KUALA LUMPUR (July 30): Axis Real Estate Investment Trust (KL:AXREIT), an industrial asset-focused property trust, saw its net property income (NPI) for the second quarter slip 4.5% from a year earlier, as property income moderated marginally while expenses picked up.

NPI for the quarter ended June 30, 2026 (2QFY2026) fell to RM75.53 million from RM79.09 million, according to a bourse filing on Thursday.  

Revenue edged down 1.6% to RM88.8 million from RM90.25 million. Property expenses — comprising assessment, quit rent and other property operating expenses — rose 15.5% year-on-year to RM13.46 million.

Axis REIT Managers Bhd, the management company of Axis-REIT, proposed a distribution per unit (DPU) of 2.3 sen, compared to 2.65 sen a year earlier.

For the first six months of  FY2026, NPI declined 2.5% year-on-year to RM153.33 million from RM157.33 million while revenue saw a marginal 0.4% drop to RM179.35 million from RM180.12 million.

Axis REIT said it is optimistic of maintaining its current performance for the remainder of the year, based on the performance of its existing property portfolio and its growth strategy to actively pursue quality investments.

Axis REIT said it continues to focus on Grade A logistics facilities and manufacturing facilities with long leases from tenants with strong covenants; well-located logistics warehousing in locations ideal for last-mile distribution; and office, business parks and industrial properties with potential for future enhancement.

It noted that the total estimated value of acquisition targets stands at RM215 million. As at end-June, total assets under management stood at RM5.42 billion.

In a separate filing, Axis REIT announced the appointment of Takim Khan Myhre as an executive director of Axis REIT Managers, where he serves as an investments executive.

Axis REIT units ended two sen or 1.04% higher at RM1.94, valuing the property trust at RM3.93 billion.