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Emirates REIT got itself a 26.7 per cent lift in net profits to $61.5 million against $48.6 million a year ago, while the value of its total assets were up 24.8 per cent to $741.3 million.
The value of its investment property showed a 17 per cent gain, driven in large part by the addition of Jebel Ali School ($30 million, including construction in progress), revaluation gains of $53.3 million (mainly driven by the 10 per cent increase in portfolio occupancy) and the fit-out and leasing of some floors ($14.7 million) in Index Tower at DIFC.
“We have continued to organically grow overall occupancy and leasing rates,” said Sylvain Vieujot, Executive Deputy Chairman of Emirates REIT. “Looking ahead, while we are facing a more volatile and challenging macroeconomic outlook, we remain optimistic of our continued ability to deliver consistent shareholder returns.
“Our focus on delivering top-quality office space for our existing and prospective tenants, the opportunity for ongoing improvements across our assets as well as a well-diversified and high-quality tenant base with an average lease expiry term of 8.5 years allows us to maintain stable income growth through market cycles. “Additionally, our borrowing capability places us in a strong position to capitalise on cyclical market conditions for the execution of our acquisition strategy.”
Meanwhile, liabilities shot up by 67.6 per cent to $271.8 million, caused by an “increase in Islamic financing”, according to a statement.
Source: Staff Report, gulfnews.com