Highlights

Property value
Property profit
Gross revenue
Distribution
Annual total return
Distribution per unit (DPU)

Profit & loss For Financial Year ended 31 December

RM'000 FY2018 FY2017
Gross revenue 135,107 125,543
Direct cost & property expenses 56,390 51,805
Net property income (NPI) 78,716 73,738
Net income 33,129 32,696
Earnings per unit 7.17 sen 7.82 sen[1]
Net income — realised 42,269 40,134
Net income per unit — realised 9.15 sen 9.60 sen
Income distribution 41,623 40,485
Distribution per unit (DPU) 9.01 sen 9.6 sen
Change in unit price (8.0) sen (28.0) sen
Annual total return per unit 1.0 sen (18.4) sen
Annual total return per unit[2] 0.8% (11.6%)
  • [1] Calculated based on Weighted Average No. of Units in Circulation 418,009,834 (pro-rated basis.
  • [2] Calculated based on DPU and unit price change over opening market price for respective financial year.

Balance sheet As at 31 December

RM'000 FY2018 FY2017
Total assets 1,268,273 1,252,357
Total liabilities 632,957 603,488
Total borrowings 563,072 557,057
Gearing ratio 44.4% 44.5%
No. of units in circulation 461,960 461,960
Net asset value (NAV) 635,316 648,869
NAV per unit RM1.38 RM1.40
Lowest NAV during the period RM1.38 RM1.38
Highest NAV during the period RM1.39 RM1.46
Unit Price as at 31 December RM1.11 RM1.30
Premium/(Discount) to NAV (19.6%) (7.1%)

Income distributions FY2018

Interim 1st quarter DPU 2.30 sen
Interim 2nd quarter DPU 2.30 sen
Interim 3rd quarter DPU 2.10 sen
Final 4th quarter DPU 2.31 sen
Total DPU 9.01 sen
DPU yield[3] 8.1%
  • [3] Based on DPU of 9.01 sen and the closing unit price of RM1.11 for FY2018.

Unit price statistics FY2018

High RM1.27
Low RM1.09
Opening Price (2 Jan 2018) RM1.19
Closing Price (31 Dec 2018) RM1.11
Change in price -6.7%

Average total return

Based on the Total Return and the Opening Price of each year.

For 1 year (2018) 0.8%
For 3 years (2016–2018) -7.8%
For 5 years (2014–2018) 7.4%

Annualised total return

Based on the Total Return of each year and the Opening Price as at 31 December 2018.

For 3 years (2016–2018) -2.7%
For 5 years (2014–2018) 1.4%
For 10 years (2019–2018) 10.6%

Debt structure As at 31 December 2018

Al-Murabahah/Overdraft
Fixed Term Loan, Annual Floating Rate

Total debt RM563 million
Weighted cost of debt 4.61%
Gearing ratio[4] 44.4%
Interest cover 2.68
  • [4] Gearing ratio calculated by total borrowings over Gross Asset Value (GAV).

Comparative yields FY2018

(Tap individual bars for more details)

Unit price performance FY2018

(Tap line-points for more details)

Debt expiry profile 2019-2024

(Tap individual bars for more details)

Year % Debt
2019 2.7%
2020 0.0%
2021 5.3%
2022 0.0%
2023 0.0%
2024 92.0%