Strong balance sheet at 19% FTV and a record net asset value of US$ 949mn
Equitativa recently reported positive financial results for the first half of 2026, with net property income increasing 20% year-on-year to US$ 40.4mn for the period ended 30 June 2026, the company revealed in a press statement.
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 US$ 44.9mn 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 US$ 4.6mn this helped deliver funds from operations of US$ 17.1mn, an increase of 137% or 2.4x on H1-2025.
Strategic initiatives
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 press note continued.
The sale of the Indigo 7 commercial building for AED 37mn in June 2026 also strengthened the REIT’s cash position. Net Asset Value increased by 7.4% year-on-year to US$ 949m or US$ 2.97 per share, setting a new record.
“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,” explained Thierry Delvaux, CEO, Equitativa Dubai.
