Emirates REIT (REIT) Q1 2025 earnings summary

Executive summary

• Net asset value rose 64% YoY to USD858m, or USD2.69 per share, a new historic record; a USD149m revaluation gain lifted total assets to USD1.2bn.

• Like-for-like property income increased 24% YoY to USD19m despite 2024 divestments; net property income remained broadly stable at USD16.4m.

Financial highlights

• Reported property income was USD19.2m, down 2.5% YoY; property operating expenses fell 8.4% to USD2.8m.

• Operating profit/EBITDA declined 44% to USD6.8m, including fund expenses of USD9.7m versus USD4.3m a year earlier.

• Net finance costs fell 57% to USD5.7m; profit before fair valuation/FFO was USD1.1m versus a USD1.1m loss in Q1 2024.

• USD148.6m net unrealized revaluation gain contributed to profit of USD149.7m, versus USD24.8m in Q1 2024.

Segment performance

• Portfolio occupancy reached 95%, up 6.0 p.p. YoY; Building 24 occupancy rose 29 p.p. to 81%, and Loft Offices 3 rose 28 p.p. to 29%.

• Net lettable area was 168,222 sqm (1.8m sq. ft.), down 19% YoY.

• Higher rents and occupancy offset income lost from two properties divested in 2024, keeping net property income at USD16.4m, down 1.4% YoY.