Tuesday, July 16, 2024
Today’s News
Tuesday, July 16, 2024
Today’s News

Emirates REIT Records its Highest-Ever Income from Real Estate.

Equitativa (Dubai) Limited, the manager of Emirates REIT (CEIC) PLC, has released the financial results for FY 2023. The REIT saw rapid expansion and record-breaking rental income.

Thierry Delvaux, Chief Executive Officer of Equitativa, commented on Emirates REIT’s 2023 performance, saying: “The past year represents a major milestone for Emirates REIT, with record revenues and positive operating profits built on a strategy based on asset performance optimization.” With a varied portfolio of expertly managed high-end commercial, retail, and educational properties in Dubai, Emirates REIT is in a good position to expand upon its solid growth foundations.

During the COVID crisis, we signed many leases at reduced rates that are now approaching maturity. When those are renewed at the existing rates, this should result in a significant incremental rental increase over the next few years for the overall portfolio.

Property income for the year ended December 31, 2023, totaled $74 million (FY2022: $67 million), an increase of 10% from the previous year. This growth was 13% on a like-for-like basis, excluding the impact of selling an investment property.

In FY 2023, the unrealized gain on the revaluation of investment properties was $133 million (compared to $79 million in FY 2022), which is indicative of the portfolio assets’ good operating performance within a thriving real estate market. The fair value of investment properties grew by 18% year over year to $924 million, primarily due to ongoing appraisal improvements.

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Tuesday, July 16, 2024

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