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Tuesday, February 5, 2008

AmFirst REIT posts RM8mil net income

KUALA LUMPUR: AmFirst REIT (real estate investment trust) recorded a net income of RM8mil, net property income of RM10.5mil and revenue of RM15.2mil for its third quarter ended Dec 31, 2007.

Am ARA REIT Managers Sdn Bhd acting chief executive officer Anthony Ooi Kwee Yang said in a statement that while growth via acquisition was important, the REIT manager was also focused on asset enhancement.

“We will undertake phased retrofitting/upgrading works on two of our (five) buildings.

“This is with the aim of not only retaining but attracting quality tenants to further improve the performance and yield of the buildings,” Ooi said.

He added that the REIT manager was looking at increasing contribution from the 2,300 parking bays it owned.

He said that in the nine months to Dec 31, the REIT's portfolio of properties achieved average rental reversion of 13.9% on the back of continued improvement in office rental rates.

“With 38% of current leases up for renewal this year and another 49% in 2009, positive reversion is expected to continue,” Ooi added.

By The Star

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