KUALA LUMPUR (April 30): Atrium Real Estate Investment Trust (REIT) saw its net rental income increase by 20.24% to RM10.65 million for the first quarter ended March 31, 2024 (1QFY2024), from RM9.22 million a year before.

The improvement was due to higher revenue, which was up 20.29% to RM11.85 million in 1QFY2024 from RM9.85 million a year before. The higher revenue was attributed to the rental income generated from the commencement of the lease for the recently completed Atrium Shah Alam 4 property (ASA4) as well as a step up in rental rates for its existing leases, the bourse filing showed.

It was reported that Atrium REIT invested RM81 million to upgrade the Shah Alam property.

The REIT has declared the first interim income distribution of two sen per unit — higher than 1.75 sen per unit paid in 1QFY2023 — with an ex-date of May 15 this year and is set to pay out on June 4, 2024.

The REIT’s portfolio maintains a 100% occupancy rate for all of its eight properties.

The REIT said its manager, Atrium REIT Managers Sdn Bhd, remains cautious owing to the uncertainties surrounding the economic rebound amid the global economic slowdown, inflationary pressures, on-going wars and geopolitical risks.

“Despite these uncertainties and the challenging market environment, the manager is of the view that Atrium REIT's property portfolio will remain resilient and is expected to continue delivering sustainable performance throughout the financial year of 2024,” it added.

On Tuesday (April 30), Atrium REIT closed unchanged at RM1.34, valuing the REIT at RM356 million.