Dubai-based real estate investment trust Emirates REIT has reported a profit rise of 20.9% year-on-year, reaching $61.5 million for the first half of 2022.
The REIT highlighted its core net property income, which was up by 19.6%, but that excludes the loss on disposal of Jebel Ali School, which was sold to schools’ operator Taaleem in May after an agreement was reached regarding unpaid rent.
The REIT’s H1 2022 report, showed the school was sold for $63.6 million, a X 1.4 return on investment.
Total asset value reached $911.1 million according to the report, up from $854.9 million in the first half of 2021.
The company also highlighted its net asset value, which was up by 27.3% to reach $253.6 million, with rental and other income up 13.7% YoY to reach $34.4 million.
Occupancy reached 82%, an improvement of 12% on last year.
The REIT’s portfolio value was up by 4.7% to $758.6 million notwithstanding the disposal of Jebel Ali School.
CEO Thierry Leleu said: “With a strong up-tick in occupancy and a focus on property expenses, core net property income grew an impressive 19.6% year-on-year and 1.5% quarter-on-quarter excluding the loss on disposal of investment property attributable to the sale of the Jebel Ali School.”
The REIT’s net profit increased 20.9% YoY to $61.5 million, notably supported by an unrealised gain on portfolio revaluation of $57.0 million over the first six months of the year.
(Writing by Imogen Lillywhite; editing by Seban Scaria)