Equitativa (Dubai) Limited, the manager of Emirates REIT (CEIC) PLC, has announced a final cash dividend of USD 7 million (USD 0.02 per ordinary share) for the financial year ending 31 December 2024. The dividend, approved at the REIT’s Annual General Meeting on 11 June 2025, will be paid to shareholders of record as of 4 June 2025.
This marks a resumption of dividend payments, underscoring the REIT’s strong financial performance and renewed focus on delivering shareholder value.
Thierry Delvaux, Chief Executive Officer of Equitativa (Dubai), stated:
“This milestone underscores our ongoing commitment to delivering long-term value and sustainable returns. We recorded excellent results in 2024 and are pleased to resume dividend payments to our shareholders, reflecting the robust performance and stability that Emirates REIT has achieved. Looking ahead, we intend to maintain a regular dividend policy, supported by strong returns and focused portfolio management.”
Strong Financial Performance in FY 2024
The dividend declaration comes on the back of exceptional operating results. Emirates REIT reported an operating profit of USD 99 million for FY 2024, bolstered by:
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High occupancy rates and increased rental yields.
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Strategic asset sales, including:
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Trident Grand Mall (sold for USD 20 million in July 2024).
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Office Park (sold for USD 196 million in October 2024).
Proceeds from these transactions were used to fully repay a bilateral bank facility and partially settle outstanding Sukuk obligations. Emirates REIT then refinanced its Sukuk with a new long-term instrument at a coupon rate of 7.5%, significantly lower than the previous 11.25%, reducing future finance costs.
Solid Financial Footing and Future Outlook
Despite a slight year-on-year decrease, net finance costs remained stable at USD 49.5 million (FY 2023: USD 49.8 million), thanks to the refinancing and early debt repayments. The full benefit of reduced financing costs is expected to be reflected in the FY 2025 financials, enhancing the REIT's capacity to sustain regular dividend distributions.
The REIT’s diversified portfolio of income-generating commercial properties continues to offer resilient returns, providing a solid foundation for long-term investor value.
The dividend payout is in line with Emirates REIT’s dividend policy and is subject to applicable regulatory approvals.
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