{"id":92983,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/emirates-nbds-reits-net-income-dips-in-fy-2023-2024\/"},"modified":"2024-06-12T00:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"emirates-nbds-reits-net-income-dips-in-fy-2023-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/12\/emirates-nbds-reits-net-income-dips-in-fy-2023-2024\/","title":{"rendered":"Emirates NBD\u2019s REIT\u2019s net income dips in FY 2023\/2024"},"content":{"rendered":"

Emirates NBD\u2019s real estate investment trust\u2019s (ENBD REIT) net income dipped <\/strong>slightly to USD 21 mn in its FY 2023-2024<\/strong>, which ended in March, factoring in non-cash valuation changes, according to a Nasdaq Dubai disclosure<\/a>. Gross income jumped to USD 34.5 mn during the quarter, up from USD 31.3 mn last year. Its property portfolio value rose 4% to USD 384 mn during the year, driven by a 93% occupancy rate.<\/p>\n

On the downside, net rental income fell 15% to USD 7.8 mn<\/strong> amid higher financing and operating costs, which offset revenue gains, the fund said.<\/p>\n

What they said:<\/strong> \u201cWe expect further positive momentum in Dubai\u2019s real estate market conditions with healthy demand for high-quality sustainable assets, despite the persistent high interest rate environment,\u201d CEO Samir Kazi said. <\/p>\n

The REIT is eyeing further improvements in value to shareholders within the next nine to 12 months<\/strong>, with the fund focusing on \u201cenhancing the attractiveness of our properties to drive income and occupancy levels, [managing] our financing and other costs whilst improving the overall mix of the portfolio,\u201d he added. <\/p>\n

Dividends:<\/strong> The fund proposed a final dividend of USD 4 mn, bringing the total annual payout to USD 7.5 mn.<\/p>\n

ALSO- Emirates REIT\u2019s manager Equitativa Dubai will extend its USD 380 mn secured sukuk by one year<\/strong>, now maturing on 12 December 2025, according to a filing picked up by Zawya<\/a>. The sukuk was originally issued in 2017 and refinanced in 2022 with a bondholder agreement. <\/p>\n","protected":false},"excerpt":{"rendered":"

Gross income jumped to USD 34.5 mn during the quarter<\/p>\n","protected":false},"author":1,"featured_media":92984,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,260,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-emirates-nbd","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"90ea8e42-ba2f-4792-ad26-40fc153ea8de","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1032.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emirates NBD\u2019s REIT\u2019s net income dips in FY 2023\/2024","related_issue":[92967],"teaser":"Gross income jumped to USD 34.5 mn during the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.bc1be5f9-5d0c-4e10-acb4-f2f11941f6ff.mp3"},"yoast_head":"\nEmirates NBD\u2019s REIT\u2019s net income dips in FY 2023\/2024 - 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