By Staff writer
Firm says it is now the largest listed Sharia-compliant REIT in the world
Nasdaq Dubai-listed Emirates REIT said rental income rose by 19.7 percent to $11.4 million (AED41.84 million) in the third quarter of 2016 compared with $9.5 million (AED34.86 million) in the same period last year.
The unaudited results, released on Monday, said total property income for nine months of 2016 increased by 22 percent to $36.3 million (AED133.22 million) as against $29.8 million (AED109.45 million) for the same period in 2015.
The firm's total portfolio value registered a year-on-year gain of 13 percent to $742 million (AED2.73 billion), while cash profit rose 33 percent to $7.8 million (AED28.65 million).
Occupancy rates across its portfolio stood at 80 percent as of September 30, the company said.
Total debt at the end of the quarter was $269 million (AED 988million), translating into a loan to value (LTV) ratio of 35 percent.
Emirates REIT claimed it was the largest publicly-listed Sharia compliant REIT in the world by total assets and market capitalisation, replacing Sabana Sharia Compliant Industrial Real Estate Investment Trust from Singapore. Its total assets reached $773 million (AED2.84 billion) with a market capitalisation of $333 million (AED1.22 billion).
“Emirates REIT continues to record strong growth in cash flow, which should persist as occupancy increases and the portfolio grows. Becoming the largest listed Sharia compliant REIT in the world is an important milestone as it will increase our international exposure and strengthen our growth and liquidity,” said Sylvain Vieujot, CEO, Emirates REIT Management.
The company also said it has secured a $54 million (AED197 million) Islamic finance facility with Noor Bank.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.