SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Emirates REIT reported a 14% YoY rise in its Q1 2022 operating profits to $9.8mn. Its net property income rose 4.4% QoQ to $14.1mn, as the REIT said that it focused on core income growth and cost optimization. Occupancy across the REIT’s portfolio grew by around 9.6% in Q1 to 81.4%. The REIT benefitted by unrealized valuation gains, low finance costs and ECL provisions, with the net profits for the period at $22.8mn. Emirates REIT’s NAV was at $313.5mn, up 8.2% QoQ, amounting to an NAV per share of $1.03. Thierry Leleu, CEO of Equitativa said, “We maintained our strong growth trajectory in the first quarter of the year, building on the positive performance seen in 2021, due to both the UAE’s robust economic performance that is driving demand for commercial real estate and the asset management team’s focus on enhancing the assets’ performance”.

Emirates REIT’s 5.125% sukuk due 2022 was trading stable at 80.5 cents on the dollar.

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