Represents an annualized dividend yield of 7.6%
Dubai – 9 May 2017: Emirates REIT (CEIC) Limited (“Emirates REIT” or the “REIT”), the UAE's first regulated Shari'a compliant Real Estate Investment Trust listed on Nasdaq Dubai, managed by Equitativa (Dubai) Limited (“Equitativa Dubai”), today announced its proposal to pay a final dividend in relation to the year ended 31st December 2016 of USD 11.98 million or USD 0.04 per ordinary share. To be entitled to receive the dividend, shareholders must be on the register as at market close on 8 June 2017.
The proposed final dividend will be subject to shareholder approval at the REIT's Annual General Meeting on 14 June 2017. Based on the REIT's closing share price of USD 1.055 on Monday, 8 May 2017, this represents an annualized dividend yield of 7.6%.
This final dividend, to be paid on or before 30 June 2017, is the second dividend payment relating to the year 2016. Emirates REIT paid the first dividend relating to the year 2016 of USD 11.98 million or USD 0.04 per share in January 2017. The REIT Manager intends to continue to distribute dividends to shareholders of the REIT twice a year.
Sylvain Vieujot, CEO of Equitativa Dubai, the REIT Manager, commented:
“Emirates REIT reported a strong year in 2016, reflected in the positive set of results we have seen across the board. The robust growth in our funds from operations, combined with the operational progress across our portfolio, positions us favourably to continue delivering on our promise of maximising value for our investors. 2017 has started positively with the announcement of our Q1 2017 results, reporting a year on year increase of 21% in rental income and 90% in funds from operations.”