Axis REIT 1Q net property income up 4%, declares 2.15 sen distribution

KUALA LUMPUR (April 26): Axis Real Estate Investment Trust’s (REIT) net property income for the first quarter ended March 31, 2017 (1QFY17) came in at RM37.17 million, an increase of 4.18% year-on-year from RM35.68 million.

It has proposed a first interim distribution per unit of 2.15 sen.

In its quarterly report to Bursa Malaysia, Axis REIT said the distribution of 2.15 sen represents about 99.8% of its 1QFY17’s realised income available for distribution. The distribution is payable on May 31.

Total trust revenue for the quarter under review rose 3.59% to RM42.69 million from RM41.22 million in 1QFY16.

The REIT said its manager is optimistic that it will be able to maintain its current performance for FY17 in view of the satisfactory performance of its existing investment portfolio and its growth strategy to actively pursue quality acquisitions.

Axis REIT closed unchanged at RM1.65 yesterday, giving it a market capitalisation of RM1.82 billion. — theedgemarkets.com

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