Emirates REIT (CEIC) PLC, managed by Equitativa (Dubai) Limited, posted a strong half-year performance for the period ended 30 June 2025, underpinned by better leasing, deleveraging, and valuation gains.
Financial Performance & Operations
- Property income rose 24 % year‑on‑year on a like-for-like basis, reaching USD 39 million, propelled by a record occupancy rate of 95 % (H1 2024: 91 %) and a 14 % upswing in rental rates.
- Net property income increased to USD 34 million, reinforcing portfolio strength and operational efficiency.
- The fair value of investment properties climbed to USD 1.1 billion, marking a 34 % rise on a like-for-like basis.
Balance Sheet & Capital Structure
- The Loan‑to‑Value (LTV) ratio was halved to 20 %, down from 40 % in H1 2024, thanks to strategic asset disposals and the refinancing of Sukuk II.
- Finance costs fell sharply by 57 % year‑on‑year to USD 12 million, easing pressure on cash flows.
- Funds from operations (FFO) turned positive at USD 7 million, compared to a loss of USD 1.5 million in H1 2024.
- Revaluation gains of USD 177 million propelled total assets to USD 1.2 billion, surpassing H1 2024’s USD 1.1 billion despite property sales.
Investor Returns & Shareholder Value
- Net Asset Value (NAV) surged 57 % year‑on‑year to a historic USD 886 million, or USD 2.78 per share, up from USD 563 million (USD 1.76 per share) in H1 2024.
- A dividend of USD 7 million was declared and paid in H1 2025.
CEO Comment
Thierry Delvaux, CEO of Equitativa Dubai, stated:
“We are pleased to report a successful half-year performance, which demonstrates that our strategy is delivering tangible results for shareholders. These results are underpinned by Equitativa’s careful selection of high-quality assets at acquisition, ensuring that our portfolio comprises some of the UAE’s most sought-after commercial real estate. This positions us strongly to continue delivering sustainable growth and consistent returns for our stakeholders.”
Outlook
With a leaner capital structure, elevated occupancy, and rising rental yields, Emirates REIT is well-positioned to sustain its progressive dividend policy and bolster long-term shareholder value.
