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Sunway REIT posts stronger Q2 results
Apr 26, 2012
Sunway Real Estate Investment Trust (Sunway REIT) continued to register strong growth, with net property income (NPI) climbing 21.9 percent year-on-year to RM74.3 million in the third quarter this year, mainly attributed to stronger assets contribution.
According to Sunway REIT, its initial portfolio of eight properties climbed 9.6 percent year-on-year, with the NPI of Sunway Pyramid Shopping Mall rising 12.3 percent during the quarter.
"We are happy to report that Sunway REIT performed better compared to FY2011. The continuous business improvement enables Sunway REIT to continue to distribute higher income distribution to unitholders," said Dato' Jeffrey Ng, Chief Executive of Sunway REIT Management Sdn Bhd, the manager of the trust.
Meanwhile, distributable income expanded 10.4 percent year-on-year to RM50.4 million, leading the annualised distribution yield to rise 6.0 percent based on the trust's unit closing price of RM1.25 as of 31 March 2012.
"We continue to register strong rental reversion of 15.8 percent on the portfolio basis," said Ng.
"Sunway Pyramid Shopping Mall achieved rental reversion of 17.2 percent for year-to-date 3Q 2012 with a total 294,968 sq ft of lettable area renewed. We expect the strong rental reversion to sustain at this level for the remaining period of the financial year," he said.