Dubai, UAE – Emirates REIT Net profit for the year increased 30 percent to US$82 million, largely driven by net unrealized gain on portfolio revaluation of US$79 million during the year.
Occupancy across Emirates REIT’s portfolio increased to 85 percent as of December 31, 2022, a 13 percentage point increase year-on-year. This translated in an increased core rental, fee, and other income which amounted to US$69 million, up 11 percent compared to the US$62 million recorded in the previous year.
The REIT recorded a 4 percent year-on-year decline in Property Operating Expenses to US$12 million in 2022, supporting a 4 percentage point improvement in Net Property Income Margin to a robust 94 percent.
Consequently, Net Property Income for the period was US$55 million compared to US$56 million in 2021.
Excluding the impact of the one-off gain and loss on the disposal of investment properties, Net Property Income increased 15 percent year-on-year, demonstrating the strong market for the REIT’s core assets.
The fair value of the REIT’s investment properties as of 31st December 2022 was US$785 million, representing a 6 percent increase year-on-year.
The Net Asset Value increased 29 percent year-on-year to US$373 million, equating to US$1.17 per share.
“Emirates REIT has delivered a strong set of operational results for 2022, underpinned by the robust market for premium commercial real estate in Dubai, with the city consolidating its position as a global business hub and a safe haven from growing global economic instability,” Sylvain Vieujot, Executive Deputy Chairman of Equitativa, said. “Our portfolio of premium commercial and education real estate assets continues to generate strong demand, with occupancy across our portfolio increasing to 85 percent by the end of 2022.”