Photo-ZAWYA
In the fiscal year 2023, Emirates REIT, managed by Equitativa (Dubai) Limited, achieved significant milestones and impressive financial results. Operating profit soared by 37% to USD 44 million, while the Net Asset Value (NAV) saw a remarkable growth of 34%, reaching USD 500 million, translating to a NAV per share of USD 1.57. The value of investment properties surged by 18% to USD 924 million, pushing the Total Assets beyond the USD 1 billion mark to USD 1.037 billion. Occupancy across the portfolio increased to 86%, with a notable decrease in Finance To Value by 7.3 percentage points to 43%.
Thierry Delvaux, CEO of Equitativa, highlighted the robust growth achieved by Emirates REIT, attributing it to a strategic focus on asset performance optimization. Despite challenges posed by the COVID-19 crisis, the REIT successfully signed significant leases at lower rates during the pandemic, now poised to capitalize on rental growth as these leases mature. Total property income reached USD 74 million, marking a 10% year-on-year increase, while net property income surged by 12% to USD 62 million.
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Operating profit witnessed a substantial jump of 37%, fueled by strong revenue generation across the portfolio. However, rising benchmark rates and higher Sukuk profit led to a net finance cost of USD 50 million, resulting in a negative Funds From Operations (FFO) of USD 6 million. Nevertheless, the profit for the year surged by 55% to USD 127 million, driven by an unrealized gain on revaluation of investment properties amounting to USD 133 million.
Emirates REIT's operational highlights included a notable increase in occupancy rates across various assets, such as Index Tower, European Business Centre, and Loft Offices. Additionally, leasing activity saw 195 renewals, 108 new leases, and 53 exits, reflecting the REIT's proactive approach to portfolio management.
As a Dubai-based real estate investment trust operating in accordance with Shari'a principles, Emirates REIT plays a pivotal role in the region's real estate landscape. With a diversified portfolio comprising commercial, education, and retail assets, the REIT continues to deliver value for shareholders, tenants, and partners alike.
Founded by Equitativa Group, Emirates REIT benefits from exclusive Ruler's Decrees enabling property acquisitions in onshore Dubai and Ras Al Khaimah. Equitativa Group, a leading regional asset manager, specializes in creating and managing innovative funds, including real estate investment trusts (REITs), catering to institutional and retail investors. As the largest REIT Manager in the Gulf Cooperation Council (GCC), Equitativa is committed to offering risk-adjusted, income-generating financial products that align with investor objectives.
#EmiratesREIT #EquitativaGroup #RealEstateInvestment #FinancialResults #PropertyIncome #AssetManagement #ShariaCompliant #PortfolioGrowth #OccupancyRates #DubaiRealEstate #REITManager #InvestmentGrowth #IncomeGenerating #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn
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