Key Highlights for Q1 2025

• Total property income increased by 24% year-on-year on a like-for-like basis, reaching USD19 million despite the divestment of two properties in 2024.
• Property operating expenses have decreased by 8.4% to USD3 million, driven by further cost optimization initiatives.
• Occupancy increased by 6% to 95%.
• Net property income remained stable at USD16 million, despite the absence of income of the properties divested in 2024, which has been compensated by higher rents and occupancy.
• Sharp Reduction in Finance Costs with Net finance costs decreasing by 57% to USD6 million, thanks to the success of the Sukuk refinancing.
• Revaluation gain of USD149 million leading to the Total Assets reaching USD1.2 billion, higher than the 1.1 billion in Q1 2024, despite the sale of the two properties.
• Finance to Value (FTV) improved significantly to 20% from 41% a year earlier, thanks to reimbursement of loans by USD196 million in 2024.
• Increase of Net Asset Value by +64% year-on-year to USD858 million or USD2.69 per share from USD 525 million (USD1.64 per share) in Q1 2024, setting a new historic record.

Dubai, United Arab Emirates. 30 June 2025 – Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today reported financial results for the quarter ended 31 March 2025 for Emirates REIT.

Total property income was USD 19 million in Q1 2025 growing 24% year-on-year on a like-for-like basis, reflecting the quality of the retained portfolio, even with the REIT having divested two properties from its portfolio – Trident Grand Mall and Office Park – during 2024.

Operational efficiency remained a key driver of performance in Q1 2025, with property operating expenses down 8.4% year-on-year to USD 3 million. Despite the exclusion of income from divested assets, net property income held steady at USD 16 million, underscoring the resilience and income-generating strength of the core portfolio. At the same time, net finance costs declined sharply by 57% to USD 6 million, driven by the successful Sukuk refinancing in late 2024 and reduced financing exposure, directly enhancing earnings and cash flow.

Reflecting the ongoing momentum in the UAE property sector and the enduring strength of Emirates REIT’s high-quality portfolio, the fair value of investment properties rose 14% year-on-year to USD 1.2 billion (AED 4.0 billion) despite strategic asset disposals. This growth was underpinned by unrealised revaluation gains of USD 149 million.

Portfolio fundamentals remained exceptionally strong, with occupancy reaching 95%, supported by a 17% year-on-year increase in commercial and retail rental rates. This performance reflects Dubai’s robust leasing environment and sustained demand for high-quality real estate, reinforcing Emirates REIT’s ability to capture value through active asset management and market positioning.

Commenting on Emirates REIT’s performance, Thierry Delvaux, CEO of Equitativa Dubai, said: “At the start of last year, we made a commitment to our shareholders that our efforts would position Emirates REIT on a path for sustained growth, and these results demonstrate how far we have come in achieving this. By reducing financing costs and maximizing returns across our portfolio, we have achieved a leaner and more efficient capital structure for the REIT that will enable us to deliver sustainable returns. We are confident that 2025 will enable us to fully capitalise on our strong position and clear strategy in a dynamic market.”

Earlier this month, the shareholders of Emirates REIT approved the resolution to distribute a final cash dividend of USD 7 million or USD 0.02 per ordinary share, for the financial year ending on 31 December 2024, as well as authorising the REIT manager to allow the payment of another dividend later in the year.