Equitativa reports Emirates REIT strong 1H 2022 results

Equitativa reports Emirates REIT strong 1H 2022 results

KEY HIGHLIGHTS

- Fair Value of Investment Property is up by 4.7% year-on-year, closing at USD 758.6m (AED 2,786.3m).

- Net Asset Value increased by 27.3% year-on-year, closing at USD 352.6m (AED 1,295.0m).

- Occupancy reached 82%, a 12 percentage point increase year-on-year.

- Rental & other income stands at USD 34.4m (AED 126.4m), up 13.7% year-on-year.

- Total Property expenses declined by 7.7% year-on-year to USD 6.0m (AED 22.0m) in 1H 2022.

- Unrealized Revaluation Gain on fair value of investment properties for 1H 2022 amounted to USD 57.0m (AED 209.5m).

- Net Profit for 1H 2022 increased by 20.9% year-on-year to USD 61.5m (AED 225.8m).

- Net Asset Value per share surpassed par value to close at USD 1.10 per share as at June 30, 2022, compared to USD 0.91 per share as at June 30, 2021.

Dubai – Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today reported the 1H 2022 financial results for Emirates REIT. The REIT continued to deliver robust results as the UAE’s stable macro-economic climate drove strong demand for high quality, local commercial real estate. 1H 2022 net profit increased by 20.9% year-on-year to USD 61.5 million.

Emirates REIT recorded a continued improvement in the occupancy