CapitaLand Malaysia Trust Gurney Plaza REITsWeek

CapitaLand Malaysia Trust announced on 25 October that it has achieved a 52.6% year- on-year increase in net property income for its 3Q 2023.

It came in at MYR58.3 million for the quarter, which ended on 30 September 2023.

The increase was due to income contributions from Queensbay Mall and higher revenue contributions from its retail properties.

Accordingly, the REIT’s gross revenue for 3Q 2023 grew by 46.0% year-on-year to MYR103.6 million.

For 3Q 2023, the REIT’s distributable income increased by 29.0% year-on-year to MYR28.7 million with the distribution per unit (DPU) for this quarter reaching 1.05 sen, a 4.0% rise year-on-year.

“Our strategic focus on improving the quality of our portfolio has delivered strong operating performance and continued growth in income and distributions for our unitholders”, said Tan Choon Siang, CEO of the REIT’s manager.

“As at 30 September 2023, our portfolio occupancy stood at 89.6%. Demand for retail space remains robust, with the retail portfolio achieving a positive rental reversion of 6.3%”, he added.

CapitaLand Malaysia Trust was last done on the Bursa Malaysia at MYR0.56.

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.