AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) has reported a 160.5% growth in net realised income before taxation to RM3.1 million for its third quarter ended Sept 30, 2024 (3Q24), driven by improved occupancy rates and proactive asset management.
As for its 3Q24 revenue, AmanahRaya REIT recorded a rental revenue of RM18.8 million, a 6.3% increase, compared to RM17.7 million in 3Q23.
For the quarter under review, AmanahRaya REIT's net property income rose to RM12.1 million, reflecting a 5.3% year-on-year (YoY) growth from RM11.5 million in 3Q23.
Looking ahead, AmanahRaya REIT remains optimistic about its prospects, underpinned by several strategic initiatives such as the acquisition of Sekolah Tinta, an education asset in Glenmarie with a long-term lease, which will contribute to stable recurring income. Additionally, the planned divestment of Contraves for RM42.5 million will enhance the cashflow for future acquisitions and reduce the REIT's overall gearing. The portfolio's average occupancy rate, currently at 75%, is expected to rise to 80% by 4Q24, supported by new tenant commitments at Vista Tower, Dana 13.
At the same time, the manager is also advancing ESG initiatives, including the implementation of energy-efficient systems and safety enhancements at Help University and Vista Tower, LED light replacements and a chiller retrofitting project at Vista Tower.
With a cash balance of RM43.3 million and an undrawn financing facility of RM400 million, the REIT's liquidity remains robust, providing flexibility for future growth.
