Highlights

Property value
Property profit
Gross revenue
Distribution
Annual total return
Distribution per unit (DPU)
Data current as at 31 December 2021.

Profit & loss For Financial Year ended 31 December

RM'000 FY2021 FY2020
Gross revenue 96,599 111,139
Direct cost & property expenses 49,581 58,168
Net property income (NPI) 47,018 52,971
Net income (31,501) (24,086)
Earnings per unit (6.16 sen)[1] (5.16 sen)
Net income — realised 12,712 14,223
Net income per unit — realised 2.75 sen 3.08 sen
Income distribution 11,923 4,158
Distribution per unit (DPU) 2.53 sen 0.90 sen
Change in unit price (12.5 sen) (36.5 sen)
Annual total return per unit (10.0 sen) (35.6 sen)
Annual total return per unit[2] (15.8%) (35.8%)
  • [1] Calculated based on the Weighted Average No. of Units in Circulation of 462,122,918 units (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

  FY2021 FY2020
Total assets (RM ‘000) 1,230,708 1,258,975
Total liabilities (RM ‘000) 682,745 682,620
Total borrowings (RM ‘000) 581,091 581,091
Gearing ratio 47.2% 46.2%
No. of units in circulation (units) 471,260 461,960
Net Asset Value (“NAV”) 547,963 576,355
NAV per unit (RM) 1.16 1.25
NAV – before income distribution (RM ‘000) 547,963 576,355
NAV – after income distribution (RM ‘000) 536,040 572,197
NAV per unit before income distribution (RM) 1.16 1.25
NAV per unit after income distribution (RM) 1.14 1.24
Lowest NAV during the period (RM) 1.16 1.25
Highest NAV during the period (RM) 1.26 1.33
Unit Price as at 31 December (RM) 0.51 0.63
Premium/(Discount) to NAV (56.0%) (49.6%)

Note: NAV based on quarterly filings.

DISCLAIMER: This annual report may contain forward-looking statements that involve risks and uncertainties. Past performance is not necessarily indicative of future performance and investment returns may fluctuate. Actual future performance and results may vary materially from those expressed or implied in forward-looking statements as a result of a number of risks, uncertainties and assumptions. You are cautioned not to place undue reliance on these forward-looking statements which are based on the Manager’s current view of future events.

Income distributions FY2021

Interim 1st quarter DPU
Interim 2nd quarter DPU
Interim 3rd quarter DPU
Final 4th quarter DPU 2.53 sen
Total DPU 2.53 sen
DPU yield[3] 4.96%
  • [3] Based on DPU of 2.53 sen and the closing unit price of RM0.51 for FY2021.

Unit price statistics FY2021

High RM0.64
Low RM0.45
Opening Price (4 Jan 2021) RM0.63
Closing Price (31 Dec 2021) RM0.51
Change in price -19.8%

Average total return

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

For 1 year (2021) -15.8%
For 3 years (2019–2021) -44.4%
For 5 years (2017–2021) -49.2%

Annualised total return

Based on the Total Return of each year and the Opening Price as at 31 December 2021.

For 3 years (2019–2021) -17.8%
For 5 years (2017–2021) -12.7%
For 10 years (2012–2021) 0.1%

Debt structure As at 31 December 2021

Al-Murabahah Overdraft (MOD)
Term Financing (TF)
Short-Term Revolving Credit (STRC)

Total debt RM581 million
Weighted cost of debt 3.27%
Gearing ratio[4] 47.2%
Interest cover 1.68
  • [4] Gearing ratio calculated by total borrowings over Gross Asset Value (GAV).

Distribution yields Comparative Yields[5] FY2021

(Tap or mouse-over individual bars for more details)

  • [5] Source: FTSE Russell, Maybank, Bank Negara (2021).

Unit price performance FY2020

(Tap or mouse-over line-points for more details)

Debt expiry profile 2022-2026

(Tap or mouse-over individual bars for more details)

Year % Debt
2022 15 million
2023
2024 486 million
2025 50 million
2026 30 million