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Rent portfolio drives up Emirates Reit revenue

Emirates Reit, the UAE's first regulated Shariah-compliant real estate investment trust listed on Nasdaq Dubai, is now the world's largest publicly listed Shariah-compliant Reit both by total assets and by market capitalisation.

Its total portfolio value was $742 million for the nine-month period ending September 30, 2016 - a year-on-year increase of 13 per cent. Its property income for the nine months increased 22 per cent to $36.3 million.

The net asset value increased to $1.60 per share. As a result of the strong underlying performance in the first nine months of 2016, cash profit increased to $7.8 million (year-on-year increase of 33 per cent).

In the third quarter of 2016, rental income increased 19.7 per cent to $11.4 million. As at September 30, 2016, the total occupancy rate across its portfolio was 80 per cent.

Total assets reached $773 million with a market capitalisation of $333 million.

Sylvain Vieujot, CEO of Emirates REIT Management, said: "Emirates REIT continues to record strong growth in cash flow, which should persist as occupancy increases and the portfolio grows."

- business@khaleejtimes.com