KUALA LUMPUR (May 23): UOA Real Estate Investment Trust (REIT) saw its net rental income dip to RM14.31 million for the first quarter ended March 31 (1QFY19) from RM14.69 million a year ago, it said in a bourse filing today.

However, distribution per unit rose to 2.21 sen from 2.03 sen a year ago.

The REIT saw a 0.3% decrease in 1QFY19 gross rental income to RM19.55 million, from the RM19.60 million posted in the previous year. Meanwhile, total expenditure decreased by 9% year-on-year to RM9.70 million. UOA REIT noted that the decrease in expenditure was due to lower borrowing costs, which in turn was offset by higher property operating expenses.

On its prospects, the REIT said economic conditions will influence the occupancy and rental rates of its properties.

“The manager (UOA Asset Management Sdn Bhd) will continue to actively manage the properties in the portfolio with prudent capital management in order to maximise the yields for unitholders. Meanwhile, the manager will continue to seek opportunities to further acquire real estate that meets the objective of UOA REIT,” it said.

The counter closed 0.72% or a sen higher at RM1.39, with 9,000 units traded, giving the REIT a market capitalisation of RM587.8 million.

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