Highlights

Data current as at 31 December 2023.

Profit & loss For Financial Year ended 31 December

RM'000	FY2023	FY2022
Gross revenue	111,497	117,446
Direct cost & property expenses	51,451	58,759
Net property income (NPI)	60,046	58,687
Net income	51,696	77,995
Earnings per unit	9.81^[1]	16.55
Net income — realised	25,104	36,389
Net income per unit — realised	5.02 sen	7.72 sen
Income distribution	26,840	37,701
Distribution per unit (DPU)	5.00 sen	8.00 sen
Change in unit price	(5.0) sen	21.5 sen
Annual total return per unit^[2]	0.0 sen	29.5 sen
Annual total return per unit	0.0%	60.8%

[1] Calculated based on the Average No. of Units in Circulation of 499,887,866.
[2] Calculated based on DPU and unit price change over opening market price for respective financial year.

Balance sheet As at 31 December

	FY2023	FY2022
Total assets (RM ‘000)	1,314,849	1,235,507
Total liabilities (RM ‘000)	642,120	637,545
Total borrowings (RM ‘000)	562,228	551,444
Gearing ratio	42.76%	44.6%
No. of units in circulation (units)	581,415	471,260
Net Asset Value (“NAV”)	672,730	597,962
NAV per unit (RM)	1.16	1.27
NAV – before income distribution (RM ‘000)	672,730	597,962
NAV – after income distribution (RM ‘000)	659,357	572,985
NAV per unit before income distribution (RM)	1.16	1.27
NAV per unit after income distribution (RM)	1.13	1.22
Lowest NAV during the period (RM)	1.16	1.16
Highest NAV during the period (RM)	1.27	1.27
Unit Price as at 31 December (RM)	0.65	0.70
Premium/(Discount) to NAV	(43.97%)	(44.9%)

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 FY2023

Interim 1st quarter DPU	…
Interim 2nd quarter DPU	2.70 sen
Interim 3rd quarter DPU	…
Final 4th quarter DPU	2.30 sen
Total DPU	5.00 sen
DPU yield^[3]	7.69%

[3] Based on DPU of 5.00 sen and the closing unit price of RM0.65 for FY2023.

Unit price statistics FY2023

High	RM0.71
Low	RM0.57
Opening Price (3 Jan 2023)	RM0.70
Closing Price (29 Dec 2023)	RM0.65
Change in price	-7.14%

Average total return

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

For 1 year (2023)	0.0%
For 3 years (2021-2023)	27.8%
For 5 years (2019-2023)	-16.0%

Annualised total return

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

For 3 years (2021-2023)	8.5%
For 5 years (2019-2023)	-4.3%
For 10 years (2014-2023)	0.0%

Debt structure As at 31 December 2023

Total debt	RM562.23 million
Weighted cost of debt	4.70%
Gearing ratio^[4]	42.76%
Interest cover	1.96

[4] Gearing ratio calculated by total borrowings over Gross Asset Value (GAV).

Distribution yields Comparative Yields^[5] FY2023

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

[5] Source: FTSE Russell, Maybank, Bank Negara (2023).

Unit price performance FY2022

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

Debt expiry profile 2024-2023