Sentral REIT property, Menara Shell. (Photo: REITsWeek)Sentral REIT property, Menara Shell. (Photo: REITsWeek)

Sentral REIT has announced a realised net income of MYR17.7 million for its 1Q 2023.

This represents a decrease of approximately 13.2% from the realised net income of MYR20.4 million recorded for 1Q 2022.

The lower realised income for the quarter was mainly due to lower realised revenue and occupancy as well as higher finance cost and utility expenses, said Sentral REIT.

Correspondingly, Sentral REIT recorded a realised earnings per unit (EPU) and distributable income per unit of 1.65 sen.

This is approximately 13.2% lower than the EPU and distributable income per unit of 1.90 sen recorded in 1Q 2022.

The REIT has attributed the falls to challenges faced in the office market in Malaysia.

Sentral REIT’s average occupancy rate as at 31 March 2023 was maintained at 77% compared to the fourth quarter of 2022.

Sentral REIT’s average cost of debt per annum increased to 4.44% from 3.62% in the previous quarter.

Sentral REIT was last done on the Bursa Malaysia at MYR0.86.

By Shariffa Al-Habshee

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