KUALA LUMPUR (Jan 22): AME Real Estate Investment Trust (KL:AMEREIT) reported a 1.4% increase in net property income (NPI) for the third financial quarter, thanks to contributions from a newly-acquired property and tenancy renewals at higher rates.

NPI for the quarter ended Dec 31, 2024 (3QFY2025) was RM11.71 million, compared with RM11.55 million in the same period last year, according to the REIT in a filing with Bursa Malaysia. Net profit, however, fell 8% year-on-year to RM9.16 million, as the figure in the corresponding quarter a year earlier was inflated by fair value gain on investment properties.

The trust, which mainly manages industrial assets, also declared an interim income distribution of 1.89 sen per unit amounting to RM9.98 million, which is payable to unitholders on Feb 28.

Revenue increased by 3% to RM12.73 million, from RM12.36 million, mainly attributed to the inclusion of industrial property i-Park@Indahpura in its portfolio. 

AME REIT said it remains optimistic on prospects for the rest of the financial year, which will end on March 31, 2025, with full occupancy rates across its portfolio.

The REIT's portfolio comprises 37 investment properties, of which 34 are industrial properties and three are workers’ dormitories. In October 2023, the trust completed the acquisition of i-Park@Indahpura in Kulai, Johor, for about RM27 million.

For the cumulative nine months ended Dec 31, 2024, net property income rose 5.5% to RM34.85 million. Total distributable income amounted to RM29.55 million or 5.60 sen per unit. In comparison, total income distribution over the same period last year was 5.48 sen apiece.

AME REIT closed unchanged at RM1.41 on Wednesday, ahead of the results announcement, giving it a market capitalisation of RM743.3 million.