Property developer Acorn Holdings has increased the dividends payable to unitholders of its two real estate investment trusts (Reits) to Sh482.8 million from Sh192.48 million after declaring its first distribution from its development Reits.
The company’s financial report for 2023 shows that the Acorn Student Accommodation Development Reit (ASA D-Reit) made a maiden distribution of Sh240 million in December —equivalent to Sh0.91 per unit— even as its net profit fell to Sh71.6 million from Sh384.2 million in 2022 on account of lower fair value gains on its investment properties.
