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Axis REIT’s net property income increases 1.8% in 2Q, declares 2.17 sen DPU

KUALA LUMPUR (July 25): Axis Real Estate Investment Trust’s (Axis REIT) net property income grew marginal to RM36.4 million from RM35.8 million a year ago for the second financial quarter ended June 30, 2017 (2QFY17). Its total trust revenue was almost flat at RM41.6 million compared with RM41.8 million last year due to the disposal of its property Axis Eureka.

Its distribution per unit (DPU), however, increased 5.9% to 2.17 sen in 2QFY17 from 2.05 sen in the previous corresponding period.

On the income distribution front, Axis REIT said it will distribute 99.56% from realised income available for distribution generated from operations for the second quarter 2017, and balance net gain on disposal of Axis Eureka of seven sen per unit.

Axis REIT also announced the acquisition of the Kerry Warehouse at Pasir GudangJohor which was completed yesterday, increasing its property portfolio to 39, as well as increasing the assets under management (AUM) to RM2.29 billion.

“Kerry Warehouse will start to contribute additional rental of RM228,200 per month to the fund and has a tenancy of approximately 3.5 years with Kerry Ingredients (M) Sdn Bhd,” the REIT said in a separate statement.

Axis REIT said it is optimistic that it will be able to maintain its current performance for the financial year ending Dec 31, 2017 in view of the current satisfactory performance of its existing investment portfolio and its growth strategy to actively pursue quality acquisitions.

Axis REIT’s shares closed unchanged at RM1.64 yesterday for a market capitalisation of RM1.8 billion. — theedgemarkets.com