Acorn Investment Management on Thursday announced half-year 2022 results of the Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT). The listed REITs together achieved a combined profit of Ksh 297 million against compared to Ksh 263 million in the same period in 2021.
Acorn Student Accommodation Development REIT
The Acorn Student Accommodation Development REIT has three operational properties and achieved a rental revenue of Ksh 139 million compared to Ksh 11 million in 2021.
Acorn also noted that the D-REIT has additional projects which will break ground in Nairobi in the third quarter of 2022. The projects are located in Karen, Chiromo, Hurlingham, Kenyatta University and Jomo Kenyatta University.
The D-REIT’s Net Asset Value (“NAV”) now stands at Ksh 5.58 billion as at 30th June 2022 from Ksh 5.22 billion last year.
Acorn Student Accommodation Income REIT
In the first half of the year 2022, the Acorn Student Accommodation Income REIT posted a 33% growth in its total turnover to Ksh 186 million and 29% growth in net operating income to Ksh 120 million mainly attributed to strong occupancy. The firm said average occupancy during the period was at 85%.
Including valuation gains, I-REIT recorded a total comprehensive income of Ksh 192 million from Ksh 149 million in 2021. The I-REIT declared the payment of an interim dividend of Ksh 64 million.
READ; Acorn Holdings’ REITS Post KSh1.16 Billion Net Profit in FY 2021
