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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Gold Prices in Dubai fall as Regional Tensions Lessen.\u00a0\u00a0<\/a><\/p>\n