Dubai - Mubasher: Emirates REIT, the world’s largest Shari’a compliant real estate investment trust (REIT) and the first REIT listed on Nasdaq Dubai, has generated a lower year to date net profit of $5.9 million (AED 21.83 million) in the third quarter (Q3) of 2019, according to a press release by Equitativa on Wednesday.
The drop in profit is due to revaluation losses that were affected by market conditions, signalling a potential market recovery.
Over the first nine-month of 2019, Emirates REIT realized a higher total property income by 4% to $54.1 million (AED 198.5 million), when compared to $52.1 million (AED 191.5 million) a year earlier.
The portfolio value stood at $1 billion (AED 3.7 billion) in the January-September 2019 period.
Earnings before interest, tax, depreciation, and amortization (EBITDA) were up by 7% annually to $29.0 million (AED 106.4 million), compared to $27.1 million (AED 99.6 million) in the corresponding period in 2018.
