by Amruth Sundarkumar | Dec 16, 2022 | Corporates, Credit Ratings
Emirates REIT was first downgraded to RD (Restricted Default), then upgraded to CCC+, post which its ratings were withdrawn by Fitch. The downgrade was on account of Fitch considering the latest sukuk refinancing as a distressed debt exchange (DDE). The subsequent...
by Amruth Sundarkumar | Dec 15, 2022 | High Yield Bonds
Emirates REIT announced the successful completion of a $380mn Sukuk issuance to refinance its $400mn 5.125% sukuk due December 2022. More than 88% of the existing holder participated in the consent solicitation, with more than 99% voting in favor of the refinancing....
by Amruth Sundarkumar | Nov 15, 2022 | High Yield Bonds
Emirates REIT launched a consent solicitation to refinance its $400mn 5.125% unsecured sukuk due December 2022 with new secured certificates. It received support for the consent solicitation from an ad hoc group of eligible sukuk holders holding over 30% of the...
by Amruth Sundarkumar | Aug 11, 2022 | Corporates
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...
by Amruth Sundarkumar | May 27, 2022 | High Yield Bonds
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%...
