UAE-based Shari’a compliant real estate investment trust Emirates REIT recorded a 13% year-on-year increase in its portfolio value as well as an increase in rental income by 19.7% in the third quarter of 2016, according to a press release on Monday.
The total portfolio value of the company went up to $742 mn. Total property income increased by 22% to $36.3 million year-on-year while rental income jumped to $11.4 mn with an occupancy rate across the portfolio of 80%.
The company also stated the average lease expiry of the portfolio stood at 8.5 years. The company attributed the increase in property income to the leasing of the Index Tower Offices as well as the leasing of the Jebel Ali School.
Emirates REIT says it is the world’s largest listed Shari’a compliant real estate investment trust.