The Board of Directors of ENBD REIT has proposed a final dividend of $0.0176 per share, equivalent to 2.44% of net assets and 4.1% of the share price – for the six-month period ending March 31, 2021, subject to shareholder approval at the annual general meeting. .
The total dividends payable to shareholders for the year amounted to $9.25 million, equivalent to 5.13% of net dividends and 8.62% of share price. After the annual general meeting and subject to shareholder approval, the shares will be trading ex-dividend on July 7, the maturity date will be July 8 and the payment date will be July 27.
Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said: The 2020-2021 fiscal year was challenging, as soft market conditions were exacerbated by the “Covid 19” pandemic, and during the year, we sought to protect occupancy rates, to limit the downward movement in rental income, and we negotiated the renewal of the largest tenant, Oracle, in The Edge building, for another 5 years. This flexible approach to managing leasing and costs saw the net rental income from the portfolio increase by 8% year-over-year, excluding valuation movements.
He added, “With low occupancy on some office buildings, we took the opportunity to enhance the value in the portfolio, by initiating several capital business projects, with minimal disruption to occupants. These programs started at the beginning of the calendar year, and we expect all projects to be completed before the end of 2021. The upgrades should add significant value to certain assets, making them more attractive to existing tenants and materially improving the leasing potential of vacant space.
He concluded, “While management and the Board of Directors recognize that the dividend for the 2020-2021 fiscal year is far from the target set in normal market conditions, and that the improved dividend yield is the result of deducting the net asset value on the stock price, management remains committed to actively managing the portfolio and delivering A combination of revenue-generating and cost-saving initiatives, the company intends to continue to boost dividends on a semi-annual basis.
Emirates NBD REIT announced its financial results for the year ended March 31, with a net asset value of $180 million, or $0.72 per share (a decrease of 17% from the previous year), with the total value of the real estate portfolio at $360 million (a decrease of 17%). 12% from the previous year), while the percentage of loans to value reached 52%.
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