February 13 (SeeNews) - Bulgaria's Bravo Property Fund REIT [BUL:BPY] said that it has proposed to its shareholders to distribute a dividend for the first time since its establishment, offering a gross payout of 0.0419 levs per share ($0.023/0.021 euro) for 2019.
Under the proposal, Bravo Property Fund REIT will distribute a total of 1.5 million levs, equal to over 90% of its adjusted net profit in 2019, the real estate investment trust said in a statement on Wednesday.
On a non-adjusted basis, Bravo Property Fund REIT turned to a net profit of 3.1 million levs in 2019 from a net loss of 40,000 levs in 2018.
Last year, Bravo Property Fund raised 36.05 million levs via the issuance of the same number of shares, and placed a five-year 30 million levs bond. The funds were used by the company to finance the acquisition of an office building in Sofia for 71.4 million levs from local real estate company Office A.
Bravo Property Fund REIT shares closed at a price of 1.07 levs on Wednesday, 2.88% higher year-to-date.
(1 euro = 1.95583 levs)