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Emirates REIT posts strong FY2025 results as income rises and leverage drops
Net property income rose to $71 million from $59 million a year earlier, driven by higher rental rates, stronger demand for quality commercial space and improved occupancy
- PUBLISHED: Wed 25 Mar 2026, 6:40 PM
Emirates REIT delivered one of its strongest annual performances to date in 2025, reporting a 20 per cent increase in net property income and a substantial reduction in its finance-to-asset ratio, manager Equitativa said on Tuesday.
Net property income rose to $71 million from $59 million a year earlier, driven by higher rental rates, stronger demand for quality commercial space and improved occupancy, which reached 96 per cent. Funds from Operations surged to $24.9 million, rebounding sharply from a $5 million loss in 2024 after excluding gains from asset disposals.
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A key driver of the improved results was the REIT’s refinancing programme, completed across 2024 and 2025. The restructuring of Sukuk II at a lower coupon, along with the refinancing of Islamic facilities—including a $50.1 million facility with Ajman Bank in late 2025—helped slash net finance costs by 61 per cent to $19.3 million. As a result, the REIT’s finance-to-asset value ratio dropped to 20 per cent, compared with 24 per cent the previous year.
Valuation gains also contributed significantly, with revaluations adding $191 million and lifting total assets to $1.25 billion despite prior disposals. Net asset value rose 27 per cent to $896 million, while shareholders received $14.5 million in dividends over the year.
Thierry Delvaux, CEO of Equitativa, said the results underscored a “record” year for the REIT, citing strengthened financials, disciplined capital management and consistent cash flow. He noted that geopolitical uncertainty remains a factor for 2026 but said the UAE real estate sector continues to show resilience.
Equitativa said it would maintain a cautious outlook while continuing to prioritise portfolio performance and conservative balance sheet management.
