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Malaysian Reserve

UOA REIT sees 3.6% decline in 1Q net rental income due to higher maintenance costs

UOA Real Estate Investment Trust (UOA REIT) reported a 3.6% decline in net rental income for the first quarter ended March 31, 2025 (1Q25), from RM18.48 million in the same period a year earlier, primarily due to increased maintenance costs. Net rental income dropped to RM17.81 million from RM18.48 million in the same period last year. Despite a 13.25% rise in gross rental income to RM29.69 million, driven by improved occupancies, property operating expenses surged by 53.5% to RM11.88 million, mainly from higher maintenance costs. Looking ahead, UOA REIT anticipates gradual improvement in office demand for FY2025 and plans to enhance its older properties further. The trust also said it continues to explore yield-accretive acquisitions. Units of UOA REIT closed at 80.5 sen today, down 1.5 sen or 1.8%, valuing the property trust at RM543.9 million. — TMR