- Aldar Investment’s Q1 2023 revenue reached AED 1.2 billion, representing a 45% YoY growth while Q1 2023 Adj. EBITDA rose 43% YoY to AED 536 million. The standout performance was driven by higher occupancy rates, strong rental rates, and significant contributions from new acquisitions across the portfolio.
- The Investment Properties Q1 2023 Adj. EBITDA6 increased 16% YoY to AED 347 million. This was primarily driven by higher occupancy and rental rates across the portfolio, as well as positive contributions from new acquisitions. Occupancy across the portfolio rose to 93% compared with 92% for the same period last year.
- Residential Q1 2023 Adj. EBITDA declined 11% YoY to AED 95 million, mainly attributed to the sale of strata units. The overall portfolio showed continued strength as NOI increased by 2% on a like-for-like basis and occupancy reached 95%. This is due to the excellent location of its prime residential communities, unwavering focus on delivering high quality, and enduring commitment to providing an exceptional customer experience.
- Retail Q1 2023 Adj. EBITDA held firm at AED 117 million supported by a strong occupancy rate at 90%. Tenant sales and footfall in Yas Mall rose 30% and 48% respectively. Meanwhile, the occupancy rate at Yas Mall stood at 99%, representing a 3-percentage point increase compared to the same period last year.
- Commercial Q1 2023 Adj. EBITDA increased 89% YoY to AED 141 million driven primarily by the successful execution of Aldar’s leasing strategy and the ongoing high demand for prime Grade A office space in Abu Dhabi. Since the time of acquisition, market leasing rates at the ADGM office towers have increased by more than 10%, with occupancy rising to 97% from 79%. Likewise, occupancy at International Tower and HQ Building increased to 91% and 92% respectively driven by higher leases from both global corporate firms and GREs. Al Maryah Tower, set to be tenant-ready in August 2023, continues to benefit from the strong leasing pipeline with the emergence of Grade A commercial pre-leasing market in Abu Dhabi.
- Aldar Logistics recorded a Q1 2023 Adj. EBITDA of AED 13 million. Occupancy across the logistics portfolio stood at 89%.
- In April, Moody’s reaffirmed Aldar Investment Properties’ (AIP) Baa1 rating with stable outlook citing AIP’s strong market position in Abu Dhabi, AIP’s high quality and diversified investment property portfolio, and the ongoing recovery and positive real estate market outlook in Abu Dhabi.
- The Hospitality and Leisure business continues to benefit from a busy entertainment, leisure, and business events calendar and the return of travel and tourism more broadly. Q1 2023 EBITDA surged 417% YoY to AED 116 million driven by positive contributions from new acquisitions as well as higher occupancy and average daily rates (ADR). Occupancy across the portfolio stood at 74%, up from 69% as at the end of Q1 2022. ADR increased to AED 596 across the portfolio, up 65% compared to the same period last year.
- Aldar Education continues to benefit from a busy entertainment, leisure, and business events calendar and the return of travel and tourism more broadly. Q1 2023 EBITDA surged 417% YoY to AED 116 million driven by positive contributions from new acquisitions as well as higher occupancy and average daily rates (ADR). Occupancy across the portfolio stood at 74%, up from 69% as at the end of Q1 2022. ADR increased to AED 596 across the portfolio, up 65% compared to the same period last year.
- The Principal Investments7 witnessed a 96% YoY increase in Q1 2023 EBITDA to AED 32 million largely driven by contributions from recent acquisitions – which have added considerable scale to the platform – and significant growth in the value of contracts..
6 EBITDA adjusted for fair value movements (excluding amortization of leasehold assets), reversal of impairments, and one-off gains/losses on acquisitions.
7 Excluding Pivot