Atrium REIT 4Q rental income jumps 69%; trust declares 2.23 sen dividend

TheEdge Fri, Feb 07, 2020 09:32am - 4 years View Original


KUALA LUMPUR: Atrium Real Estate Investment Trust’s (Atrium REIT) net rental income for the fourth quarter ended Dec 31, 2019 (4QFY19) jumped 69.8% to RM8.13 million from RM4.79 million for 4QFY18.

The better results came on the back of a higher gross revenue of RM7.61 million from RM4.9 million for 4QFY18, as well as lower property operating expenses for the quarter.

Atrium REIT also booked unbilled lease income receivables of RM605.96 million as part of adjustment under the Malaysian Financial Reporting Standard 16 accounting requirement.

Quarterly earnings per unit grew to 2.21 sen from 1.97 sen for the previous corresponding quarter.

The REIT has declared a dividend of 2.23 sen per unit, bringing its full-year total to 6.63 sen — down from 8.1 sen for FY18.

For FY19, Atrium REIT’s net rental income grew 24% to RM21.41 million from RM17.26 million as gross revenue expanded 19.05% to RM22.6 million, from RM18.78 million.

It is noted that the REIT recorded higher trust expenses on higher manager fees, administrative expenses and finance costs — the latter due to the drawdown of a note programme to finance the acquisition of Atrium Bayan Lepas 2 in Penang.

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