Emirates REIT (REIT) Q1 2026 earnings summary

Executive summary

• Total property income increased by 10% year-over-year to USD 21.2m, driven by improved rental rates and higher occupancy.

• Net property income rose 16% year-over-year to USD 19m, reflecting lower property operating expenses.

• Operating profit (EBITDA) surged 90% year-over-year to USD 13m.

• Occupancy reached 96%, up from 95% in Q1 2025.

Financial highlights

• Net asset value (NAV) increased 8.7% year-over-year to USD 931m (USD 2.92 per share), a historic high.

• Funds from operations (FFO) rose 6.7x year-over-year to USD 7.3m.

• Net unrealized gain on revaluation dropped 81% year-over-year to USD 27.9m.

• Profit for the quarter declined 77% year-over-year to USD 35.2m, mainly due to lower revaluation gains.

• Earnings per share fell 77% year-over-year to USD 0.110.

Outlook and guidance

• Plans to shift to quarterly dividend distributions, starting with USD 7m in September 2026, subject to approvals.