Emirates REIT (REIT) H1 2025 earnings summary

Executive summary

• NAV reached a record USD 886m, up 57% YoY, or USD 2.78 per share; revaluation gains helped lift total assets to USD 1.224bn despite two property disposals.

• Portfolio occupancy rose to 95% from 91% in H1 2024, supported by asset management and refurbishment initiatives.

• Finance-to-value fell to 20% from 40%, reflecting deleveraging and lower financing costs.

• USD 7m dividend paid in H1 2025; priorities include progressive dividends and considering share buybacks after dividend payments.

Financial highlights

• Like-for-like total property income rose 24% YoY to USD 39.2m; reported total property income was USD 39.2m, down 3.1% YoY.

• Like-for-like net property income increased 24% to USD 34m; reported net property income was USD 33.7m, down 2.0% YoY.

• FFO turned positive at USD 7.2m from a USD 1.5m loss in H1 2024; net finance costs fell 57% to USD 11.5m.

• Profit for the period reached USD 184.6m versus USD 63.5m, including a USD 177.4m net unrealized revaluation gain.

• EBITDA fell 26% to USD 18.8m amid higher fund expenses; a one-off performance fee contributed to a 71% rise in fund expenses.

Outlook and guidance

• Focus remains on active asset management, cost optimization, maximizing returns from existing assets, and a progressive dividend policy.

• Management expressed confidence in paying a second dividend later in 2025, subject to performance.

• Growth strategy emphasizes careful, long-term asset selection and monitoring the market for opportunities.