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KUALA LUMPUR: Atrium Real Estate Investment Trust (Atrium REIT) has posted a net profit of RM2.66 million for its first quarter (1Q) ended Mar 31, 2011, a slight increase from RM2.62 million a year ago on higher income.
In a Bursa filing on Monday, Apr 25, the fund recorded revenue of RM3.325 million, slightly higher than RM3.327 million a year ago due to higher interest income and lower expenses despite higher borrowing costs, property expenses and slightly lower gross revenue this quarter.
Basic earnings per share stood at 2.19 sen, up from 2.16 sen, while net asset value (NAV) per unit stood at RM1.05, slightly up from RM1.049 a year ago.
The logistics-centric Atrium REIT's portfolio comprises of Atrium Shah Alam 1, Atrium Shah Alam 2, Atrium Puchong and Atrium Rawang. The former two are warehouses while Atrium Puchong is a warehouse with four-storey office building and Atrium Rawang is a double-storey office and factory building.
REIT manager Atrium REIT Managers Sdn Bhd has submitted the draft tenancy agreement for Atrium Shah Alam 1 to tenant DHL and is awaiting its confirmation.
Meanwhile, the relevant documents for the lease renewal of Atrium Puchong has been executed but pending release by its tenant, also DHL, as the latter is also waiting for the completion of their internal documentation.
Unilever Foods (Malaysia) Sdn Bhd, the tenant of Atrium Rawang, has agreed to extend its lease for another two years from the expiry of the current lease on Oct 31, 2011.
The food manufacturer will also expand the existing factory space by 3,218 sq ft as the current space is insufficient. However, no rent will be charged for the extra space as the extension work cost will be borne by the tenant.
Atrium REIT Managers expects its properties to maintain full occupancy and will "continue to actively identify good assets for new acquisitions to improve the yield". It will also continue its long-term lease with reputable tenants, said the fund manager.
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