[ad_1]
KUALA LUMPUR: AME Real Estate Investment Trust
(AME REIT) is aiming for 100% renewal of the 12 leases expiring in the financial year ending March 31, 2024 (FY24) to reinforce the REIT’s future earnings.
“Of the 12 leases, AME REIT has successfully renewed leases with five existing tenants, obtained one replacement tenant, and confirmed lease renewals with six existing tenants, which will be finalised by end-FY24,” it said in a statement.
With this, AME REIT is on track for 100% occupancy rates across all industrial- and industrial-related properties.
“We are confident that our strong proposition as an innovative and value-accretive asset manager will bode well in retaining our tenants at improved rental rates, thereby enhancing our earnings stability.
“As part of an integrated industrial space solutions provider via our sponsor AME Elite Consortium Bhd, we have both the capability and speed to work proactively with our tenants to customise to their requirements,” I REIT Managers Sdn Bhd chief executive officer and executive director Chan Wai Leo said.
I REIT Managers is the management company of AME REIT.
AME REIT now has 36 properties in its portfolio, with the acquisition of another industrial property on track for completion in FY24. The acquisition will bring AME REIT’s total investment property value to RM668mil, where all properties enjoy full occupancy.
“On top of that, we are on the lookout for new properties in Johor, Klang Valley, and the northern region to further strengthen our asset base.
“In this respect, we are targeting approximately RM100mil acquisition to expand our portfolio, and continue to reinforce our reputation as a leading industrial REIT in Malaysia,” Chan said.
AME REIT is in the process of acquiring Plot 16 Indahpura, where construction has been completed and is now pending the issuance of certificate of completion and compliance. The acquisition is expected to be completed in the first quarter of 2024.
In the first quarter ended June 30 (1Q24), AME REIT reported increased net property income of RM10.7mil compared to RM10.2mil in the preceding quarter 4Q23.
There is no comparison with the previous corresponding quarter and period as AME REIT was listed on the Main Market of Bursa Malaysia on Sept 20, 2022.
AME REIT has announced a 100% distribution of distributable income amounting to RM9.4mil, or 1.80 sen distribution per unit (DPU) for 1Q24.
The distribution is payable on Sept 18 to unitholders whose names appear in the record of depositors of AME REIT at the close of business on Aug 25.
[ad_2]
Source link