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

Sentral REIT disclosed on 8 May that its revenue for 1Q 2024 came in MYR48.117 million.

This represents an increase of 27.6% from 1Q 2023.

Subsequently, the REIT has reported net income of MYR19.9 million for the quarter.

This is an increase of approximately 12.6% from the realised net income of MYR17.77 million recorded in 1Q 2023.

The higher income for the quarter was mainly due to higher realised revenue from Sentral Building 4, Platinum Sentral and Sentral Building 3 – BMW as well as revenue contribution from Menara CelcomDigi for the full quarter, said the REIT.

This was offset by higher property expenses and finance costs.

Correspondingly, Sentral REIT recorded a realised earnings per unit (EPU) and distributable
income per unit (DPU) of 1.66 sen which is approximately 1.0% higher than what were reported in 1Q 2023.

The REIT’s average occupancy rate for the quarter was at 88%.

Meanwhile, the REIT’s average cost of debt was recorded at 4.45%, a slight increase from the 4.4% reported in the previous quarter.

Sentral REIT was last done on the Bursa Malaysia at MYR0.81

By Shariffa Al-Habshee

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