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Equitativa’s Emirates real estate investment trust (REIT) saw its bottom line rise 55% y-o-y to USD 127 mn in 2023, according to the company’s earnings release (pdf). The company’s total income from property grew 10% y-o-y to a record USD 74 mn over the year. Its total assets also crossed the USD 1 bn mark for the first time, reaching USD 1.04 bn in 2023.
What’s a REIT? A real estate investment trust is a mutual fund that owns, finances or manages income-generating real estate assets — commercial, residential, office, and other properties. Some will also invest in real-estate-related securities or private equity transactions that are directly related to the industry.
The real estate fund attributed the robust performance to an 8% y-o-y increase in tenants for the portfolio, in addition to strong demand in the Dubai International Financial Centre, which benefited its largest asset, Index Tower, with rental rates up 11% during the year.
