Key Highlights for H1 2024

• Total property income posted year-on-year growth of 12% to USD 40m in H1 2024, driven by:

– Higher occupancy (90.5%)

– Higher lease rates (+10%)

• Property operating expenses declined 3% year-on-year
• Operating profit increased by 19% year-on-year to reach USD 25m, up from USD 21m in H1 2023
• Rising Sukuk costs continued to negatively impact the REIT’s performance
• Funds From Operations (“FFO”) improved whilst remaining negative at USD 1.5m for H1 2024 (H1 2023: negative USD 3.6m)
• NAV per share grew by 34% year-on-year to USD 1.76, which is an all-time high
• Finance To Value decreased year-on-year 6 p.p. to 40%, its lowest level since 2016
• Value of Investment Properties increased by 18% year-on-year, with total assets reaching USD 1.1bn

Dubai, United Arab Emirates. 27 August 2024 – Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today reported financial results for the half year ended June 30, 2024, for Emirates REIT.

Continue reading EMIRATES REIT REPORTS 19% YEAR ON YEAR INCREASE IN H1 2024 OPERATING PROFIT →