Net property income increased by 20% year-on-year to USD 40.4m (H1 2025: USD 33.7m).
• Fund expenses decreased by 21% to USD 11.9m.
• Finance to Asset Value (LTV) dropped to 19%.
• Net Finance costs decreased by 2.1% to USD 11.3m.
• Net Asset Value increased 7.4% year-on-year to reach a new record of USD 949m or USD 2.97 per share.
By : Wael Magdy
Equitativa today reported positive financial results for the first half of 2026, with net property income increasing 20% year-on-year to USD 40.4 million for the period ended 30 June 2026.
A continued focus on portfolio management and operational efficiency helped deliver strong results for Emirates REIT, with high occupancy levels, increased property income and reduced expenses despite regional tensions.
The REIT generated Total Property Income of USD 44.9 million in H1 2026, supported by stable occupancy of 96% and an 8.1% rise in rental, fee and other income. Together with significant efficiency gains, including a 16% reduction in property operating expenses to USD 4.6 million this helped deliver funds from operations of USD 17.1 million, an increase of 137% or 2.4x on H1 2025.
Emirates REIT also reduced fund expenses by 21% year-on-year to USD 11.9 million, while net finance costs fell 2.1% to USD 11.3 million. The REIT continued to benefit from the impact of earlier strategic initiatives, including a successful refinancing programme that significantly strengthened the balance sheet through the reduction of debt, achieving a reduction of Finance to Asset Value (LTV) to 19%, down from 20% in H1 2025.
The sale of the Indigo 7 commercial building for AED 37m in June 2026 also strengthened the REIT's cash position.
Net Asset Value increased by 7.4% year-on-year to USD 949m or USD 2.97 per share, setting a new record.
Following the announcement of the new quarterly dividends, Equitativa also announced the declaration of Emirates REIT interim dividend of USD 7 million or USD 0.021933 per ordinary share, to be paid on or before 30 September 2026.
The Interim Dividend will be paid in cash to the shareholders of Emirates REIT on the register as of 23 September 2026 and represents the first dividend payment relating to the financial year 2026, marking an important step in providing shareholders with a more consistent and predictable income stream.
Thierry Delvaux, CEO of Equitativa Dubai, said: “Emirates REIT has made strong progress during the first half of 2026, building on our key strategic and operational initiatives to deliver sustainable value to our stakeholders. The 20% increase in net property income, together with continued high occupancy and lower fund expenses, reflects the strength and resilience of our portfolio and our continued focus on operational efficiency even during a volatile period.”
“We have continued to strengthen the REIT’s financial position, with lower financing costs, a significant increase in cash and a further reduction in finance to asset value. While the wider geopolitical environment remains uncertain, Emirates REIT is well positioned to navigate market uncertainly using the greater flexibility of our strengthened balance sheet to respond to opportunities as they emerge.”
For further information, including the H1 2026 Report, please refer to our Investor Relations Page.
