Emirates REIT (REIT) H2 2024 earnings summary

Executive summary

• Total property income reached USD 133m, up 79% year-over-year as of 31 Dec 2024, driven by disposals, higher occupancy, and improved rental rates.

• Net property income increased 96% to USD 122m, with operating profit up 2.2x to USD 99m year-over-year, reflecting strong portfolio performance and cost management.

• Occupancy improved by 8 percentage points to 94%.

• Net asset value rose 42% to USD 708m.

• Portfolio value stood at USD 932m, with significant divestments of Trident Grand Mall and Office Park in 2024.

Financial highlights

• Rental, fee & other income grew 6.5% to USD 79.2m; gain on disposal of investment property was USD 54m.

• Net property income surged 96% to USD 121.7m; operating profit/EBITDA rose 2.2x to USD 98.8m.

• Profit for the year increased 64% to USD 208.5m; earnings per share up 64% to USD 0.653.

• Net unrealized gain on revaluation of investment properties was USD 159.2m, up 20% year-over-year.

• Property operating expenses declined by 6% year-on-year.

Outlook and guidance

• Office and retail markets expected to remain strong due to supply shortages and high demand, supporting rental growth.

• Dubai's population growth and economic expansion projected to drive further demand in education and real estate sectors.

• Portfolio optimization and cost management strategies are expected to continue supporting performance.