Despite seeing a drop in occupancy for 4Q 2013, Malaysia-listed industrial REIT Quill Capita Trust reported an 8.6 per cent increase in realised net income of MYR8.6 million for the quarter. Realised net income from the corresponding quarter of 2012 was MYR7.9 million.
|Quill Capita Trust has attributed better income figures to higher rental contributions.|
Quill Capita Trust, partly owned by Singapore property company Capitaland, has attributed the better income to figures to higher rental from tenants and lower finance and administrative costs. This despite the REIT seeing its asset value increase to MYR825.56 million - an increase of MYR2.1 million based on independent valuation.
Subsequently this has allowed the REIT to report a marginal increase of 0.22 per cent in net property income for FY2013 which stands at MYR34.54 milllion, as compared to the MYR34.46 million recorded for 2012.
However DPU remained flat at 8.38 sen, exactly what was distributed last year. This translates to a yield of about 7.1 per cent baed on the last closing price of MYR1.18 at 31 December 2013.
Units of Quill Capita Trust have closed the day slightly higher (1 sen) from the previous session at MYR1.16.