KUALA LUMPUR (Feb 14): Hektar Real Estate Investment Trust (Hektar REIT)'s revenue for its financial year ending Dec 31, 2011 (FY2011) has risen 4.4% to RM94.9 million year-on-year (y-o-y).
The REIT achieved a net income of RM86.7 million or 27.08 sen, up 121% from the previous year on the back of a RM47.7 million gain on revaluation of investment properties and a realised net income increase of 1.8% to RM38.9 million in FY2011.
According to Hektar Asset Management Sdn Bhd CEO Datuk Jaafar Abdul Hamid in a statement on Monday, the REIT has recorded five years of positive results, as it enters its sixth year as a listed entity.
"In terms of revenue, net property income and net asset value, Hektar REIT has recorded healthy increases every year," he said.
Hektar REIT had also announced a final quarter dividend per unit (DPU) of 3.0 sen, which will be paid on March 18.
Hektar REIT's portfolio includes Subang Parade in Subang Jaya, Mahkota Parade in Melaka and Wetex Parade in Muar. These malls serve a catchment size of 1.3 million Malaysians. In FY2011, they achieved an average occupancy of 97.5% and posted over 22.1 million visits. Hektar had also announced it will be acquiring another two malls: Central Square in Sungai Petani, and Landmark Central in Kulim for RM181 million.
Central Square in Sungai Petani has a 96% occupancy, whilst newcomer Landmark Central in Kulim posts a rate of 77% with further expected improvement of 90% in the near future.
Jaafar added that these two malls in Kedah have good tenant mixes, and ample room for growth and expansion. Both are strategically located in prime spots, and are therefore leading malls in their respective areas, with Landmark Central being the only modern retail mall in Kulim.
"Throughout last year, we focused on enhancing our assets," he explained. "At Subang Parade, we saw the much anticipated launch of a new cinema, MBO. It is the first multi-screen cinema complex in Subang Jaya City Centre complete with 3D screen offerings.
"Market Place, a new F&B area created at the lower ground floor of Subang Parade was also recently completed and opened for business in October last year. Mahkota Parade's refurbishment continues to receive positive feedback from retailers and shoppers for its new look and feel. Wetex Parade's new retail zone, The Quadrix, has also received a positive endorsement from retailers.
"Overall, we are looking forward to an exciting 2012 since all our major initiatives and enhancements throughout our portfolio are fully in place. Already our three malls are enjoying a healthy 9.0% increase in visitors in 2011," said Jaafar.
Hektar REIT is a retail-focused REIT in Malaysia listed on the main market of Bursa Malaysia. The REIT is managed by Hektar Asset Management Sdn Bhd, a subsidiary of Hektar Group, with business interests in the development and management of retail shopping centres. The REIT currently owns 1.1 million sq ft of retail space in Selangor, Melaka and Johor with assets valued at RM822 million.
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