Delivering Robust Growth
Consolidated
Results
UAE Development
International
Development
Emaar Malls
Emaar Hospitality
...And Steady Rental Income Growth, High Operating Profitability
Steady Rental Income 1
Robust Revenue Model
Revenue Model:
3,599
3,647
3,741
Rent equals higher of base rent or turnover rent
3,447
10%
10%
12%
10%
11%
12%
12%
13%
4%
3%
5%
3%
2,192
9%
15%
3%
75%
75%
74%
71%
73%
Base rent is increased at a pre-defined rate over the lease term of
3-5 years
Once the turnover rent exceeds base rent, the base rent is reset at
turnover rent level in the subsequent year
Healthy waitlist to occupy vacant units
High operating margins:
2018
•
Efficient and low cost operations
2019
2020
2021
2022
.
■Net Turnover Rent
■Other Rental Income
Continual improvement in operational excellence leading to healthy
EBITDA margin
2
■Base Rent
Service & Other Charges
1) This relates GLA owned by Emaar Mall Management; 2) Income from specialty leasing, multimedia sales,
terrace, storage, store design fit-out fees, late opening penalties, interest charges on deferred payments and
certain admin charges
Note: 2020 and Q1 2021 performance impacted due to Covid-19 pandemic related rent reliefs provided to tenants
45 | EMAARView entire presentation