• Year-on-year growth of 15% in Total Property Income to USD 19.7m for Q1 2024 (Q1 2023: USD 17.2m), thanks to the continued increasing occupancy level and improvement in rental rates.
  • Increase of 17% in Net Property Income for Q1 2024 to USD 16.6m compared to USD 14.2m in Q1 2023.
  • Increase of 22% in Operating Profit to USD 12.3m for Q1 2024, up from USD 10.1m in Q1 2023.
  • Total Finance costs increased to USD 13.4m for Q1 2024 from USD 12.8m in Q1 2023, due to higher Sukuk cost, leading to a funds from operations (FFO) figure of negative USD 1.1m, up from negative USD 2.7m in Q1 2023.
  • Unrealized revaluation gain of USD 25.9m in Q1 2024, up from USD 10.3m in Q1 2023, leading to Total Assets reaching USD 1.073bn.
  • Profit of USD 24.8m for Q1 2024, up from USD 7.6m in Q1 2023.
  • Reduction of the financing facilities with a finance-to-value (FTV) ratio of 41%, down by 6.9 percentage points from 48% in Q1 2023.
  • Increase of Net Asset Value by 38% year-on-year to USD 525m from USD 380m in Q1 2023.

Dubai, United Arab Emirates – Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today reported financial results for the quarter ended 31 March 2024 for Emirates REIT.

The Net Asset Value continued to show strong growth, rising by 38% year-on-year to close at USD 525m, which translates to a NAV per share of USD 1.64. Total Assets reached USD 1.073bn, up 17% year-on-year from USD 917m in Q1 2023.

Commenting on Emirates REIT’s performance, Thierry Delvaux, CEO of Equitativa Dubai, said: “I am very pleased with these results that show the continued strong performance of Emirates REIT. It is in-line with the 18-month strategy that we launched in July 2023. Many leases signed during the last COVID-19-driven downturn are now due for renewal, which will continue to feed into the REIT's revenue growth.

We have a lot more work to do this year, and I am optimistic that 2024 will be an excellent and pivotal year for Emirates REIT.”

During the past 12 months, Emirates REIT increased occupancy significantly across its portfolio, while at the same time increasing rental rates.

For further information, including the Q1 2024 Factsheet, please refer to our Investor Relations Page.