Emirates REIT showed recovery signs with Q1 profits of AED 131.5mn ($36mn), as compared to losses of AED 170.1mn ($46mn) in the same period last year. Profits were on the back of a positive revaluation of investment properties and lower operating expenses they said. Net property income fell 11% YoY to $11.7mn but was higher by 2.6% QoQ. Fair value of its investment properties was up 5.5% to AED 2.7bn ($728mn) with Gulf News reporting that there were selective gains in the property market in Dubai especially in the top end. The weighted average lease term was stable QoQ at 9.2 years, and higher than 8.4 years for the same period in 2020. Sylvian Vieujot of Equitativa, Emirates REIT’s fund manager said, “From the end of 2020 we have seen renewed growth in net property income and EBITDA whilst also maintaining a 69% occupancy rate across the REIT’s portfolio”.
Emirates REIT’s USD 5.125% 2022s were down 1.1 points to 75.62 cents on the dollar.
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