Eskan Bank REIT to pay dividend of 3%
Manama : Eskan Bank Realty Income Trust (EBRIT) announced yesterday a second semi-annual dividend payment of 3 per cent to unitholders.
The Trust reported a total dividend distribution of BD 594,000 or Bahraini fils 3 per investment unit, which is a 3 per cent yield over the six-month period from 1 July to 31 December 2017, or 6 per cent on an annualised basis.
Unitholders who are listed on the REIT register at the close of trading on the Bahrain Bourse as at 30 April 2018 (the record date) will be entitled to receive the dividend.
Payment will be made by cheque, which eligible unitholders can collect from Tuesday 15 May onwards at the offices of the REIT’s paying agent, Karvy Computershare, located on the 7th floor of Zamil Tower, Government Avenue, Manama.
An original CPR or letter of authorisation will be required. Payments will be made via bank transfer for those unitholders that have previously provided the necessary details to Karvy.
Naser Obaid, a Director of the Board of Trustees, said: “We are pleased to announce this semi-annual dividend payment of 3 per cent, which is in line with the Trust’s annual target of up to 6.5 per cent in net distributable income. Net profit for the period amounted to BD 1.1 million. Rental income, including tenant service charge contributions, was BD 1.5 million before expenses.”
Dr. Khalid Abdulla, General Manager of Eskan Bank, the investment manager of the REIT, noted: “We remain on the look out for attractive new investment properties for the Trust.”
Najla Al Shirawi, Chief Executive Officer of SICO, the sub-investment manager and dedicated market maker, and formerly the lead manager for the REIT offering, pointed out: “The Trust offers investors the opportunity to benefit from Bahrain’s growing real estate market without directly owning and managing properties, while at the same time contributing to the development of the Kingdom’s real estate market.”
Ahmad Tayara, Chief Business Officer and Deputy General Manager of Eskan Bank, re-iterated: “EBRIT’s underlying real estate investments, Segaya Plaza and Danaat Al Madina, continue to make progress. Occupancy levels at Danaat Al Madina have reached 71 per cent, up from 63 per cent at the time of the IPO, and at Segaya Plaza, which is currently at 100 per cent occupancy level, we are working on setting up digital media screens to further enhance revenues. Total property operational costs stood at BD245,990 compared with the initially budgeted BD384,355, representing a saving of 36pc.”
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