KIP Real Estate Investment Trust (KIP REIT) announced an increase in net property income (NPI) to RM19.7 million for the first quarter ended Sept 30, 2024 (1Q25), representing a 19.1% rise compared to 1Q24.
Gross revenue 1Q25 climbed 19.2%, reaching RM26.7 million, compared to RM22.4 million in 1Q24. The robust performance was driven by a 19% increase in revenue from the retail segment, which accounted for 94% of total revenue. The revenue growth was primary supported by improved performance across the seven KIPMalls, which collectively saw their occupancy rates rise from 88.99% to 90.29%.
As such, KIP REIT has declared a distribution per unit (DPU) of 1.52 sen for 1Q25. The book closure date is scheduled for Nov 6, 2024, with payment to be made on Nov 26, 2024. Based on the closing price of 93 sen on Oct 21, 2024, the trailing twelve months' DPU gives a yield of approximately 7.2%.
