Ong says the properties would deliver a stable and sustainable income stream for 15 years.
PETALING JAYA: KIP Real Estate Investment Trust
(KIP-REIT), whose revenue jumped by almost 11% in the first half of financial year 2023 (1H23), expects to enjoy “incremental revenue” from its three new industrial properties for the rest of the year.
With the acquisitions completed on Dec 14, 2022, the assets located in Pulau Indah, Selangor had contributed 18 days of lease income in the second quarter ended Dec 31, 2022, lifting the group’s net property income for the quarter.
KIP-REIT executive director Datuk Eric Ong Kook Liong said the properties would deliver a stable and sustainable income stream for 15 years.
“We will continue to look towards acquiring high-quality accretive properties with strong recurring rental income to create stable and sustainable returns for our unitholders. We are pleased that KIP-REIT has posted commendable results in the second quarter and overall 1H23,” he said in a statement.
Its net profit declined by 10.15% year-on-year (y-o-y) to RM8.13mil, due to one-off expenses from the acquisitions of the three industrial properties.
