KUALA LUMPUR (April 24): IGB Real Estate Investment Trust (IGB REIT), which owns Mid Valley Megamall and Gardens Mall here, posted a marginal 0.94% increase in net property income (NPI) for its first quarter ended March 31, 2019 (1QFY19) to RM103.48 million compared with RM102.51 million a year ago, as rental income rose.
Quarterly revenue climbed 3.25% to RM141.23 million from RM136.79 million a year ago, its stock exchange filing today showed. Distributable income came in at RM89.5 million compared with RM91.9 million previously.
It declared a distribution income per unit of 2.4 sen, totalling a payout of RM85 million, compared with the 2.48 sen it announced in 1QFY18.
On prospects, IGB REIT's manager, IGB REIT Management Sdn Bhd, said notwithstanding a 4.5% forecast growth in the retail sales sector, it will endeavour to strengthen its performance by improving customers and shoppers experience at both its malls.
The manager is determined to proactively explore asset enhancement initiatives and ensure that the tenancy mix is responsive to meeting the evolving demands and changing preferences of customers and shoppers.
“These are expected to enable IGB REIT to maintain a stable flow of distributable income, and continue to create long-term value for its unitholders,” it said.
IGB REIT's units closed one sen or 0.54% lower at RM1.85 today, valuing the REIT at RM6.55 billion. Some 2.43 million units were traded. In the past one year, the stock has climbed over 24%.