JOHOR BAHRU: Industrial REIT AME Real Estate Investment Trust (AME REIT) recorded a 6.7% increase in net property income (NPI) to RM11.4 million in the first quarter ended June 30, 2024 (1Q25) from RM10.7 million in the previous corresponding quarter (1Q24).
The growth was driven by a 8.2% rise in rental income to RM12.3 million from RM11.4 million previously, attributed to contribution from an industrial property acquired in October 2023, as well as positive rental reversions achieved across AME REIT’s portfolio.
After accounting for non-property expenses, namely management fees, trustee’s fees, financing costs, and other adjustments, the total distributable income amounted to RM9.7 million in 1Q25 versus RM9.4 million previously.
AME REIT will reward unitholders by distributing 99.9% of the total distributable income of RM9.7 million for 1Q25, equivalent to a distribution per unit (DPU) of 1.84 sen. The distribution is payable on Aug 30, 2024 to unitholders of record as of Aug 8, 2024.
I REIT Managers Sdn Bhd CEO and executive director Chan Wai Leo said: “Our 1Q25 performance reflects our continued operational excellence and effective execution of strategic initiatives. Notably, we maintained high occupancy across our portfolio and secured positive rental reversions on our lease renewals in the previous year, highlighting our resilient position in the Malaysian industrial property market.”
Looking ahead, he added they are confident in the sustained growth potential of the Malaysian industrial sector, driven by increasing foreign direct investment and a stabilising ringgit.
“We remain focused on maximising long-term value for our unitholders through strategic acquisitions and effective asset management,” he said.
AME REIT’s current portfolio consists of 34 industrial properties with an agreed-upon lettable area of 1.9 million sq ft and 3 industrial-related properties of workers’ dormitories. As at June 30, 2024, AME REIT has RM686 million worth of properties under management.
AME REIT’s properties are mainly situated across three industrial parks of AME Group in Iskandar Malaysia, namely i-Park @ Indahpura in Kulai, i-Park @ Senai Airport City in Senai, and i-Park @ SILC in Iskandar Puteri.
