Emirates Reit’s Dubai offices, shops, and schools recorded a 25% increase in rental income during the second quarter as occupancy levels increased, despite a notable overall decline in the commercial property market, reported The National.

The UAE real estate investment trust stated that the income from eight Dubai-based properties increased to $10.6 million in three months until June, which is 28% higher than the income same period last year, during which it recorded $8.2 million.

Emirates Reit added that the total occupancy of their projects rose to 77%, compared to last year’s 67%. That includes Le Grande Community Mall in Dubai Marina, Gems World Academy in Al Barsha South, Office Park commercial building in Dubai Knowledge Village, and three offices in Media City. Meanwhile the occupancy level at their biggest project, the Index Tower, increased by 16.3%, according to Dubai PR Network.

The company however did not witness an increase in the second quarter in its listing at Nasdaq, instead falling by 63%, shedding $9.4 million from last year’s $26 million. This was because its property portfolio didn’t increase in value as fast as last year.

The unrealized revaluation gains on its portfolio of investment properties also decreased by 40%, recording $18.8 million compared to last year’s $ 31.5 million.

It is also notable that the total company debt increased by 6.8% to $274.7 million from last year’s $257.2 million. The financial costs almost doubled in the first half of the year from $2.8 million to $ 4.2 million.