Emirates REIT's Q3 property income growth up 4pc
DUBAI, November 6, 2019
Emirates REIT, the world's largest shari'a-compliant real estate investment trust (REIT), has recorded a four per cent increase in its total property income growth for the third quarter hitting $54.1 million over $52.1 million last year.
A Dubai-based REIT investing principally in income-producing real estate in line with Shari'a principles, Emirates REIT is being managed by Equitativa, a leading regional asset manager.
It currently owns a well-balanced portfolio of 11 assets in the commercial, education and retail sector.
Announcing the results for the period ended September 30, 2019, Equitativa said the property expenses in Emirates REIT for the third quarter fell by 8% YoY to $10.7 million from $11.6 million last year.
The Dubai group's property operating income increased seven per cent YoY to $43.4 million from $40.6 million last year, it stated.
The portfolio value for Emirates REIT stands at $1 billion, said the company.
The property expenses were reduced by eight per cent to $10.7 million and its ebitda grew by seven per cent to $29 million for the period, it added.
According to Equitativa, the net asset value stands at $1.67 per share as of September 30.
Emirates REIT has realised a year to date net profit of $5.9 million for the third quarter, less than the same period of last year, due to revaluation losses influenced by market conditions.-TradeArabia News Service
