KUALA LUMPUR (July 23): Axis Real Estate Investment Trust's (KL:AXREIT) (Axis REIT) second quarter net property income (NPI) increased 12.86% to RM65.95 million from RM58.44 million a year ago, on the back of higher revenue.

Revenue for the quarter ended June 30, 2024, rose 11.8% to RM76.53 million from RM68.45 million in the previous corresponding quarter, Axis REIT's bourse filing showed.

The REIT, which focuses on industrial assets, declared a second interim income distribution of 2.25 sen per unit, payable on Aug 30. This brings income distribution to 4.55 sen per share year-to-date, up 11% compared to 4.10 sen paid in the same period last year.

For the first half of the year, Axis REIT's NPI increased 11.55% year-on-year to RM130.92 million from RM117.37 million, as revenue rose 9.7% to RM152.07 million from RM138.63 million.

Axis REIT expressed optimism that its existing property portfolio's satisfactory performance and growth strategy to pursue quality investments would enable it to maintain its current performance for the full year.

Axis REIT units settled one sen or 0.5% higher at RM1.87, valuing the group at a market capitalisation of RM3.27 billion.