Axis Real Estate Investment Trust announced its third quarter results for the financial reporting a total trust income of RM80.3 million, representing an increase of 12.0% from RM71.8 million in the same quarter of previous year. This growth it said stemmed from contributions from newly acquired properties, post-development contribution from new tenancies from Bukit Raja Distribution Centre 2 (lease commenced in August 2023) and Axis Mega Distribution Centre, Phase 2 (lease commenced in July 2024), as well as positive rental reversion within its existing portfolio.

Net trust income for the quarter was RM37.8 million, influenced by a RM4.7 million unrealised fair value loss on derivatives, contrasting with a RM4.9 million gain from the previous year. Axis added that if the unrealised loss were excluded, net trust income would have been approximately RM42.5 million, underscoring the strength and growth potential of the underlying portfolio.

Hiowever, the distribution per unit will not be affected by the unrealised fair value loss on derivatives as it is non-cash in nature.

For the nine-month period ended 30 September 2024, net trust income increased by 11.0% to RM119.0 million, supported by a total trust income growth of 10.0% to RM232.3 million, up from RM210.4 million a year prior.

Axis-REIT management company, Axis-REIT Managers Berhad has announced a proposal to distribute 99% of the realised income available for distribution from its operations for Q3FY2024. The distribution is set at 2.35 sen per unit, which includes a non-taxable portion of 0.01 sen per unit, originated from tax-exempt profit income. This interim income distribution will be payable on 29 November 2024, with the book closure date scheduled for 12 November 2024.