Malaysia-listed MRCB-Quill REIT (formerly known as Quill Capita Trust) announced on 20 May that it has achieved net property income of MYR8.3 million (SGD3.7 million) for the first quarter of 2015.
This is an increase of approximately 1.4% from the realised net income of MYR8.2 million recorded in the corresponding period of 2014.
“Despite recording a higher property expenses compared to 1Q 2014, the trust was able to achieve a higher realised net income for the quarter due to higher revenue from rental reversion and higher recoveries of several properties, as well as the recognition of revenue from Platinum Sentral commencing from 30 March 2015”, said the REIT in a statement announcing the results.
The REIT recorded an earnings per unit (EPU) of 2.09 sen for the quarter, which is similar to what was recorded in 1Q 2014. The REIT attributed the nil growth to an increase in the REIT’s weighted average units in circulation as a result of the issuance of 65 million placement units and 206.25 million considerations units pursuant to a placement exercise.
“It is anticipated that the addition of Platinum Sentral into MRCB-Quill REIT’s portfolio shall enhance the trust’s income in the second quarter of 2015. We continue to actively look for acquisition opportunities as part of our growth strategy, to enhance unitholder value”, said Yong Su-Lin, interim CEO of the REIT’s manager.
Units of MRCB-Quill REIT are currently listed on the Bursa Malaysia at MYR1.16.