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 FY2022 FY2021
Gross revenue 117,446 96,599
Direct cost & property expenses 58,759 49,581
Net property income (NPI) 58,687 47,018
Net income 77,995 (31,501)
Earnings per unit 16.55 (6.16 sen)[1]
Net income — realised 36,389 12,712
Net income per unit — realised 7.72 sen 2.75 sen
Income distribution 37,701 11,923
Distribution per unit (DPU) 8.00 sen 2.53 sen
Change in unit price 21.5 sen (12.5 sen)
Annual total return per unit 29.5 sen (10.0 sen)
Annual total return per unit[1] 60.8% (15.8%)
  • [1] Calculated based on DPU and unit price change over opening market price for respective financial year.

Balance sheet As at 31 December

  FY2022 FY2021
Total assets (RM ‘000) 1,235,507 1,230,708
Total liabilities (RM ‘000) 637,545 682,745
Total borrowings (RM ‘000) 551,444 581,091
Gearing ratio 44.6% 47.2%
No. of units in circulation (units) 471,260 471,260
Net Asset Value (“NAV”) 597,962 547,963
NAV per unit (RM) 1.27 1.16
NAV – before income distribution (RM ‘000) 597,962 547,963
NAV – after income distribution (RM ‘000) 572,985 536,040
NAV per unit before income distribution (RM) 1.27 1.16
NAV per unit after income distribution (RM) 1.22 1.14
Lowest NAV during the period (RM) 1.16 1.16
Highest NAV during the period (RM) 1.27 1.26
Unit Price as at 31 December (RM) 0.70 0.51
Premium/(Discount) to NAV (44.9%) (56.0%)

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 FY2022

Interim 1st quarter DPU
Interim 2nd quarter DPU 2.70 sen
Interim 3rd quarter DPU
Final 4th quarter DPU 5.30 sen
Total DPU 8.00 sen
DPU yield[2] 11.43%
  • [2] Based on DPU of 8.00 sen and the closing unit price of RM0.70 for FY2022.

Unit price statistics FY2022

High RM0.70
Low RM0.44
Opening Price (3 Jan 2022) RM0.49
Closing Price (31 Dec 2022) RM0.70
Change in price 44.3%

Average total return

Based on the aggregated total return and the opening price of each period.

For 1 year (2022) 60.8%
For 3 years (2020-2022) -18.2%
For 5 years (2018-2022) -17.5%

Annualised total return

Based on the aggregated total return and the opening price of each period.

For 3 years (2020-2022) -6.5%
For 5 years (2018-2022) -3.8%
For 10 years (2013-2022) 0.2%

Debt structure As at 31 December 2022

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

Total debt RM551.44 million
Weighted cost of debt 3.67%
Gearing ratio[3] 44.6%
Interest cover 2.80
  • [3] Gearing ratio calculated by total borrowings over Gross Asset Value (GAV).

Distribution yields Comparative Yields FY2022

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Unit price performance FY2022

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Debt expiry profile 2023-2026

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Year % Debt
2023 9.00 million
2024 463.89 million
2025 50.00 million
2026 28.55 million