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Hektar REIT announces income distribution of RM4.2mil

KUALA LUMPUR: Hektar Asset Management Sdn Bhd, which manages Hektar Real Estate Investment Trust (Hektar REIT), today announced an income distribution of RM4.2 million for the fourth quarter ended 31 December 2020.

The income distribution is equivalent to 0.90 sen per unit.

Hektar REIT had previously deferred payment of dividend to unitholders for the financial year ended 31 December 2020.

This as the REIT was prohibited from paying out any dividends until full settlement be made to its financiers, Malayan Banking Bhd and Maybank Islamic Bhd arising from a temporary deferment of all profit payments from May 2020 to October 2020.

The Covid-19 pandemic has impacted the retail industry significantly and the REIT has also not been spared.

"However, we remain committed to maintaining a distribution policy of at least 90 per cent of our distributable income and steering our portfolio into recovery this year.

"Our focus is to ensure the safety of shoppers by following stringent Covid-19 standard operating procedures at our shopping malls as well as ensuring our malls remain relevant through various tenancy remixing and other optimum asset enhancement initiatives," the firm in a statement said.

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