AmFIRST REIT closes FY2026 at highest occupancy since FY2014, portfolio revaluation adds RM14.4 mil as full-year revenue tops RM110 mil

PETALING JAYA (April 23): AmFIRST Real Estate Investment Trust (AmFIRST REIT) has ended its financial year ended March 31, 2026 on its strongest occupancy footing in over a decade, with committed portfolio occupancy climbing to 88.7% — the highest since FY2014 — while a revaluation of all eight investment properties generated a total fair value gain of RM14.41 million, lifting NAV per unit to RM1.2178, according to its Bursa Malaysia announcements yesterday (April 22).

Portfolio revaluation

The annual revaluation, conducted by Rahim & Co. International Sdn Bhd (for the three KL-based office assets) and Cheston International Sdn Bhd (for the remaining five properties), valued AmFIRST REIT's total portfolio at RM1.628 billion against a carrying value of RM1.612 billion, producing a gross revaluation surplus of RM16.84 million before accrued lease receivable adjustments.

The two biggest uplifts were at Mydin Hypermall, Bukit Mertajam (RM6 million surplus to RM283 million) and Wisma AmFIRST, Kelana Jaya (RM5.29 million surplus to RM122.2 million). 

The two flagship KL office towers also edged higher — Menara AmBank rose RM1.67 million to RM329 million, while Bangunan AmBank Group added RM1.02 million to RM270.5 million. 

After accounting for accrued lease receivable adjustments under MFRS 140 and MFRS 16, the net revaluation surplus incorporated was RM14.41 million.

FY2026 full-year results

For the full financial year ended March 31, 2026:

1) Gross revenue: RM110.26 million (+5.2% y-o-y from RM104.78 million)
2) Net property income (NPI): RM64.10 million (+5.0% y-o-y from RM61.04 million)
3) Realised net income from operations: RM19.72 million (+19.9% y-o-y from RM16.45 million)
4) Full-year DPU: 2.87 sen (vs 2.40 sen in FY2025)

Revenue growth was driven by higher occupancy and rental rates across most properties, improved car park income and a one-off compensation arising from the waiver of a tenant's reinstatement obligation. 

Property expenses rose 5.5% on higher building management costs and leasing commissions, though this was partly offset by lower electricity costs from energy management initiatives. 

Crucially, interest expense fell 3.6% to RM32.26 million, benefiting from a reduced weighted average cost of debt of 4.06% (FY2025: 4.32%).

4Q FY2026 quarter results

For the quarter ended March 31, 2026, AmFIRST REIT posted revenue of RM28.68 million (+11.5% y-o-y), while profit before tax surged to RM23.21 million (4Q FY2025: RM14.47 million), boosted by the RM14.41 million fair value gain on investment properties recognised in the quarter.

Occupancy turnaround highlights

The occupancy improvement is the standout operational story of FY2026. 

The most dramatic recoveries were at Prima 10 in Cyberjaya (15.8% → 92.1%), Prima 9 (62.2% → 77.1%) and Wisma AmFIRST (83.1% → 92.4%). 

The Summit Subang USJ's office component also improved from 56.6% to 66.0% (committed: 71.1%), while its retail component held at 88.8%. 

Mydin Hypermall and Bangunan AmBank Group maintained full or near-full occupancy throughout.

Capital management

As at March 31, 2026, AmFIRST REIT's gearing stood at 46.6% (FY2025: 47.1%) with total borrowings of RM767.6 million and a weighted average maturity of 3.3 years. 

Some 32.6% of borrowings are on fixed rates via interest rate swap arrangements covering RM250 million. 

Total assets stood at RM1.65 billion against a market capitalisation of only RM209.4 million at a unit price of RM0.305, implying the REIT continues to trade at a steep discount to NAV of RM1.2178.

Income distribution

AmFIRST REIT has declared a final income distribution of 1.60 sen per unit (fully taxable) for the second half of FY2026 (Oct 1, 2025 to March 31, 2026), payable on May 28, 2026 to unitholders on record as at May 12, 2026. 

Combined with the 1.27 sen paid for the first half, total FY2026 DPU amounts to 2.87 sen, up from 2.40 sen in FY2025.

AmBank (M) Bhd is the largest unitholder with a 26.7% stake, followed by Yayasan Azman Hashim at 11.5%, with related parties collectively holding 38.2% of units.

Editor's note: Based on unaudited quarterly financial results, revaluation announcement and income distribution notice filed by AmFIRST Real Estate Investment Trust on Bursa Malaysia yesterday (April 22). Figures have not been audited. This article is for informational purposes only and does not constitute financial or investment advice.

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