AmFIRST REIT chalks up RM27.8m revenue in H1

By BUSINESS TIMES

AM ARA REIT Managers Sdn Bhd said its AmFIRST Real Estate Investment Trust (REIT) has registered a gross revenue of RM27.8 million for the financial half-year ended 30 September 2007.

The distributable income for the same period is RM15.54 million, which would translate to a distribution per unit of 3.623 sen.

Am ARA acting chief executive officer Anthony Ooi said it had achieved an average rental reversion of close to 12 per cent on a portfolio basis over the last six months, and expects rental rates to firm up further, especially in the Golden Triangle area.

The REIT has five properties under its portfolio namely Bangunan AmBank Group, Menara AmBank, AmBank Group Leadership Training Centre, Menara Merais and the newly acquired Kelana Brem Towers.

“Moving forward, we plan to carry out asset enhancement works to one or two of our office buildings to improve their yields,” said Ooi

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