Dubai – Mubasher: Equitativa Group, the manager of Emirates REIT (CEIC) Limited, on Sunday posted Emirates REIT’s financial results for the first nine months of 2018.
The property income of the world’s largest sharia-compliant real estate investment trust grew 19% to a total of $52.1 million for the nine-month period ended September, compared to $43.9 million in the same period a year earlier, Equitativa said in a statement.
The Nasdaq Dubai-listed trust’s EBITDA levelled up 28% year-on-year to $27.1 million during the January-September period of 2018, the largest REIT manager in the GCC added.
“This growth was driven by the REIT's most recent acquisitions in the commercial and education sectors, including the European Business Centre and the Lycée Français Jean Mermoz, as well as the increase of the rental income from commercial lease-up at Index Tower,” the statement highlighted.
Total assets stood at $528.7 million, or $1.76 per share, while the trust’s portfolio registered $914 million from January to September.
“The growth in property income and record high EBITDA highlights our resilient performance in a challenging market. We believe this market presents some attractive buying opportunities and are actively preparing further acquisitions,” group chairman of Equitativa Sylvain Vieujot commented.
Equitativa reported a 27% year-on-year increase in EBITDA for the UAE-based real estate fund in the first six months of 2018, recording $17.8 million.
By 11:55 am UAE time, Emirates REIT’s stock rose 0.21% at AED 0.95.
