Axis Real Estate Investment Trust (Axis REIT) registered a 6.5% increase in total trust income to RM75.6 million for the fourth quarter (Q4FY2023) of the financial year ended 31 December 2023.
“(Meanwhile), net income rose by 84% to RM110.2 million. The substantial income growth, apart from the higher total trust income, was supported by a revaluation of all of Axis-REIT’s 62 investment properties, as at end December 2023,” it said in a statement today (Jan 23).
The group said the REIT also reported a surplus of RM81.3 million in fair value of the investment properties, after it conducted a reevaluation on its investment properties to comply with Securities Commission Malaysia’s Listed REIT Guidelines.
For the full year (FY2023), it posted a 1.5% increase in total trust income to RM286 million, as compared to FY2022’s RM281.9 million while its net income increased by 14.4% to RM217.8 million.
For the quarter under review, Axis-REIT declared a 2.40 sen distribution per unit (DPU), which made the total DPU for FY2023 at 8.65 sen.
Axis-REIT’s management company, Axis REIT Managers Berhad, has proposed to distribute 99% of the realised income available for distribution generated from operations for the period from 1 October 2023 to 31 December 2023 as 2023’s final income distribution.”
Axis REIT Managers Berhad chief executive officer and executive director Leong Kit May said having endured a challenging 2023, she is pleased that the REIT managed to finish the year by posting higher total trust income.
“Moving forward, we will undoubtedly be able to reap in earnings contribution from the newly completed BRDC 2, the manufacturing facility in Sendayan Techvalley Industrial Park and hypermarket in Temerloh from this year onwards.
“Coupled with our continuous lookout for Grade A logistics facilities and manufacturing facilities to boost our portfolio, we are cautiously optimistic 2024 will be an even better year,” she added.
