Axis Real Estate Investment Trust released its first quarter results for the financial year ending 31 December 2024 reporting a 7.9% year-on-year growth in property income to RM75.2 million on the back of a 7.6% year-on-year growth in total trust income to RM75.5 million. Net trust income rose by 39.5% to RM42.3 million.
The higher earnings it said was due to, amongst others, post-development contributions from the ‘Green-certified’ Bukit Raja Distribution Centre 2. The lease commenced in August 2023 with a monthly rental of RM1.35 million. Development works led to an increase of over 90% in gross built up area to 620,096 sq ft. The securing of new tenancies for Axis Shah Alam Distribution Centre 3 further boosted earnings for the quarter under review.
Axis-REIT’s management company, Axis REIT Managers Berhad, has proposed to distribute 99% of the realised income available for distribution generated from operations during Q1FY2024 as 2024’s first interim income distribution. This first interim income distribution gives a distribution per unit of 2.30 sen. This 2.30 sen includes a non-taxable portion of 0.47 sen per unit, derived from capital allowances, industrial building allowances and tax-exempt profit income, which is not subject to tax.
