Axis REIT 1Q income jumps on new acquisitions, tenancies and rental rates
Quarterly earnings per unit rose to 2.
Quarterly earnings per unit rose to 2.
The two REITs, which run malls and office buildings, said economic uncertainty and possible fuel subsidy cuts may lower mall spending and hurt tenants, while office space faces too much supply and demand for newer buildings.
NPI for the fourth quarter ended March 31, 2024 (4QFY2025) rose 1.
The property is currently Parkway Life Malaysia’s sole asset and contributes 0.
The company said revenue rose 61.
Paradigm REIT is set to be listed with 1.
Distributable income climbed 10.
As part of the proposed listing of Paradigm REIT, shareholders also approved the proposed disposal of three prime retail properties — Bukit Tinggi Shopping Centre (BTSC), Paradigm Mall Petaling Jaya (PMPJ) and Paradigm Mall Johor Bahru (PMJB) — to Paradigm REIT for RM2.
The four properties are KIPMall Desa Coalfields in Kuala Selangor at RM62 million, the Lotus’s Indera Mahkota hypermarket in Kuantan at RM39 million, along with three units of double-storey shop offices worth RM12 million, and a double-storey commercial building worth RM5 million, also located in Kuantan.
The disposal is expected to unlock the value of the assets while allowing KPJ to retain operational control through a leaseback structure.