Emirates REIT, a sharia-compliant real estate investment trust has posted its 2022 net profit at $82 million.

Its net profit is 30% higher year-on-year (YoY) and was largely driven by net unrealized gain on portfolio revaluation of $79 million during the year.

Rental, fee & other income came in at $69 million, up 11% YoY, as occupancy across portfolio increased to 85% as of December 31, 2022, a 13% rise year-on-year, Equitativa (Dubai) Limited, the manager of the REIT, said in a statement on Tuesday.  

The net asset value (NAV) increased 29% YoY to $373 million, equating to $1.17 per share.

(Writing by Brinda Darasha; editing by Seban Scaria)