Emirates REIT Reports Record $74 Million Property Income
Emirates REIT, a Shariah-compliant real estate investment trust, reported a significant achievement in its financial performance for the year 2023.
2 min
In 2023, Emirates REIT experienced a notable advancement in its financial performance, with property income reaching a new high of $74 million, marking a 10% increase from the previous year.
The REIT announced a 10% increase in its total property income, reaching a record $74 million. This growth is notable, especially when considering like-for-like comparisons, where the growth rate was an impressive 13% after excluding divested assets.
Record Growth and Asset Expansion
The fiscal year 2023 was a landmark for Emirates REIT, with net operating profits surging by 37% to $44 million and net profits growing by 55% to $127 million from the previous year.
This robust financial performance is attributed to an 18% increase in the fair value of its investment property portfolio, which now stands at $924 million. Moreover, the REIT’s total assets crossed the billion-dollar mark, hitting almost $1.04 billion, with a net asset value increase of 34% year-on-year, resulting in a NAV per share of $1.57.
Thierry Delvaux, CEO of Equitativa, highlighted the strategic optimization of asset performance as a key driver of these results. The diversified portfolio includes premium commercial, retail, and educational assets in Dubai, all showing positive trends. Occupancy rates in these properties increased to 86%, with passing rental rates rising by 10% to AED 1,809 per square meter. Notably, the Index Tower in the Dubai International Financial Centre maintained an 88% occupancy rate and saw an 11% increase in passing rents.
Delvaux praised the asset management team for their efficiency improvements across the portfolio, which he credited for delivering substantial value to shareholders, tenants, and partners.
Launched in 2010, Emirates REIT stands as the UAE’s first Shariah-compliant REIT and is listed on Nasdaq Dubai.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The Ultra-Luxury Development Offers Comfort, Privacy, and Personalized Service
< 1 min
UAE real estate developer, Palace Group, has unveiled its latest ultra-luxury residential project in the heart of Downtown Dubai. Situated on Dubai Gardens Main Road, next to Eden House, this new development promises comfort, privacy, luxury, and personalized service.
The project, designed by John McAslan + Partners, the award-winning architects behind the Nobu Residences, will feature 70 apartments and penthouses. Each residence will boast luxurious interiors, top-of-the-line fixtures, and high-quality fittings, with private balconies offering breathtaking views of Dubai’s skyline, ensuring a unique and personalized living experience.
Residents will have access to an array of upscale amenities focused on providing a luxurious lifestyle. Highlights include a spa, a high-end fitness facility, and a business center. Family-friendly amenities such as a kids’ club and play areas are also available.
Palace Group aims to support a resplendent urban lifestyle by offering a comprehensive array of services to meet the diverse needs of its residents, making it the ultimate sanctuary for executives and families alike. The project’s strategic location provides convenient access to major business hubs, world-class dining, shopping, and entertainment options, facilitating a perfect balance between work and leisure.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
