Acorn Student Accommodation Development REIT
The Acorn Student Accommodation Development REIT has three functional properties and achieved a rental revenue of Ksh 139 million compared to Ksh 11 million in 2021.
(Read: Student Housing Vital to Real Estate Growth in Kenya, Zambia & South Africa)
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 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 of 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 a 29% growth in net operating income to Ksh 120 million mainly attributed to solid occupancy. The firm said the average occupancy during the period was 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.
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