Dubai, UAE – [Apr 29, 2024] – Emirates REIT, a Dubai-based real estate investment trust, has announced impressive financial results for fiscal year 2023, marking a significant milestone for the company. The highlight? Property income reaching its highest level ever.
“The past year represents a major achievement for Emirates REIT,” said Thierry Delvaux, Chief Executive Officer of Equitativa, Emirates REIT’s manager. “We’ve seen record revenues and positive operating profits, all thanks to a strategic focus on optimizing our asset performance.”
The numbers speak for themselves. Total property income for FY 2023 reached a staggering $74 million, reflecting a 10% year-on-year growth from the previous year. Even excluding the divestment of an investment property, like-for-like growth stands at an even more impressive 13%.
This positive trend extends beyond just income. Net property income also saw a significant rise of 12%, reaching $62 million for FY 2023. Operating profit followed suit, experiencing a healthy 37% increase compared to FY 2022.
Emirates REIT attributes this success in part to strategic leasing decisions made during the COVID-19 crisis. Many leases were signed at lower rates, and as they reach maturity, the company anticipates substantial rental growth across its entire portfolio as these leases are renewed at current market rates.
Looking ahead, Emirates REIT remains optimistic. With a well-diversified portfolio of premium commercial, retail, and educational properties in Dubai, the company is confident it is well-positioned for continued growth. This strong foundation, coupled with a strategic approach to asset management, suggests a bright future for Emirates REIT and its investors.
