Hektar REIT's rental reversions propel NPI up 14pct

KUALA LUMPUR: Hektar Asset Management Sdn Bhd today announced its rental reversions efforts propelled Hektar REIT’s net property income (NPI) to hit RM19.5 million in the third quarter ended Sept 30, 2018 (Q3), an increase of 14 per cent from the same quarter last year.

Revenue stood at RM33.4 million in Q3, up 10 per cent, from the corresponding period.

Chief Executive Officer Datuk Hisham Othman said Hektar REIT’s fundamentals remained strong with a solid track record for occupancy, year-on-year increase in revenues and higher net property income.

“Our performance this quarter is driven by stronger leasing performance as represented by positive rental reversions of 7.9 per cent year-to-date.

“We are committed to bring in tenants with proven business model and track record to ensure that we remain relevant to the communities they serve,” he said in a statement.

Hektar REIT declared a third interim distribution per unit (DPU) of 2.10 sen. Based on the closing price of RM1.24 on Sept 28, 2018, the annualised DPU for the year represented a distribution yield of approximately 7.2 per cent.

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