KUALA LUMPUR (Jan 21): KIP Real Estate Investment Trust (KL:KIPREIT) posted a 28.9% rise in net property income (NPI) for the second quarter on better performance of its malls, bolstered by newly acquired retail assets, Cyberjaya mall D’Pulze and Perak hypermarket TF Value.

NPI for the second quarter ended Dec 31, 2024 (2QFY2025) grew to RM21.62 million, from RM16.78 million a year earlier, according to the retail and industrial property trust in a bourse filing on Tuesday.

Revenue expanded 32.7% to RM30 million, versus RM22.61 million in 2QFY2024, on the aforementioned stronger retail asset performance and asset additions. The retail portfolio’s occupancy rate stood at 97.1%.

“The composition of total revenue breakdown into retail and industrial is 94.7% and 5.3% respectively,” it added.

The trust declared a distribution per unit (DPU) of 0.48 sen, payable on Feb 28. Including the DPU of 1.18 sen declared in November before the conclusion of 2QFY2025, DPU declared, so far, amounted to 1.66 sen which is higher than the 1.55 sen in the same period a year earlier.

For the first half ended Dec 31, 2024 (1HFY2025), KIP REIT reported a 24% increase in net profit to RM41.29 million, versus RM33.3 million in the same period last year, as cumulative revenue went up 26.1% to RM56.71 million from RM44.97 million.

Looking beyond, KIP REIT said its manager, KIP REIT Management Sdn Bhd, holds a favourable outlook underpinned by the property portfolio’s positive performance thus far, as well as the trust’s strategic endeavours to enhance its leasing and operational strategies.

“As a result, the manager anticipates the ability to sustain a stable performance throughout fiscal year 2025,” it added.

Units in KIP REIT closed unchanged at 87.5 sen on Tuesday, valuing the REIT at RM698.8 million.