Emirates REIT reported a net profit of $63.1mn in FY2021, from a net loss of $242.9mn in 2020. Emirates REIT reported a 59.3% rise in operating profit to $46.6mn in 2021. Net Property Income increased by 7.7% YoY to $56mn as the company noted that it focused on cost optimization.. It said that the successful conclusion of ongoing lease negotiations led to a further increase in its occupancy rate to 81% as at end-March 2022. It reported a net unrealized gain on revaluation of $44.7mn in 2021 compared to a loss of $243.4mn in 2020. The REIT’s portfolio was valued at $762.1mn, a 7.5% YoY increase, and its net asset value (NAV) was at $289.8mn, up 28.3% YoY. The REIT manager also announced the promotion of Thierry Leleu as CEO.
Emirates REIT’s 5.125% sukuk due December 2022 were trading at 81.88.
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