{"id":23097,"date":"2016-08-16T18:22:32","date_gmt":"2016-08-16T11:22:32","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-rising-rent-income-defies-slow-commercial-market\/"},"modified":"2016-08-16T21:39:46","modified_gmt":"2016-08-16T14:39:46","slug":"emirates-reit-rising-rent-income-defies-slow-commercial-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-rising-rent-income-defies-slow-commercial-market\/","title":{"rendered":"Emirates Reit rising rent income defies slow commercial market"},"content":{"rendered":"


\nRental 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 received from its portfolio of eight Dubai-based properties rose to US$10.6 million in the three months to the end of June, 28 per cent higher than for the same period a year earlier, when it stood at $8.2m. Emirates Reit said that total occupancy across its portfolio, 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 biggest asset, the Index Tower complex in \u00adDubai increased to 16.3 per cent from being completely empty the previous year.However, second-quarter profit at the Nasdaq Dubai-quoted real estate trust fell 63 per cent to US$9.4 million, down from the $26m it made during the same period a year earlier.Emirates Reit said that this was because its property portfolio had not increased in value as quickly as it did the previous year. Unrealised revaluation gains on its portfolio of investment properties fell 40 per cent to $18.8m from US$31.5m. “This is an indication that the portfolio has shifted from booking valuation gains to booking rental income,” Sylvain Vieujot, the chief executive of the reit manager, told The National in a conference call. “The key reason why you get valuation gains is on the expectation of rental income.”The company reported that the total value of its portfolio at the end of June grew by 7.2 per cent to $721.9m, up from $673.2m a year earlier.At the same time total debt at the company increased by 6.8 per cent to $274.7m, up from 257.2m a year ago as the com\u00adpany made additional funds available for acquisitions. Fin\u00adance costs nearly doubled, growing in the first half of the year to $4.2m from $2.8m.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Emirates Reit rising rent income defies slow commercial market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rental income from the \u00adDubai offices, shops and schools owned by Emirates Reit jumped 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-23097","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\/p75ss1-60x","jetpack-related-posts":[{"id":23057,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-profit-falls-63-per-cent-on-low-investment-valuations\/","url_meta":{"origin":23097,"position":0},"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":11428,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/first-quarter-profit-rises-at-emirates-reit\/","url_meta":{"origin":23097,"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":23097,"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":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":23097,"position":3},"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 News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50073,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-property-portfolio-holds-steady-even-as-dubai-values-fall\/","url_meta":{"origin":23097,"position":4},"title":"Emirates Reit property portfolio holds steady even as Dubai values fall","date":"March 29, 2017","format":false,"excerpt":"\r The value of the Emirates Reit property portfolio remained at US$753 million at the end of February, despite widespread declines in values on the Dubai property market.In a monthly update Emirates Reit, the UAE's first listed real estate investment trust, announced that the portfolio's value remained the same as\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":23097,"position":5},"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 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