KUALA LUMPUR: Axis Real Estate Investment Trust’s (Axis-REIT) realised property income jumped 8.6% to RM116.21 mil in the financial year ended Dec 31, 2019 (FY19).

Total trust income grew by 5.9% year-on-year to RM216.41 mil, the REIT’s management company said in a statement today.

Axis REIT Managers Bhd has proposed to distribute 99.9% of the realised income available for distribution, generated from operations from Nov 14 to Dec 31, 2019, as FY19 final income distribution, giving a distribution per unit of 1.10 sen.

The company said including the dividends declared earlier, the total distribution per unit (DPU) for FY19 worked out to 9.26 sen, giving a yield of 5.23%, based on Dec 31, 2019’s closing price of RM1.77.

The 9.26 sen DPU is 6% higher than FY18’s 8.74 sen.

Axis REIT Managers CEO and executive director Leong Kit May said Axis-REIT’s portfolio continued to perform well on the back of its resilient asset portfolio.

“For 2020, the proceeds from the private placements have pared down the gearing which will enable Axis-REIT to pursue new acquisitions with strong recurring income.

“This will contribute positively to Axis-REIT’s future earnings and provide unitholders with a stable income distribution,” she added. – Jan 20, 2020 Bernama

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