Equitativa Dubai Limited has announced the financial results of the Emirates REIT for the full fiscal year 2025, ending on December 31, 2025.
The Emirates REIT achieved record results during 2025, driven by focused portfolio management, careful balance sheet control, and positive asset value gains. Several strategic initiatives were successfully implemented in the 2024 fiscal year, including the complete refinancing of the REIT’s sukuk and Islamic financing facilities, which positively impacted the REIT’s cash position and enabled the resumption of semi-annual dividend distributions.
Cash flows from operations reached a remarkable $25 million in 2025, excluding profits from the sale of investment properties in 2024, with the prior fiscal year recording a negative $5 million. The net property income grew by 20% year-over-year and on a like-for-like basis to $71 million, compared to $59 million at the end of the 2024 fiscal year.
The occupancy rate increased to 96%, compared to 94% reported at the end of 2024. The loan-to-value ratio decreased to 20%, down from 24% in the previous fiscal year.
Net financing costs dropped significantly by 61%, down to $19 million, compared to $50 million at the end of 2024.
Revaluation gains amounted to $191 million, raising the total asset value to $1.25 billion, despite the divestment of two investment properties in 2024.
The net asset value increased by 27% year-over-year to $896 million. A total dividend of $14.5 million was distributed during the 2025 fiscal year.
Operational efficiency of the REIT continued to improve in 2025, with an overall 16% reduction in property operating expenses, which totaled $9.7 million.
The REIT greatly benefited from its refinancing strategy, achieving a remarkable 61% decrease in net financing costs to $19.3 million, compared to $49.5 million recorded at the end of the previous fiscal year, following a successful refinancing of its sukuk at significantly lower rates.
In November 2025, the REIT refinanced Islamic financing facilities totaling $50.1 million with Ajman Bank under improved commercial terms, continuing this positive trend. As a result, the loan-to-value ratio fell to 20%, down from 24% in 2024.
Terry Delafortrie, CEO of Equitativa Dubai, stated: “The year 2025 has been exceptional for the REIT, marked by record operational results and an occupancy rate of 96%, alongside strengthened financial management through a substantial reduction in financing costs. Our strong financial performance, coupled with stable cash flow, allowed us to distribute dividends of $14.5 million during the year.”
He added: “We perceive that the current geopolitical landscape has introduced a level of instability in the region overall, while the UAE continues to demonstrate resilience in the commercial real estate sector.”