Emirates REIT (REIT) Q3 2025 earnings summary

Executive summary

• 9M FFO was $13.5m vs a $0.5m loss; profit was $184.9m, up 25%, including a $171.4m unrealized revaluation gain.

• Like-for-like total property income rose 22% to $60m; occupancy reached 94%, up 1.9 p.p. YoY.

Financial highlights

• 9M rental, fee and other income was $59.6m, down 3.8%; total property income was $59.6m, down 4.4% YoY.

• Net property income was $51.5m, down 3.5%; property operating expenses fell 10% to $8.1m.

• EBITDA was $30.8m, down 22%; fund expenses rose 50% to $20.6m.

• Net finance costs fell 57% to $17.3m from $39.9m YoY.

Key financial ratios and metrics

• NAV rose 37% YoY to $886.1m; NAV per share increased 37% to $2.78.

• Investment properties were valued at $1,106.7m, up 4.6%; total assets reached $1,219.4m, up 3.9%.

• FTV was 20%, down 16 p.p. from 36%; occupancy was 94%, up 1.9 p.p. YoY.

• FFO per share was $0.042 vs negative $0.001; EPS was $0.579, up 25% YoY.