KUALA LUMPUR: Axis Real Estate Investment Trust’s (Axis-REIT) realised net income jumped 38.8% to RM42.9mil in the second quarter ended June 30 from RM30.9mil a year prior.
“The growth in realised net income was mainly attributed to the higher total trust income which increased by 20.1% to RM72.5mil from RM60.4mil a year ago,” it said.
The total trust income growth in turn was driven by contributions from newly acquired properties and positive rental reversion recorded from the tenancy renewals and contracted step-ups in the past one year.
As at June 30, Axis-REIT has a total portfolio to 61 properties.,
In the first six months to June 30, Axis-REIT posted a total trust income of RM139.2mil, up by 18.1%, year-on-year against RM117.9mil previously.
Its realised net income for the period rose by 30.6% to RM82mil from RM62.8mil for the corresponding period last year.
Axis-REIT’s management company, Axis REIT Managers Bhd has proposed to distribute 99% of the realised income available for distribution for the quarter under review, as the second interim income distribution for FY22.
“This gives a distribution per unit of 2.55 sen as opposed to Q2FY21’s 2.4 sen. The proposed 2.55 sen includes a non-taxable portion of approximately 0.61 sen per unit derived from capital allowances, industrial building allowances and tax-exempt profit income which is not subject to tax,” it said.
Axis REIT Managers chief executive officer/executive director Leong Kit May said: “The financial results demonstrated the solid portfolio of Axis-REIT that largely comprises logistics and industrial properties. We will continue to grow our portfolio with the acquisition of quality properties as well as develop our properties with the ultimate objective of delivering better returns to unitholders.”