KUALA LUMPUR (April 21): Axis Real Estate Investment Trust (Axis REIT) declared an interim distribution per unit (DPU) of 2.23 sen after the investment trust announced that its net property income (NPI) for the first quarter ended March 31, 2021 (1QFY21) grew 3.26% to RM49.82 million, from RM48.25 million a year ago.

The improved NPI was due mainly to rental from newly acquired properties. 

Quarterly revenue increased by nearly 5% to RM57.48 million, from RM54.77 million a year ago, its filing to Bursa Malaysia showed.

However, the group remains cautious of the current Covid-19 pandemic, which has caused the global economic downturn.

“While the pandemic's impact on Axis REIT's operations and financials [has] been manageable thus far, should the pandemic prolong or worsen unexpectedly, this may impact Axis REIT’s performance for the rest of the financial year ending Dec 31, 2021,” it said.

It said that during this challenging and uncertain time, the group is actively managing the portfolio and exercising prudent capital management at all times in order for Axis REIT to deliver sustainable earnings per unit and DPU payout to unitholders.

“Positively, the current gearing level of 36% provides headroom for Axis REIT to continue its yield accretive acquisition strategy should good opportunities come along,” it said.

Its interim distribution will be paid on May 31.

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