Al Mal Capital REIT Announces 2024 Dividend Payout

Al Mal Capital REIT (AMCREIT), the first REIT listed on the Dubai Financial Market (DFM) and regulated by the Securities and Commodities Authority, has declared its final dividend for the 2024 financial year. The distribution amounts to AED 20.56 million, a significant increase from AED 15.42 million for the six months ending June 30, 2024. This equates to a final dividend of AED 4.00 fils per unit, reflecting the enhanced unitholders’ capital of AED 513.89 million, which was raised through a rights issue in April 2024. Combined with the interim dividend of AED 3.00 fils per unit paid in August 2024, AMCREIT has maintained its target annualized yield of 7.0% for investors. The entitlement date for the final dividend is set for March 27, 2025.

Strategic Portfolio Expansion Drives Growth

AMCREIT delivered a strong financial performance in 2024, continuing its commitment to expanding its portfolio in the education sector. A key highlight was the successful acquisition of Carnation Education LLC (Carnation), further strengthening the REIT’s investment holdings. As a result, AMCREIT’s balance sheet exceeded AED 1 billion, with total investment properties valued at AED 993 million, compared to AED 578 million at the end of 2023.

The acquisition of Carnation, which owns Kent College Dubai, significantly boosted AMCREIT’s financial results. Net property income for 2024 reached AED 65.6 million, marking a 47% year-over-year increase. Additionally, total comprehensive income surged to AED 61.9 million, reflecting an 80% growth compared to 2023.

Commitment to Sustainable Growth in Education

AMCREIT’s focus on expanding within mandated sectors aligns with its vision of offering investors access to high-performing assets with long-term stability. The REIT’s investment portfolio has now reached nearly AED 1 billion, a remarkable milestone considering its first acquisition was completed in late 2021. The portfolio includes five school campuses, operated by leading education providers such as Al Shola Group in Ajman, GEMS Education in Sharjah, and Aldar Education in Dubai.

Through its strategic investments and strong financial performance, AMCREIT continues to position itself as a leading player in the UAE’s real estate investment sector, delivering consistent value to its unitholders.

Commenting on the dividend distribution, Mr. Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: “AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of AED 4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0% for 2024.”