Dubai real estate investment trust ENBD REIT has announced an interim dividend of $4.85 million, following a reduction of its share capital.
The payout, which represents the bulk of the recurring net rental income, will be distributed to shareholders on January 6, the trust managed by Emirates NBD Asset Management Limited, said in statement on Sunday.
The firm confirmed that the proposed reduction of its share capital has been approved by the Dubai International Financial Centre (DIFC) Courts, facilitating the distribution of dividend.
“The interim dividend is $0.0194 per share… as approved by the board of directors from the net rental income generated during the six-month period,” the statement said.
“The dividend represents 80 percent of recurring net rental income to accommodate a cash reserve for navigating adverse market conditions, as well as capital projects planned across the portfolio with the aim of improving occupancy and rental income in the future,” said the firm.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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