Hektar REIT declares 2.7 sen DPU

KUALA LUMPUR (Feb 15): Hektar Real Estate Investment Trust’s (REIT) net property income (NPI) slipped 4.1% to RM18.73 million for the fourth quarter ended Dec 31, 2016 (4QFY16), from RM19.53 million a year earlier, due to higher service and maintenance charges.

The REIT announced a distribution per unit (DPU) of 2.7 sen for the quarter, unchanged from the 4QFY15 payout and representing a dividend yield of 6.7%. Amounting to RM10.82 million, it will be paid on March 16.

In a statement yesterday, Hektar said net realised income for the quarter fell by 5.6% to RM10.4 million from RM11.02 million in 4QFY15. This was despite a net income of RM12.01 million compared to a net loss of RM28.92 million previously, due mainly to the fair value gain from revaluation of the REIT’s investment properties.

The REIT’s revenue fell 2.4% to RM31.17 million from RM31.93 million in 4QFY15.

For the full FY16, Hektar posted a 7% drop in realised net income to RM41.5 million, while revenue was down to RM124.57 million from RM125.51 million in FY15.

Separately, Hektar announced that Michael Lim Hee Kiang had been redesignated as Hektar’s independent and non-executive chairman following the demise of Datuk Jaafar Abdul Hamid in January.

The REIT’s current portfolio includes Subang Parade in Subang Jaya, Mahkota Parade in Melaka and Wetex Parade in Muar.

This article first appeared in The Edge Financial Daily, on Feb 15, 2017.

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1067414/hektar-reit-declares-27-sen-dpu

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