Acorn Holdings’ Income and Development Real Estate Investment Trusts (REITs) reported a profit five months after launching in Kenya. The Income REIT posted a KSh141 million net profit for the period that ended on 30th June 2021 while the Development REIT reported a KSh 267 million net profit.
An increase in the fair value of the company’s investment property largely contributed to Acorn Holdings‘ profit for the five months period. The I-reit collected KSh145 million in revenue and finance income while the D-reit collected KSh17.8 million in revenue in the period under review. Acorn’s total assets under the D-reit amounted to KSh 6.2 billion while total assets under the I-reit amounted to KSh3.5 billion.
According to its financial statement, investors in the Acorn I-reit will receive a dividend of KSh0.38 per unit for the half-year period that ended on 30th June 2021.
Acorn Holdings’ Income and Development REITs are two out of three Real Estate Investment Trusts (REITs) listed on the Nairobi Securities Exchange (NSE). ILAM Fahari I-reit is the third REIT on the NSE. The ILAM Fahari I-reit posted a net profit of KSh 42.2 million in the first half of 2021, down from KSh86 million posted in the same period in 2020.
Also read: REITs Are the New Way to Invest in Real Estate in Kenya
