Emirates REIT posts $49.9m nine-month net profit
Value of real estate investment trust’s portfolio has now crossed Dh3b
Dubai: Emirates REIT’S net profit weighed in at $49.9 million (Dh183.28 million) for the first nine months, up 42.2 per cent year-on-year.
In the third quarter alone, earnings stood at $31.6 million. Emirates REIT’s portfolio value has now crossed the Dh3 billion mark, following the acquisition of the European Business Centre at Dubai Investments Park.
Revaluation gains in the first nine months of 2017 were $37.6 million, a 38 per cent increase from the $27.4 million in the same period last year, reflecting an increase in the value of its held properties.
Total occupancy across the portfolio reached 84 per cent as at September 30 and the weighted average unexpired lease term was 7.7 years.
