Dubai’s real estate investment trust, Emirates REIT, managed by Equitativa (Dubai) Limited, has demonstrated exceptional financial health in its third-quarter 2025 report. The trust announced a substantial 22% year-on-year surge in total property income, reaching $60 million on a like-for-like basis for the first three quarters of the year. This impressive growth was complemented by a remarkable 57% reduction in net finance costs, which plummeted to $17 million from $40 million during the same period in 2024.
The REIT’s portfolio exhibited robust operational performance with occupancy rates climbing to 94%, up from 92% a year earlier. This increase reflects sustained tenant demand across its properties and effective asset management strategies. Despite divesting some investment properties in 2024, net property income remained stable at $52 million, underscoring the portfolio’s income resilience.
Financial stability was significantly enhanced through disciplined balance sheet management. The Loan-to-Value (LTV) ratio was dramatically reduced to a conservative 20%, down from 36% in Q3 2024, representing a 16 percentage point improvement. This deleveraging effort, combined with strategic refinancing initiatives, contributed to the substantial decrease in finance costs.
The trust recorded substantial revaluation gains of $171 million, elevating total assets to $1.22 billion, exceeding the previous year’s $1.17 billion despite property disposals. Most notably, net asset value reached an historic peak of $886 million, representing a 37% year-on-year increase from $648 million in Q3 2024. On a per-share basis, this translated to $2.78 compared to $2.03 previously.
Funds From Operations (FFO) showed remarkable improvement, reaching $14 million compared to negative $0.5 million in the same period last year, which included impacts from divested properties. Thierry Delvaux, CEO of Equitativa Dubai, attributed this strong performance to the resilience of the portfolio and disciplined execution of their strategy, positioning the REIT for sustainable growth and attractive shareholder returns.