Arena REIT (ASX:ARF) declared an ordinary dividend of AU$0.048125 per security for the quarter ending March 31, according to a Tuesday Australian bourse filing.

The dividend is payable on May 7 to shareholders on record as of March 31, the filing said.

The company paid a distribution of AU$0.045625 per security for the prior corresponding period, an earlier filing showed.

The company's shares fell 2% in recent Tuesday trade.