{"id":23057,"date":"2016-08-16T18:22:32","date_gmt":"2016-08-16T11:22:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=23057"},"modified":"2016-08-16T16:30:16","modified_gmt":"2016-08-16T09:30:16","slug":"emirates-reit-profit-falls-63-per-cent-on-low-investment-valuations","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-profit-falls-63-per-cent-on-low-investment-valuations\/","title":{"rendered":"Emirates Reit profit falls 63 per cent on low investment valuations"},"content":{"rendered":"


\nProfits 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 the same period a year earlier.For the first half of the year profits fell by just over a quarter to $23.7m from $31.1m.The Nasdaq Dubai quoted real estate trust said that the profits slump had come as a result of a reduction in unrealised revaluation gains on its portfolio of investment properties which fell 40 per cent to $18.8m from US$31.5m.At the same time rental income from Emirates Reit”s offices, shops and schools in Dubai for the first half of the year grew 28 per cent to stand at $20.9m, up from $16.3m a year earlier.”This is a result of the Reit”s strategy which targets under-performing properties and uses its expertise to improve underlying cash generation,” Emirates Reit’ said in a statement. “As the existing properties mature, this trend is expected to continue as previous valuation gains are converted into cash returns.”Total property income from rent, service fees and other income climbed by $4.5m to $23.6 million.Total occupancy levels at the reit’s portfolio of eight Dubai properties, 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, increased to 77 per cent at the end of June from 67 per cent a year ago.The company said that occupancy levels at its recently refurbished Index Tower complex in Dubai increased to 16.3 per cent from being completely empty the previous year.Emirates Reit’ said that the total value of its portfolio grew 7.2 per cent to $721.9m, up from $673.2m a year earlier.At the same time total debt at the company increased 6.8 per cent to $274.7m, up from $257.2m a year ago as the company made additional funds available for new acquisitions. Finance costs nearly doubled, growing to $4.2m from $2.8m.Shares for Reit’ were up 1.08 per cent at $1.1 at 11am on August 16.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Emirates Reit profit falls 63 per cent on low investment valuations<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Profits at the UAE’s only quoted real estate investment trust fell in the second quarter...<\/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-23057","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\/p75ss1-5ZT","jetpack-related-posts":[{"id":23097,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-rising-rent-income-defies-slow-commercial-market\/","url_meta":{"origin":23057,"position":0},"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":11428,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-quarter-profit-rises-at-emirates-reit\/","url_meta":{"origin":23057,"position":1},"title":"First-quarter profit rises at Emirates Reit","date":"April 26, 2016","format":false,"excerpt":"\r First-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\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":23057,"position":2},"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":54093,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-lower-first-quarter-profit\/","url_meta":{"origin":23057,"position":3},"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":32441,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-owner-equitativa-to-build-up-assets-in-abu-dhabi-property-funds\/","url_meta":{"origin":23057,"position":4},"title":"Emirates Reit owner Equitativa to build up assets in Abu Dhabi property funds","date":"October 31, 2016","format":false,"excerpt":"\r The company behind the UAE's first real estate investment trust (Reit) in Dubai is pressing ahead with plans to launch new property funds in Abu Dhabi and looking to expand its model to Saudi Arabia.Equitativa Real Estate, the umbrella company that owns the Reit manager for Nasdaq Dubai-listed Emirates\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":23057,"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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