UOA REIT 1Q net rental income up 60% to RM23m on higher gross rental

KUALA LUMPUR (May 20): UOA Real Estate Investment Trust's (UOA REIT) net rental income for the first quarter ended March 31, 2021 (1QFY21) surged 60% to RM22.69 million from RM14.51 million a year earlier, due to higher gross rental.

However, the group’s earnings per share fell slightly to 2.39 sen from 2.59 sen.  

In a stock exchange filing, the commercial REIT said its quarterly revenue rose 49% to RM29.6 million from RM19.91 million on the back of higher interest and other incomes.

No income distribution was declared to its shareholders for the quarter.

On a quarter-on-quarter basis, the group’s net rental income rose 75% from RM12.98 million in 4QFY20 while revenue increased 63% from RM18.18 million, underpinned by higher gross rental.

On its outlook, the group said it will continue to seek opportunities to further acquire real estate that meets the objectives of the group.

“With the ongoing pandemic situation affecting the economic condition, it will continue to remain as the main factor influencing the occupancy and rental rates of all our properties.

“The manager will continue to adopt an active operating strategy with prudent capital management in order to enhance the yields and returns of the existing properties,” it said.

Units of UOA REIT closed unchanged at RM1.09, giving the trust a market capitalization of RM736.4 million.

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