AME Real Estate Investment Trust experienced a 11.9% growth in net property income to RM11.4 million in the fourth quarter ended 31 March 2024 from RM10.2 million in the previous corresponding quarter, driven by a robust 15.9% increase in rental income to RM12.5 million from RM10.8 million previously.
The company attributes the improved financial performance primarily attributed to income generated from the acquisitions of three industrial properties in 2023, along with positive rental reversions and renewals of expiring tenancies.
AME REIT said intends to reward shareholders by distributing 99.9% of the total distributable income of RM9.8 million for 4Q24, translating to a distribution per unit (DPU) of 1.87 sen.
For the financial year ended 31 March 2024 AME REIT generated NPI of RM44.4 million, while total income distribution amounted to RM38.5 million, representing 99.97% of distributable income for FY2024. The REIT’s strong financial performance was underpinned by rental income of RM48 million. The financial results reported for the corresponding financial period covered the period from 20 September 2022 to 31 December 2022 and are not comparable.
Chan Wai Leo, Chief Executive Officer and Executive Director, said “The influx of multinational corporations into our portfolio further strengthens our positioning within the industrial real estate sector and enhances our attractiveness to investors. We are also pursuing opportunities to expand our portfolio with industrial properties that align with our investment strategy.”
