Equitativa, manager of Nasdaq-listed Emirates REIT – the world’s largest shariah-compliant REIT – made the announcement on the back of its first half results for 2019, which saw a rise of 9.1% in its net property income, compared to the same period in 2018.
According to the announcement, there was an increase of 13.5% in EBITDA for the same period, despite challenging market conditions and a profit of more than AED 4mn for the period, despite market revaluation of real assets, breaking the trend in the sector. Emirates REIT’s fund expenses saw a decrease of 5%, improvements in receivables, and the occupancy rate remained stable at 75%, according to the first half financial results.
Commenting on the developments, Sylvain Vieujot, CEO of Equitativa Dubai, said, “Our portfolio enjoys a stable occupancy due to our active management and the quality of the assets. We are now in an active acquisition mode and are considering a number of transactions that will boost Funds from Operations (FFO), which remained stable for the period.”
Deepa Rajan wanted to be a lawyer, so she became a journalist. As a sub-editor her favourite thing to do was rewrite copies. Now, a 15-plus-years career later, she spends time rewriting her own copies. Deepa loves the Oxford comma and binge-watching shows when not serving as a “Tell Me Why” encyclopaedia to her 5-year-old. Write to Deepa at: [email protected]