Hektar REIT's property in Muar, Johor - Wetex ParadeHektar REIT's property in Muar, Johor - Wetex Parade

Hektar REIT recorded revenue of MYR31.06 million for its 3Q 2022, which represents an increase of 62.4% compared to the MYR19.12 million in 3Q 2021.

The higher revenue is attributed to the increased rental income, including higher turnover rent, increased car park income and higher hotel occupancy, said the REIT.

Subsequently, Hektar REIT registered a net property income of MYR18.31 million during its 3Q 2021, an increase of 77.2% compared with MYR10.33 million in 3Q 2021.

The REIT's realised net income was MYR13.50 million, a whopping increase of 861.8% compared with the MYR1.40 million for the same quarter in the preceding year.

“The Malaysian retail landscape showed steady recovery as it inches back to the pre-pandemic levels, and it is evident across Hektar REIT's portfolio”, said the REIT in its statement on 15 November.

“The shopping malls recorded a higher footfall of 269% year-on-year, along with a 152% higher vehicle count year-on-year. This is in tandem with the continuous improvement in tenants' sales performance at our malls, providing headroom for rental growth”, it added.

“Hektar REIT's malls are well-positioned as neighbourhood malls and leverage the proximity to the community, catering to all their basic needs as well as an increased desire for F&B and social offerings such as entertainment options to be enjoyed together with their family & friends”, said Johari Shukri bin Jamil, CEO of the REIT’s manager.

Hektar REIT was last done on the Bursa Malaysia at MYR0.57.

By Shariffa Al-Habshee

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