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PETALING JAYA (April 28): Atrium Real Estate Investment Trust (REIT) recorded a net income of RM7.29 million for the first quarter ended March 31, a 17.3% increase from RM6.22 million in the corresponding period a year earlier, underpinned by higher gross revenue and the full contribution from its newest asset.
Gross revenue for the quarter rose 11.4% to RM13.27 million from RM11.91 million in 1Q2025, driven primarily by the commencement of tenancy at Atrium Shah Alam 5 (ASA5) — which was completed in September 2025 — as well as rental rate step-ups across existing tenancies.
Realised net income grew at a faster pace of 25.1% year-on-year to RM7.23 million from RM5.78 million, reflecting the stronger revenue base.
Property operating expenses were higher at RM1.33 million against RM1.20 million a year ago, mainly due to additional provisions for scheduled maintenance and repair works.
Trust expenses, however, declined slightly to RM4.87 million from RM5.10 million, as the preceding corresponding quarter had included a one-off real estate agency fee incurred to secure a new tenant for ASA5.
Distribution declared
Off the back of the 1Q results, the manager declared a first interim income distribution of 2.50 sen per unit for the period from Jan 1 to March 31, amounting to RM6.64 million — up from 2.10 sen per unit (RM5.58 million) declared in the corresponding quarter of 2025.
The entitlement date has been fixed on May 12, with payment on May 29.
Balance sheet and portfolio
As at March 31, Atrium REIT's net asset value (NAV) stood at RM373.08 million, with NAV per unit of RM1.4049 before distribution and RM1.3799 after distribution. Total borrowings were RM318.90 million.
The trust's portfolio of nine industrial properties — spanning Shah Alam, Puchong, USJ (all in Selangor), and Bayan Lepas, Penang — maintained a 100% occupancy rate as at March 31, following the renewal of the existing tenant at ASA2 for a further two years with a positive rental reversion.
14th AGM
At the 14th annual general meeting (AGM) held on Monday at Flamingo Hotel, Ampang, Kuala Lumpur, the sole ordinary resolution — a proposed unitholders' mandate to issue and allot new units of up to 20% of Atrium REIT's total units in issue — was duly passed by a poll vote, with 98.43% of votes cast in favour and 1.57% against.
The manager said it remains cautious amid prevailing geopolitical uncertainties but expects the portfolio to remain resilient and continue delivering sustainable performance throughout 2026.
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