Dubai – Mubasher: Equitativa, the manager of Emirates REIT (CEIC) Limited, has reported a 27% year-on-year increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the UAE-based real estate fund in the first six months of 2018, recording $17.8 million.
Emirates REIT (CEIC)’s property income grew 20% to $33.8 million in H1-18, while property expenses dropped 20% in the same period, according to a company statement.
"These results reflect the highest quarterly EBITDA growth on record to date for Emirates REIT. It is the result of robust property income and continuous optimisation of our operating costs,” group chairman of Equitativa Sylvain Vieujot commented.
The Nasdaq Dubai-listed trust’s EBITDA hiked 27% year-on-year to $17.8 million in the second quarter of 2018, the statement added.
The growth in property income has stemmed from the acquisition of the Lycée Français Jean Mermoz, and of the European Business Centre.
“The net asset value at the end of the period was at $1.76 per share ($526.5 million) with a total year-on-year return of 12.8%, including the two dividend distributions totalling $0.08 per share ($24 million), which were paid in January and June 2018,” Equitativa said.