KUALA LUMPUR (Aug 17): AmFirst Real Estate Investment Trust (KL:AMFIRST) on Monday reported a net property income (NPI) of  RM16.20 million for the first quarter ended June 30, 2026 (1QFY2027), little changed from RM16.19 million a year earlier.

Revenue for the quarter rose 7.5% year-on-year to RM27.24 million from RM25.34 million, as the overall occupancy increased to 88.3% from 83.1%, supported by stronger take-up across several properties.

The higher occupancy translated into stronger rental income, higher car park revenue and improved contributions from the co-working space operations, the REIT said in a bourse filing.

It added that  the improvement in operating revenue was offset by the absence of one-off compensation income of RM1.7 million recognised in 1QFY2026 and the loss of income contribution following the temporary closure of The Summit Hotel in Subang Jaya for a major rebranding and refurbishment exercise.

AmFirst REIT said earnings were supported by higher interest and other income, gains from the change in fair value of investment properties, and unrealised gains on derivatives and financial liabilities measured at amortised cost. These positive contributions outweighed the drag from non-property expenses and interest costs, lifting profit before tax to RM6.64 million compared with RM3.27 million a year earlier.

Earnings per unit increased to 0.96 sen from 0.48 sen.

Commenting on its performance, AmFirst REIT said its asset portfolio has continued to benefit from high occupancy levels and positive rental reversions across selected properties.

"Barring any unforeseen circumstances, the manager remains cautiously optimistic and will continue to focus on proactive asset management, prudent capital management and selective asset portfolio rationalisation and diversification initiatives to support the delivery of sustainable high returns to unitholders," it said.

AmFirst REIT owns eight properties valued at RM1.59 billion, comprising Bangunan AmBank Group, Menara AmBank, Wisma AmFIRST, The Summit Subang USJ, Prima 9, Prima 10, Jaya 99 and Mydin Hypermall, Bukit Mertajam.

According to AskEdge data, the REIT is trading at a price-to-earnings ratio of 12.4 times, which is lower than some of its peers. Its price-to-net-asset-value ratio of 0.3 times is also lower than most peers.

Units in AmFirst REIT ended unchanged at 35.5 sen on Monday, valuing the trust at RM243.7 million.