Digital Assets in Capital Markets

Advanced course on digital assets - assets created using a blockchain/DLT network - designed for finance professionals.

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29 September 2022 (Thursday) | 9am-5pm

Emirates REIT reported a 20.9% YoY rise in its 1H net profits to $61.5mn. Its net property income declined 10.9% YoY to $26.9mn. Excluding the effect of asset disposals in the previous year, the net Property Income grew 19.6% YoY. Occupancy increased by 0.5% in Q2 to 81.9% with the average rental rate across the office portfolio rising 6.5% and for the school portfolio rising 8.7%. Net provision on ECL was mainly driven by a $0.9m charge on the Jebel Ali School as compared to a net reversal of $7.3m booked in 1H 2021. Driven by continued improved valuations, the Investment Property segment recorded a 4.7% YoY increase to $34mn. Unrealized gains on portfolio revaluation for 1H amounted to $57mn. Emirates REIT’s NAV stood at $352.6mn, up 27.3% YoY, amounting to a NAV per share of $1.1. Total asset value rose 6.7% YoY to $911.1mn. Thierry Leleu, CEO of Equitativa said, “With a strong up-tick in occupancy and a focus on property expenses, core net property income grew an impressive 19.6% YoY and 1.5% QoQ excluding the loss on disposal of investment property attributable to the sale of the Jebel Ali School.” In H2 2022, the priority will be the refinancing of the REIT’s USD 400mn Sukuk, marturing in December, and to continue to focus on asset enhancement initiatives.

Emirates REIT’s 5.125% Sukuk due 2022 was trading down 0.2 points at 75.19 cents on the dollar.

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