Emirates REIT (REIT) H1 2026 earnings summary

Executive summary

• Achieved strong H1 2026 growth with total property income up 15% to USD 45m and net property income up 20% to USD 40.4m, amid regional geopolitical and economic uncertainty.

• Net asset value rose 7.4% to USD 949.5m, with NAV per share at USD 2.97, a record high.

• Occupancy reached 96%, up 0.54 percentage points year-over-year.

• Indigo 7 asset was sold at a 35% premium to book value for USD 10.1m, strengthening the balance sheet.

• Enhanced shareholder returns with increased dividends and a move to quarterly distributions.

Financial highlights

• Dividends paid totaled USD 13m in June 2026; total FY2025 dividends reached USD 20.5m.

• Total property income rose 15% year-over-year to USD 44.9m; like-for-like growth was 9.6%.

• Funds from operations increased 137% year-over-year to USD 17.1m.

• Net finance cost decreased by 2.1% year-over-year to USD 11.3m.

• Cash and cash equivalents increased 69% to USD 35.5m.

Outlook and guidance

• UAE GDP forecast revised to -0.04% for 2026 due to conflict, but rebound to 5.0% expected in 2027.

• Limited new supply and strong demand in office and education sectors support positive rental and occupancy trends.

• Ongoing quarterly dividend payments and a planned share buyback program are in place.

• Focus remains on disciplined asset management and sustainable shareholder value.