Equitativa (Dubai) Limited (\u201cEquitativa\u201d), the largest REIT manager in the GCC and manager of Emirates REIT (CEIC) Limited (\u201cEmirates REIT\u201d or the \u201cREIT\u201d), the world\u2019s largest Shari’a compliant Real Estate Investment Trust, today reported Emirates REIT unaudited financial results for the period ending 31 March 2019.<\/p>\n
KEY HIGHLIGHTS<\/p>\n
Portfolio value increased to USD 941 million (AED 3.5 billion), an increase of 8% from Q1-18 (USD 870 million)<\/p>\n
EBITDA stands at USD 8.6 million (AED 31.7 million), an increase of 1.4% from Q1-18 (USD 8.5 million)<\/p>\n
Total Net Asset Value as at 31 March 2019 stands at USD 510 million (AED 1.9 billion), or USD 1.70 per share<\/p>\n
Total Property Income stands at USD 17.9 million (AED 65.7 million), an increase of 8.4% from Q1-18 (USD\u00a016.5\u00a0million)<\/p>\n
Proposed Final Dividend for 2018 of USD 0.04 per share to be distributed by 30 June 2019, bringing the total dividend for 2018 to USD 0.08 per share<\/p>\n
STEADY INCREASE IN PROPERTY INCOME<\/p>\n
Equitativa announced a steady 8.4% increase in Total Property Income to USD 17.9 million (Q1-18 USD 16.5m). Despite the loss of income from DIP school, the active management of Emirates REIT\u2019s portfolio led to a strong increase in Total Property Income which more than compensated for the related reduced income.<\/p>\n
This increase in Total Property Income was led by the organic increase in occupancy in Index Tower and the two acquisitions completed in 2018.<\/p>\n
During Q1 2019, Office Park occupancy increased from 86% to 90% and Index Tower Offices occupancy increased from 47% to 52%.The overall Index Tower annualized rent increased by 38% year-on-year.<\/p>\n
Emirates REIT\u2019s Portfolio Value increased by 8% to USD 941 million, and the Net Asset Value as at 31 March 2019 was USD 510 million, or USD 1.70 per share.<\/p>\n
The absence of valuation gains compared to Q1-18 led to a strong drop in Net Profit from USD 10 million to USD\u00a01.6\u00a0million. However the FFO, which excludes revaluation movements, remains stable at USD 3.3 million.<\/p>\n
FINAL DIVIDEND PAYMENT OF USD 0.04 PER SHARE recommended<\/p>\n
Equitativa recommended the distribution of the Final Dividend for 2018, of USD 0.04 per share, which should be distributed by 30 June 2019.<\/p>\n
Upon approval of the Shareholders during the Annual General Meeting 2019, the shareholders on the register on 13\u00a0June 2019 will be able to benefit from this dividend distribution.<\/p>\n
In total, shareholders will have received a dividend of USD 0.08 per share for the financial year 2018.<\/p>\n
Sylvain Vieujot, Group Chairman of Equitativa said:\u201cEquitativa\u2019s strong active asset management of Emirates REIT\u2019s portfolio and the completion in 2018 of two high yielding acquisitions have ensured the stabilisation of the portfolio in a challenging property market. We continue to maintain and grow occupancy in our main assets. The soft opening of Index Mall in June 2019 and the opening of DIFC\u2019s Gate Avenue are driving strong tenants interest to Index Tower which should contribute to a continued growth of income in 2019\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Equitativa (Dubai) Limited (\u201cEquitativa\u201d), the largest REIT manager in the GCC and manager of Emirates REIT (CEIC) Limited (\u201cEmirates REIT\u201d or the \u201cREIT\u201d), the world\u2019s largest Shari’a compliant Real Estate Investment Trust, today reported Emirates REIT unaudited financial results for the period ending 31 March 2019. KEY HIGHLIGHTS Portfolio value increased to USD 941 million […]<\/p>\n","protected":false},"author":8,"featured_media":11132,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":0,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-11133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n