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Emirates REIT sees 9.7% lower net asset value in 2019

Emirates REIT sees 9.7% lower net asset value in 2019
The company's liquidity rose by 27%
Emirates REIT
REIT
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Dubai – Mubasher: The net asset value of Emirates REIT dropped by 9.7% to $469.7 million (AED 1.7 billion) or $1.57 per share in 2019, compared to $520 million (AED 1.9 billion) in 2018.

The company's liquidity rose by 27% to $48.4 million (AED 177.9 million) last year, according to the company's financial results for 2019 released on Thursday.

Meanwhile, the earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 2.5% to $33.4 million (AED 122.5 million).

The Nasdaq Dubai-listed firm logged a net comprehensive loss of $26.3 million (AED 96.7 million) after recording $30 million (AED 110.2 million) fair valuation loss in 2019.

Commenting on the company's performance amid the coronavirus (COVID-19) pandemic, the executive deputy chairman and CEO of Equitativa, Sylvain Vieujot, said: "In these challenging times, we are further strengthening our operations to support our tenants and business partners."

Equitativa is the largest REIT manager in the GCC and manager of Emirates REIT.

It is noteworthy to mention that during the third quarter of 2019, the company's net profits reached $5.9 million (AED 21.83 million).