Emirates REIT’s net income for 1Q 2025 rose to USD 149.7 mn — more than 6x higher than the same period last year — driven by an unrealized valuation gain of USD 148.6 mn, according to a quarterly factsheet (pdf) published by the trust’s manager Equitativa. The increase reflects stronger portfolio valuations despite the loss of income from two asset disposals in 2024.

Total property income held firm at USD 19.2 mn, down just 2.5% y-o-y, as higher rental rates and stronger occupancy helped offset the impact of divestments. Portfolio occupancy climbed to 95%, up 6% y-o-y.

The trust made progress on reducing its leverage position, cutting its financing-to-value ratio to 20%, down from 41% a year earlier, following substantial loan repayments. Net asset value rose 64% y-o-y to USD 857.9 mn, or USD 2.69 per share — a new record for the REIT.

REFRESHER- In 2024, Emirates REIT divested Trident Grand Mall and Office Park, optimizing its capital structure and generating USD 54 mn in net gains. Proceeds from the sales contributed to sukuk repayments, including redemptions of USD 19.3 mn in August and USD 105 mn in October. The REIT issued a new USD 205 mn senior secured sukuk in December to fully refinance its existing facility, supporting its broader deleveraging strategy.

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