KUALA LUMPUR (April 27): Atrium Real Estate Investment Trust (REIT) saw its net property income (NPI) for the first quarter ended March 31, 2021 (1QFY21) increase by 18.74% year-on-year (y-o-y) to RM9.09 million from RM7.66 million.

In a bourse filing, the REIT said its total revenue increased by 16.93% y-o-y to RM9.65 million from RM8.25 million.

It is proposing a distribution per unit (DPU) of 2.5 sen, versus the two sen achieved in 1QFY20.

The group noted that the y-o-y increase in both its NPI and revenue was due to rental income from its Atrium Bayan Lepas 1 property in Penang, which commenced operations in October 2020.

On a quarter-on-quarter (q-o-q) basis, the industrial asset-focused REIT said its NPI dipped by 2.26% from RM9.3 million. Total revenue increased by 0.13% from RM9.64 million in 4QFY20. The decline in NPI was due to higher property expenses q-o-q.

On its prospects, the REIT said it remains cautious amid the uncertainties surrounding the economic recovery from Covid-19.

“Despite the uncertainties and the challenging market conditions, Atrium REIT's portfolio of properties remains resilient and is expected to continue delivering sustainable performance for the rest of the financial year ending Dec 31, 2021.

"The occupancy rate for the trust’s portfolio of properties as at March 31, 2021 was 100% except for Atrium Shah Alam 4 (ASA4), the acquisition of which was completed during the current quarter,” it said.

Units in Atrium REIT closed 0.7% or a sen higher at RM1.44, valuing it at RM294.66 million. It saw 88,400 units changed hands.