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Al Mal Capital REIT (AMCREIT), the first real estate investment trust to be listed on the DFM, has declared a final dividend to unitholders of the REIT (Real Estate Investment Trust) for the financial year ending 31 December 2022, The total amount is AED 9.627 million (US$ 2.62 million).
The REIT will pay unitholders a dividend of AED2.75 fils per unit. This, together with the interim dividend of AED 8.751 million paid on 7 September 2022, represents 97.1% of the realized net profit of AED 18.9 million for the year ending 31 December 2022, representing an annual yield of 5.25%.
Al Mal Capital REIT provides its investors with an asset class with long-term fundamentals through its strategy of focusing on investing in strong-performing sectors such as healthcare, education and industrials. The operating model aims to provide stable income, long-term capital appreciation and diversification benefits to its unitholders.
two campuses
By the end of 2022, the REIT has two campuses in Ajman, operated by Al Shola Group, offering K-12 education in Arabic and international curricula. Subsequently, on February 15, 2023, the REIT successfully completed the acquisition of two campuses of Wesgreen International School in Sharjah from Al Batha Real Estate for a consideration of AED 265 million, which have entered into a long-term lease agreement with GEMS Education to operate business.
Naser Al Nabulsi, Deputy Chairman and Chief Executive Officer of Al Mal Capital, said: “Despite macroeconomic headwinds in 2022, AMCREIT has delivered a solid financial performance, which is reflected in the dividend payment of c. AED 18.4 million paid to unitholders Ram. The acquisition of two additional campuses in February 2023 on terms favorable to the fund will support the cause of delivering returns to unitholders. We remain committed to our investment strategy, targeting defensive sectors such as education and healthcare, striving to Deliver the best return for investors and stakeholders.” — trade arab news agency
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