by Amruth Sundarkumar | Apr 28, 2022 | Corporates
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...
by Amruth Sundarkumar | Jun 22, 2021 | High Yield Bonds
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....
by Amruth Sundarkumar | Jun 8, 2021 | High Yield Bonds
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...
by Amruth Sundarkumar | Jun 7, 2021 | High Yield Bonds
Emirates REIT, UAE’s largest sharia-compliant REIT, faces demand from debtholders for greater transparency and governance changes ahead of today’s vote on restructuring plans. The Dubai-based REIT plans to restructure a $400mn sukuk maturing in December 2022, with a...
by bondevalue | May 25, 2021 | Credit Ratings
Dubai-based Emirates REIT’s issuer default rating was downgraded to C from B+ by Fitch following the company’s proposed debt exchange offer to sukuk holders. Fitch also downgraded its senior unsecured sukuk securities, issued via Emirates REIT Sukuk...
