UOA REIT has reported a total income of MYR19.6 million for its 1Q 2019.

The REIT’s total rental income slipped slightly to MYR14.3 million, from the MYR14.7 million reported in 1Q 2018.

Total expenditure for the quarter amounted to MYR9,699,558 with MYR5,234,000 attributable to property operating expenses and MYR4,465,558 attributable to non-property operating expenses.

As compared to the corresponding period last year, the REIT’s gross rental income decreased by 0.3% whereas total expenditure decreased by 9%.

The decrease in total expenditure was mainly due to the decrease in borrowing cost, which was offset with higher property operating expenses, said the REIT.

Taking into consideration a 95% distribution, UOA REIT has set aside MYR9,328,697 as provision for distribution.

This translates into approximately 2.21 sen per unit, higher than the 2.03 sen reported in 1Q 2018.

Realised earnings per unit has increased against the corresponding period last year, from 2.13 sen to 2.34 sen.

Amid prevailing economic conditions, UOA REIT has affirmed its commitment to actively manage the properties in the portfolio, and maximise the yields for unitholders.

“Meanwhile, the manager will continue to seek opportunities to further acquire real estate that meets the objective of UOA REIT”, it said.

UOA REIT was last done on the KLSE at MYR1.39.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.