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KUALA LUMPUR (Oct 24): IGB Real Estate Investment Trust (REIT)’s distributable income for the third quarter ended Sept 30, 2019 (3QFY19) rose 1.3% to RM86.35 million, from RM85.24 million a year ago.
The trust, which owns Mid Valley Megamall and Gardens Mall, declared 2.31 sen of income distribution per unit.
IGB REIT said its net property income (NPI) rose 4.3% to RM100.7 million in the quarter, from RM96.56 million previously.
The improvement was mainly due to higher rental income and lower property operating expenses, the trust said.
For the cumulative nine-month period (9MFY19), IGB REIT said its distributable income increased 1.5% to RM260.2 million, from RM256.5 million in the previous corresponding period.
Nine-month NPI meanwhile grew 4.5% to RM302.7 million, from RM289.8 million.
Although the retail industry is exposed to slower domestic and global economic growth, IGB REIT said it will continue its asset enhancement initiatives, and organise creative activities and exclusive events to raise on-ground promotional activities for shoppers and visitors.
“IGB REIT remains committed to create long-term value for stakeholders and looks forward to bringing new real-life retail experiences that excite the market,” it said.
IGB REIT’s unit price rose two sen or 1% to RM1.96 yesterday, giving it a market capitalisation of RM6.95 billion.
