Real estate investment trust (Reit) manager Equitativa, has posted a US$49.3 million profit for the latest quarter.
The result marks a significant turnaround for the Dubai-based firm given that it recorded a net loss of $94.5 million for the same period last year.
Equitativa, which manages the Emirates Reit and claims to be the largest Reit manager in the GCC, has attributed the change to the recovery of Dubai’s real estate market from the pandemic.
Occupancy rate across Equitativa’s portfolio rose by 2.3% year-in-year and reached at 71% by 30 September while the number of tenants rose by 6.6% during the same period.
Total property income for the year to date rose by 3.1% to $52 million while property expenses declined by 3.8% to $9.7 million.
©2021 funds global mena