Emirates REIT Reports Profits in 2021, Overturning Prior Year’s Losses
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...
Emirates REIT Turnaround to Profits of $36mn
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....
Emirates REIT Forced To Withdraw Restructuring Proposal
Following news of Emirates REIT facing demand for better governance and transparency from its Ad Hoc Group of debt holders, the REIT’s debt restructuring plan failed to pass as it did not secure the minimum of 75% votes. The debt restructuring proposal was for a...
