2 weeks Ago
PETALING JAYA: KIP Real Estate Investment Trust (KIP REIT) recorded a 35.1% year-on-year (y-o-y) increase in its net property income to RM13.8mil for the third quarter ended March 31, 2025 (3Q25).
In a filing with Bursa Malaysia, KIP REIT said its revenue for 3Q25 rose by 61% y-o-y to RM39.5mil, mainly attributed to overall better performance from seven KIPMalls, and the strategic acquisitions of D’Pulze Shopping Centre, a retail mall master-leased to TF Value Mart, and the Cheras Jaya industrial property. D’Pulze, in particular, recorded stronger performance compared to its initial acquisition assumptions as disclosed in the circular, supported by positive rental reversions and improved operational efficiency.
KIP REIT proposed a fourth income distribution of 1.60 sen per unit for 3Q25. The distribution will be paid on May 30, 2025, with the book closure date set for May 9, 2025.
The group said notwithstanding new acquisitions, the existing KIPMall portfolio posted a y-o-y growth of 23.3%, underpinned by improved occupancy rates, continued rental reversion across key assets and the successful onboarding of ST Rosyam Mart as anchor tenant at KIPMall Senawang. Meanwhile, KIP REIT said it recorded a higher occupancy rate of 97.
2%, compared to 93.8% in the corresponding quarter last year. This was on the back of an expanded asset base where the total net lettable area grew by 22.
4%. For the nine months ended March 31, 2025, KIP REIT saw its net property income increase by 15% y-o-y to RM35.8mil, while revenue was up by 38% y-o-y to RM96.
2mil. This was supported by contributions from D’Pulze Shopping Centre, TF Value Mart and Cheras Jaya industrial property..
