Equitativa Dubai Limited has released the financial results for the Emirates REIT for the third quarter of 2025.
The total rental income for the three quarters showed a growth of 22% year-on-year, amounting to $60 million. Additionally, occupancy rates increased to 94%, up from 92% during the same quarter of 2024.
The ratio of debt to asset value declined by 16%, stabilizing at 20% (compared to 36% recorded in the third quarter of 2024). Furthermore, net financing costs decreased by 57%, reaching $17 million, down from $40 million in the third quarter of 2024.
Operating cash flow amounted to $14 million, contrasting with the -$0.5 million reported in the third quarter of 2024, which included the sale of real estate investments.
Revaluation gains reached $171 million, elevating the total asset value to $1.22 billion, surpassing the $1.17 billion noted in the same quarter of 2024, despite asset sales conducted in 2024.
The net asset value achieved an all-time high, growing by 37% year-on-year to $886 million (up from $648 million in the third quarter of 2024), equating to $2.78 per share, compared to $2.03 per share last year.
The asset management team at Equitativa has continued to demonstrate stable operational performance across the Emirates REIT portfolio, with occupancy rates rising to 94% as of September 30, 2025. This improvement reflects persistent demand from tenants across the portfolio and an ongoing focus on proactive asset and lease management.
Net property income settled at $52 million, remaining largely steady year-on-year despite the sale of investment properties in 2024, showcasing the portfolio’s ability to generate consistent income.
Financial Overview
The Emirates REIT has successfully maintained a conservative capital structure during the period, reducing its debt-to-asset ratio to 20% from 36% in the same period last year, which illustrates a proactive approach to debt reduction and disciplined budget management.
Concurrently, with refinancing initiatives and decreased leverage, net financing costs have decreased by 57% year-on-year, reaching $17 million, which supported a rise in operating cash flow to $14 million during the period.
Additionally, revaluation gains were recorded at $171 million during the period.
Terry Delphos, CEO of Equitativa Dubai, remarked, “The ongoing strong performance of the Emirates REIT reflects the resilience of our portfolio and the disciplined execution of our strategies. During the period, we achieved an increase in rental income while significantly lowering financing costs, resulting in a record net asset value of $886 million. At the same time, we have reduced our debt-to-asset ratio to 20%, with net financing costs down by 57% to $17 million, reinforcing the financial position of the fund and positioning us for sustainable growth and attractive returns for our shareholders.”