KUALA LUMPUR (April 22): AME Real Estate Investment Trust (KL:AMEREIT) reported a 28.9% increase in net property income (NPI) for the fourth quarter, driven by contributions from newly acquired properties and higher rental rates from tenancy renewals.

NPI for the three months ended March 31, 2026 (4QFY2026) stood at RM14.94 million compared to RM11.59 million a year ago.

Quarterly revenue rose 26.2% to RM16.49 million, from RM13.06 million a year before.

Distributable income stood at RM11.52 million in 4QFY2026, up 19.4% from RM9.65 million a year ago.

AME REIT, which focuses primarily on industrial assets, declared a distribution per unit (DPU) of 2.16 sen — higher than the DPU of 1.83 sen paid a year ago — payable on May 28. This brings the total DPU for FY2026 to 8.34 sen, up 12.2% from 7.43 sen in FY2024.

Net income for 4QFY2026 surged more than four times to RM88.21 million from RM20.80 million a year before, largely due to an unrealised fair value gain of RM87.07 million on investment properties during the quarter.

For FY2026 as a whole, NPI increased 21.5% to RM56.44 million from RM46.44 million for FY2025, as revenue grew by 22.4% to RM62.33 million from RM50.9 million.

AME REIT’s portfolio comprises 43 properties with a 100% occupancy rate.

Looking ahead, the manager remains optimistic about achieving favourable performance for FY2027, supported by its fully occupied portfolio.

According to AskEdge data, the company is trading at a price-to-earnings ratio of 19.8 times, which is higher than most peers. Only IGB REIT (KL:IGBREIT) has a higher ratio at 26.7 times. Its price-to-net-asset-value ratio of 1.4 times is also higher than most peers.

AME REIT’s unit closed up 2.53% or four sen to RM1.62, giving the REIT a market capitalisation of RM955 million.