PETALING JAYA: Pavilion Real Estate Investment Trust’s (REIT) net property income (NPI) stood at RM58.8mil for the first quarter (Q1) ended March 31,2021, compared with RM65.1mil in the corresponding period last year.
It attributed the decline in NPI to lower occupancy rates in its shopping malls amid the pandemic.
During the quarter in review, its revenue was lower at RM126.2mil, compared with RM134.3mil in the previous corresponding period. This was mainly due to the lower occupancy rates because of non-renewal of some expired tenancies.
Nevertheless, Pavilion REIT said it was confident that the retail industry would recover and grow in the year ahead.