{"id":11428,"date":"2016-04-26T19:20:53","date_gmt":"2016-04-26T12:20:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=11428"},"modified":"2016-04-26T17:48:17","modified_gmt":"2016-04-26T10:48:17","slug":"first-quarter-profit-rises-at-emirates-reit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-quarter-profit-rises-at-emirates-reit\/","title":{"rendered":"First-quarter profit rises at Emirates Reit"},"content":{"rendered":"


\nFirst-quarter profit at the UAE’s only quoted real estate investment trust, Emirates Reit, rose by more than half as the company netted rents from newly refurbished floors at Index Tower and its currently under-construction school in Akoya.In a company filing to Nasdaq Dubai, Emirates Reit reported that net profit for the first three months of this year stood at US$14.3 million – up 57.8 per cent from the $9.1m it reported a year earlier.The trust said that income from renting out its portfolio of offices, shops and schools in Dubai rose by 18.9 per cent to $8.1m, mainly because of new lettings at its Index Tower office block and income from pre-letting its 20,800 square metres Jebel Ali school in Akoya.The company also said it benefited from a 5 per cent year-on-year rental growth across its portfolio of eight properties in Dubai, which includes Le Grande Community Mall in Dubai Marina, Gems World Academy in Al Barsha South, the Office Park commercial building in Knowledge Village, as well as a cluster of three loft offices in Media City.The company said that occupancy across its portfolio stood at 77.4 per cent, up from 66 per cent last year, as it continued to fit out and lease out floors it had acquired at Index Tower.Emirates Reit said that the total value of its portfolio increased over the quarter by 2.8 per cent to $692.2m. It said this was driven by progress made on the Jebel Ali school development and the continued fit-out work at Index Tower. As a result, revaluation gains for the quarter amounted to $12.1m.Finance costs also grew by 64.8 per cent to $2.3m from $1.4m a year ago, after the company increased its borrowings to capitalise on a recent softening in the Dubai market.Emirates Reit said its outstanding debt at the end of the first quarter was $251.5m, representing a debt-to-equity ratio of 34.1 per cent, slightly lower than the same period a year earlier, after the company made $5.9m of principal repayments during the quarter.”During the first quarter we have generated a solid pipeline of tenants and closed new broker agreements to accelerate the rental process going forward,” said Sylvain Vieujot, the Emirates Reit chief executive. “We continue to monitor the market for acquisitions in line with our overall strategy.”Emirates Reit was created in the 2010 trough of the Dubai property market and became the first Sharia-compliant Reit to be incorporated at the Dubai International Financial Centre. Its first purchase was Building 24 in Dubai Internet City.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…First-quarter profit rises at Emirates Reit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

First-quarter profit at the UAE’s only quoted real estate investment trust, Emirates Reit, rose by...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-11428","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2Yk","jetpack-related-posts":[{"id":54093,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-lower-first-quarter-profit\/","url_meta":{"origin":11428,"position":0},"title":"Emirates Reit reports lower first-quarter profit","date":"May 9, 2017","format":false,"excerpt":"\r Net profit at Emirates Reit, the UAE's first listed real estate investment trust, fell by 36.3 per cent in the first three months of this year compared with a year ago because of a slump in valuation gains.According to a company statement on Nasdaq Dubai, net profit for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32409,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-rise-in-profit-from-higher-occupancy\/","url_meta":{"origin":11428,"position":1},"title":"Emirates Reit reports rise in profit from higher occupancy","date":"October 31, 2016","format":false,"excerpt":"\r Third-quarter net profit at Emirates Reit edged up 4 per cent compared with a year earlier as the UAE's only listed real estate investment trust pushed up occupancy levels despite a slowing Dubai office market.Emirates Reit, which owns and operates a portfolio of nine office and school buildings in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23097,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-rising-rent-income-defies-slow-commercial-market\/","url_meta":{"origin":11428,"position":2},"title":"Emirates Reit rising rent income defies slow commercial market","date":"August 16, 2016","format":false,"excerpt":"\r Rental income from the \u00adDubai offices, shops and schools owned by Emirates Reit jumped by more than 25 per cent in the second quarter of the year as occupancy levels rose despite a slowing commercial property market.The UAE's only quoted real estate investment trust reported that the income it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23057,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-profit-falls-63-per-cent-on-low-investment-valuations\/","url_meta":{"origin":11428,"position":3},"title":"Emirates Reit profit falls 63 per cent on low investment valuations","date":"August 16, 2016","format":false,"excerpt":"\r Profits at the UAE's only quoted real estate investment trust fell in the second quarter of 2016 as capital values for Dubai offices slowed.Emirates Reit''s profits for the three months to the end of June fell 63 per cent to US$9.4 million, down from the $26m it made during\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-lower-profit-as-value-of-portfolio-matures\/","url_meta":{"origin":11428,"position":4},"title":"Emirates Reit reports lower profit as value of portfolio matures","date":"February 27, 2017","format":false,"excerpt":"\r Emirates Reit has reported a 22 per cent drop in profit for 2016 to US$47.8m compared with $61.5m a year earlier, mainly because gains in the value of its property portfolio were not as high in 2015.Overall, the company recorded a 22 per cent increase in total income from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5080,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-decides-it-is-time-to-buy-low-as-dubai-market-softens\/","url_meta":{"origin":11428,"position":5},"title":"Emirates Reit decides it is time to buy low as Dubai market softens","date":"February 17, 2016","format":false,"excerpt":"\r \r The UAE's only quoted real estate investment trust, Emirates Reit, has increased its borrowings to capitalise on a softening in the Dubai market this year.The Nasdaq Dubai-listed Emirates Reit said that it had increased its Islamic financing facilities by US$123 million last year in an attempt to buy\u2026","rel":"","context":"In "Property 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