reflecting significant deleveraging.

• Commitment to paying two dividends per year, with $7M paid in H1 2025, supported by robust financial performance.

Financial highlights

• Total and net property income increased 24% year-over-year on a like-for-like basis, reaching $39.2M.

• Funds from operations (FFO) rose to $7.2M, up from negative $1.5M in H1 2024, driven by lower financing costs.

• Net asset value (NAV) surged 57% to $886M, or $2.78 per share.

• Net finance costs dropped 57% to $11.5M after refinancing and prepayment actions.

• Net unrealized gains on property revaluations increased 2.7 times to $177M, driving profit for the period to $185M (+2.9x year-over-year).

Outlook and guidance

• Confident in paying a second dividend later in the year, subject to business and performance.

• Buyback program approved, to be considered after dividend payout.

• Ongoing focus on disciplined asset growth, value creation, and progressive dividend policy.

• Positioned for sustainable growth and stable returns, supported by robust market fundamentals and a diversified tenant base.

• Market outlook remains positive, with strong demand in commercial, retail, and education sectors expected to persist.