Equitativa (Dubai) Limited (“Equitativa”), manager of Emirates REIT (CEIC) PLC (“Emirates REIT” or the “REIT”), today announced its intention to distribute a final cash dividend of USD 7,000,000, or USD 0.02 per ordinary share, for the financial year ending on 31 December 2024.
The dividend was approved by shareholders at the Annual General Meeting on 11 June 2025 and reflects Emirates REIT’s strong financial performance and commitment to delivering value to its investors. The dividend will be paid to shareholders of record as of 4 June 2025.
Thierry Delvaux, Chief Executive Officer, Equitativa (Dubai), commented: “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.”
Emirates REIT delivered exceptional results for FY 2024, driven by high occupancy and improved rental yields. Highlights included the sale of Trident Grand Mall in July 2024 for USD 20m, and Office Park in October 2024 for USD 196m, the proceeds from which were used to fully repay a bilateral bank facility and partially settle Sukuk obligations, followed by refinancing with a new long-term Sukuk with a coupon rate of 7.5% per annum (compared to 11.25% for the previous Sukuk).
Operating profit for FY 2024 was USD 99m. Net finance costs remained range bound at USD 49.5m for FY 2024 (FY 2023: USD 49.8m), primarily due to the refinancing of the Sukuk and the prepayment of bank financing towards the end of FY 2024. The full impact of the reduction in financing costs should be reflected in the REIT’s 2025 results, which will support ongoing dividend payments.
In addition, the REIT’s diversified portfolio of income-generating commercial properties continues to provide a resilient platform for sustainable returns. The dividend will be distributed in line with Emirates REIT’s dividend policy and subject to applicable regulatory approvals.
