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.
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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.
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Kanoo Real Estate will provide access to its diverse portfolio of high-value assets and equipment
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Mazad, a local portfolio company of Bahrain Mumtalakat Holding Company (“Mumtalakat”), is delighted to announce a strategic partnership with Kanoo Real Estate, a subsidiary of the Yusuf bin Ahmed Kanoo Group, one of the region’s leading business conglomerates.
Under this partnership, Kanoo Real Estate will provide Mazad with access to its diverse portfolio of high-value assets and equipment, enhancing Mazad’s asset inventory and solidifying its position as the premier auction destination in Bahrain and the wider Gulf region.
“We are thrilled to be partnering with Kanoo Real Estate, which is a part of the Yusuf Bin Ahmed Kanoo Group, a pioneer in the regional business landscape,” said Talal Alaraifi CEO of Mazad. “Their extensive asset and business portfolio will be invaluable as we continue to grow our network and bring even more exceptional offerings to discerning buyers and investors in Bahrain and beyond.”
This partnership is mutually beneficial, allowing both organizations to leverage each other’s established relationships and industry insights, thereby enhancing the reach, variety, and quality of Mazad’s auctioning services.
Commenting on the occasion, Mr. Talal Fawzi Kanoo, Chairman of Kanoo Real Estate said: “We are thrilled to collaborate with Mazad, to further elevate the auction experience in the Kingdom of Bahrain. Through this partnership with Mazad, who continue to set the standard in the auctioning industry, we aim to enhance the local auction market by offering some of the most sought-after essential assets through an exceptional auctioning platform.”
Meanwhile, Mr. Mohamed Abdulelah Al Kooheji, Chief Executive Officer of Kanoo Real Estate, stated: “We are proud to join forces with Mazad, a renowned pioneer in the auction industry. This strategic partnership allows us to curate an exceptional auction experience, offering top-tier assets to the local market through an innovative and user-friendly auction platform.”
Further details about the specific initiatives and plans under this partnership will be announced in the coming weeks.
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
