Sentral REIT has reported net income of MYR22.11 million for its 3Q 2021.
This is an increase of approximately 3.0% from the net income of MYR21.48 million recorded in 3Q 2020.
However, Sentral REIT’s revenue for the quarter slipped by 3.0% year-on-year to come in at MYR40.8 million.
Despite lower revenue contribution, Sentral REIT reported net income for this quarter was higher due to lower property operating expenses and finance costs.
Correspondingly, the REIT’s realised earnings per unit (EPU) and distributable income per unit of 2.06 sen were recorded for 3Q 2021.
“The manager’s proactive leasing efforts has kept Sentral;s portfolio occupancy at a healthy 91% as at 30 September 2021, resulting in Sentral’s stable performance for the quarter”, said Yong Su-Lin, CEO of the REIT’s manager.
In terms of lease renewals, Sentral REIT has approximately 440,000 square feet, representing 22% of its total leased net lettable area, due for renewal in 2021 with the bulk of these leases due in the last quarter of 2021.
Up to 3Q 2021, 198,000 square feet of leases were due, of which approximately 81% of these leases have been successfully renewed.
“We are now finalising the remainder of leases due in the last quarter”, said the REIT.
As at 30 September 2021, Sentral REIT average cost of debt was at 3.55% per annum with aggregate gearing ratio of 37.1%.
Sentral REIT was last done on the KLSE at MYR0.90.