Hektar REIT reaps RM18.6m in revenue
Posted on | August 7, 2007
By BERNAMA
HEKTAR Asset Management Sdn Bhd, the manager of Hektar Real Estate Invesment Trust (Hektar REIT), has reported a revenue of RM18.6 million for the second quarter ended June this year.
Net property income for the period was RM11.4 million.
Hektar REIT’s shopping malls, namely Subang Parade saw near-full term occupancy rate with 99.6 per cent while its Mahkota Parade saw 94.1 per cent occupation rate.
Its chief executive officer, Datuk Jaafar Abdul Hamid, in a statement said net income for the period was RM8.5 million, which translated to earnings per unit of 2.65 sen, 19.3 per cent higher than the earnings forecast when the REIT was launched in December last year.
“A second quarter distribution per unit (DPU) of 2.4 sen, in line with Hektar REIT’s quarterly dividend policy, is on target to achieve the annual forecast of 9.6 sen,” he said.
Hektar REIT’s first quarter distribution for the year was 2.4 sen.
Based on the closing price of RM1.55 on June 29, the annualised distribution yield is 5.7 per cent.
The payment of the second quarter dividend of 2.4 sen will be made on August 30 this year.
A major initiative for the group during the second quarter was the announcement of a strategic partnership with Frasers Centrepoint Ltd, in which its subsidiary, Frasers Centrepoint Trust (FCT) invested and currently owns 27 per cent of Hektar REIT.
FCT will play a key role in the growth of the REIT and Hektar Group.
The partnership with FCT has put Hektar REIT on a firmer financial footing and attracted greater recognition from global investors.
“Strategically, we are firmly positioned to continue to pursue our vision of owning well-performing malls, we have built a solid investor base with strong supporters of our growth strategy and we now have the means and the financial capability to accelerate our growth,” Jaafar added.
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