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UOA REIT's 3Q net rental income almost doubles to RM23.6m

KUALA LUMPUR (Nov 19): UOA Real Estate Investment Trust's net rental income almost doubled to RM23.6 million for the third quarter ended Sept 30, 2021, from RM12.86 million a year earlier.

Total income rose 83.13% to RM23.77 million from RM12.98 million, the commercial REIT's bourse filing showed.

Earnings per unit rose 10.6% to 2.4 sen, from 2.17 sen in the same quarter last year.

Property operating expenses totalled RM6.27 million, an increase of RM712,865 or 12.84% compared with RM5.55 million previously, mainly due to lower operating expenses incurred for some of the properties under the portfolio, said UOA REIT.

For the nine-month period ended Sept 30, the REIT’s total income rose 62.73% to RM88.72 million from RM54.52 million in the previous corresponding period, while net rental income almost doubled to RM68.35 million from RM38.51 million.

No income distribution was declared for the third quarter, said the REIT, which plans to distribute at least 95% of the realised income before tax for the second half of 2021.

Year to date, the REIT has distributed 4.32 sen per unit or a total of RM29.18 million.

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