KIP REIT reports lower DPU amid falling retail rents across Malaysia

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Amid falling rents at retail properties across Malaysia, KIP REIT has reported lower revenue of MYR15.6 million for its 3Q 2019, down 0.2% from 3Q 2018.

The REIT has attributed this decrease to lower average rents clocked at its properties, which came in MYR5.24 per square foot in 3Q 2019, as compared to RM5.43 in the corresponding period of the preceding year.

As such, despite portfolio occupancy improving from 86.2% in corresponding quarter to 88.3% in current quarter, KIP REIT expects retail conditions ahead to remain tough.

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