Equitativa reports robust 9M 2022 for Emirates REIT results with net profit up 39.9% year-on-year

Equitativa reports robust 9M 2022 for Emirates REIT results with net profit up 39.9% year-on-year

- Fair Value of Investment Property up 5.9% year-on-year, closing at USD 766.3m (AED 2,814.6m) at as September 30, 2022

- Net Asset Value increased by 30.5% year-on-year, closing at USD 359.7m (AED 1,321.2m)

- Occupancy reached 82%, a 13.6 percentage point increase year-on-year(1)

- Rental & other income stands at USD 51.7m (AED 189.8m), up 13.2% year-on-year

- Total Property expenses declined by 4.8% year-on-year to USD 9.2m (AED 33.8m)

- Unrealized Revaluation Gain on fair value of investment properties amounted to USD 61.5m (AED 225.9m)

- Net Profit increased by 39.9% year-on-year to USD 69.0m (AED 253.4m)

- Net Asset Value per share surpassed par value to close at USD 1.13 per share as at September 30, 2022, compared to USD 0.91 per share as at September 30, 2021

Dubai – Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today reported the 9M 2022 financial results for Emirates REIT. The REIT delivered another strong set of results buoyed by Dubai’s thriving commercial real estate market, a stable economic environment in the UAE, and positive regulatory reforms that continue to attract new businesses to the country. 9M 2022 net profit increased 39.9% year-on-year to USD 69.0 million, driven by an