The Board of Directors of Dolmen City REIT (DCR) declared and approved a final cash dividend of Rs0.50 per unit, in their meeting held on Tuesday July 18, 2023. This is in addition to the interim dividends of Rs1.31 per unit already paid to the unit holders. On cumulative basis, the REIT Scheme has yielded dividend of Rs1.81 per unit i.e., 18.1% for the year ended on June 30, 2023. Aggregate value of dividends comes to Rs4.025 billion. Resultantly, the REIT scheme has contributed more than Rs600 million to the exchequer in the form of taxes.
DCR is Listed on Pakistan Stock Exchange (PSX) as a closed-end, shariah compliant, perpetual Rental REIT Scheme, governed under REIT Regulations 2022 of the Securities and Exchange Commission of Pakistan (SECP).
In a press release, the management company, Arif Habib Dolmen REIT Management Limited (RMC) said that DCR has played a pioneering role in the establishment of REIT sector in Pakistan.
“DCR has established itself as a viable new investment instrument for consistently growing rental income from one of the finest real estate assets of the country.
“Strong financial results emanated from an increase in income in all categories, cost savings, strong property management and continuous growth in footfall as the destination of choice for the shoppers and corporates of Karachi. Both property components of DCR; Dolmen City Mall and The Harbour Front (office building) experienced consistently high occupancy.
“DCR proves the fact that REITs are the most effective organization structure to manage public-scale real estate projects. REITs have the potential of bringing several benefits to the economy ranging from enhancement of government revenues, development of better housing and infrastructure in the country, creation of employment opportunities especially for the low-skilled workers and possibility for small savers to take exposure in real estate thereby promoting savings. In addition to yielding cumulative dividend of Rs23.541 billion for unit holders since its listing, the DCR has contributed more than Rs4.6 billion under taxation to the exchequer. Since its launch in 2015, DCR has remained highest rated REIT Scheme each year (RR1 by VIS) for its investment quality.”
The company said that relevant sections of the government need to support REITs, which can bring far more transparency across the board.
Comments
Comments are closed for this article.