Press release Emirates
REIT
g. MANAGED BY EQDITATIVA GROUP
13 June 2023
Equitativa reports healthy Q1 2023 results for Emirates REIT:NAV per share increases to
USD 1.19/share.
KEY HIGHLIGHTS
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•Fair Value of Investment Properties up 5% year-on-year, closing at USD 797m (AED 2.9b) as at March 31, 2023.
•Net Asset Value increased by 21% year-on-year, closing at USD 380m (AED 1.4b), amounting to USD 1.19 per
share
•Occupancy stood at 84%.
•Q1 Total Property Income reached USD 17m (AED 63m).
•Net Unrealized Revaluation Gain on fair value of investment properties amounted to USD 10m (AED 38m) in
Q1.
•Q1 Net Profit amounted to USD 8m (AED 28m).
The REIT delivered net profit of USD 8 million for the first quarter of 2023 (Q1 2022: USD 23 million). A net unrealized
gain on portfolio revaluation of USD 10 million in the current period, compared to USD 20 million for the same period a
year ago, weighed on profitability. This reflects the strong rebound in commercial property valuations in 2022 which is
now beginning to normalize.
Occupancy across Emirate’s REIT’s stood at 84% as of March 31, 2023 as demand for the REIT’s portfolio of high quality
commercial and retail assets remained strong. On a like-for-like basis (excluding Jebel Ali School, sold in May 2022), this
represents a year-on-year increase of 5 percentage points. Overall demand remains supported by the UAE’s robust
economic outlook which has led to a significant increase in new businesses entering or expanding in the country.
As a result, Emirates REIT’s core rental, fee, and other income for the first quarter of 2023 was a healthy USD 17 million,
compared to USD 15 million for the first quarter of 2022 excluding Jebel Ali School, representing a year-on-year
increase of 14%. The Net Property Income closed at USD 14 million, increased from the USD 12 million achieved in Q1
1,1
2022 excluding Jebel Ali School, which is a like-for-like increase of 16%.
The REIT maintained a strong focus on cost optimisation and discipline, resulting in a 5% year-on-year decline in Fund
Expenses to USD 4 million in Q1 2023. This helped the REIT report a 3% year-on-year increase in operating profit to
USD 10 million.
The fair value of the REIT’s portfolio as at 31 March 2023 was USD 797 million, representing a 5% increase year-on-year.
The Net Asset Value increased 21% year-on-year to USD 380 million, equating to USD 1.19 per share.
Commenting on Emirates REIT’s performance, Sylvain Vieujot, Executive Deputy Chairman of Equitativa, said: “Emirates
REIT delivered a healthy set of operational results for the first quarter of 2023, demonstrating the continued strong
demand we’ve seen for our portfolio of high quality commercial and retail real estate assets. Occupancy across our
portfolio continues to increase as robust local economy continues to drive demand for commercial real estate in the
UAE and we remain optimistic that the country’s status as a leading global commercial hub will help unlock various
strategic options for the REIT. We look forward to capitalizing on this momentum and creating further value for all of
EMIRATES REIT (CEIC) PLC I DIFC, INDEX TOWER, LEVEL 23, DUBAI, UAE I PO BOX: 482015 I REIT.AE PAGE 1 OF 2
LICENSED BY DFSAour stakeholders.
Abdullah Al Hashemi is retiring from the Investment Board after 9 years of dedicated service. We deeply appreciated
his continuous support and guidance and I would like to express him all our gratitude.
We are delighted to announce the appointment of Helal Tariq Lootah on the Investment Board.”
For further information, including the Q1 2023 Factsheet, please refer to our Investor Relations Page.
Best regards,
Investor relations
ir@reit.ae
Equitativa (Dubai) Limited
DIFC, Index Tower, Level 23, Dubai, UAE
TEL +971 4 405 REIT (+971 4 405 7348)
WEBSITE www.reit.ae
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Sentiment: positive