Emirates REIT proposal of final dividend payment is 4 cents per share

Emirates REIT Limited earlier this week announced its intent to pay a final dividend of $11.98 million for the year ending Dec. 31, 2014,  which translates to 4 cents per ordinary share for those shareholders listed on the register as of June 16.

REIT is a regulated, Shar'ia-compliant real estate investment trust and is incorporated in the Dubai International Financial Center (DIFC).

The final dividend proposal must obtain shareholder approval at a meeting on June 21. Once the shareholders approve the proposal, the  total dividend for 2014 will be $23.96 million (8 center per ordinary share). This is a 60 percent increase over 2013, when the dividend was 3 cents per ordinary share.

Emirates REIT makes every effort to distribute a dividend to its shareholders twice a year. Interim dividends are distributed in January and June.

As of April 30, Emirates REIT's net asset value was $1.43 per share, helping the company's net assets reach $430 million.

“The REIT has continued to deliver strong results and this is reflected in the growth of the total dividend for the year," Sylvain Vieujot, executive deputy chairman of the REIT, said. "Our main goal is to grow our business further with a focus on maximizing shareholder value. We remain committed to distributing dividends twice a year.”