Dubai - Mubasher: Emirates REIT on Wednesday stated that its net profits grew 42.2% year-on-year to $49.9 million in the first nine months of 2017.
Emirates REIT’s portfolio value crossed the AED 3 billion ($817 million) mark during the first three quarters, after rising by 13.9% to reach $844.6 million compared to $741.6 million in the same period of 2016, according to a statement.
Meanwhile, the real estate investment trust’s (REIT) net asset value (NAV) increased to $1.73 per share or $519.4 million from $1.60 per share or $480.7 million in the first nine months of 2016.
Moreover, revaluation gains by the world’s largest Sharia-compliant REIT increased 38% to $37.6 million in the first nine months of 2017, compared to $27.4 million in the same period of 2016.
During the first three quarters of 2017, the REIT was able to convert most of its rental incomes to funds from operations (FFO) which resulted in increasing the FFO by 58% year-on-year to $12.3 million from $7.8 million.
At the level of the third quarter of 2017, Emirates REIT’s net profit surged 178.8% reaching up to $36.1 million from $11.3 million in Q3-16, according to the statement.
In August 2017, Emirates REIT acquired European Business Centre in Dubai Investment Park at $35.4 million.
Sylvain Vieujot, CEO of Equitativa Dubai, the REIT Manager, said that the positive results achieved “are a true testament to the strong fundamentals of the prime assets we own.”
He added that the European Business Centre helped the REIT’s portfolio pass the AED 3 billion mark.
The REIT is set to hold an extraordinary general meeting (EGM) on 23 November 2017 to tackle its proposal of issuing sukuk trust certificates and their structure.
Emirates REIT is managed by Equitativa (Dubai) Limited.
