KIP REIT's KIP Mart Tampoi. (Photo: KIP Group)

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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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.