Highlights

Data current as at 31 December 2024.

Profit & Loss For Financial Year ended 31 December 2024

RM'000	FY2024	FY2023
Gross revenue	124,804	111,497
Direct cost & property expenses	(61,919)	(51,451)
Net property income (NPI)	62,885	60,046
Net income	25,297	51,696
Earnings per Unit	3.59	9.81
Net income — realised	19,992	25,104
Net income per Unit — realised^[1]	2.92 sen	5.02 sen
Income distribution	22.296	26,840
Distribution Per Unit (DPU)	3.15 sen	5.00 sen
Change in Unit price	(9.5) sen	(5.0) sen
Annual total return per Unit	(6.4) sen	0.0 sen
Annual total return per Unit^[2]	(9.8%)	0.0%

[1] Calculated based on the Average No. of Units in Circulation of 684,708,351 units for 2024.
[2] Calculated based on DPU and unit price change over opening market price for respective financial year.

Balance sheet As at 31 December 2024

	FY2024	FY2023
Total assets (RM ‘000)	1,434,024	1,314,849
Total liabilities (RM ‘000)	691,923	642,120
Total borrowings (RM ‘000)	598,273	562,228
Gearing ratio	41.72%	42.76%
No. of units in circulation (units)	709,287	581,415
Net Asset Value (“NAV”)	742,101	672,730
NAV per unit (RM)	1.05	1.16
NAV – before income distribution (RM ‘000)	742,101	672,730
NAV – after income distribution (RM ‘000)	733,235	659,357
NAV per unit before income distribution (RM)	1.05	1.16
NAV per unit after income distribution (RM)	1.03	1.13
Lowest NAV during the period (RM)	1.04	1.16
Highest NAV during the period (RM)	1.06	1.27
Unit Price as at 31 December (RM)	0.56	0.65
Premium/(Discount) to NAV	(46.31%))	(43.97%)

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 FY2024

Interim 2nd quarter DPU	1.90 sen
Final 4th quarter DPU	1.25 sen
Total DPU	3.15 sen
DPU yield^[3]	5.68%

[3] Based on DPU of 3.15 sen and the closing unit price of RM0.56 for FY2024.

Unit price statistics FY2024

High	RM0.72
Low	RM0.51
Opening Price (2 Jan 2024)	RM0.65
Closing Price (31 Dec 2024)	RM0.56
Change in price	-14.6%

Average total return

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

For 1 year (2024)	-9.8%
For 3 years (2022-2024)	47.8%
For 5 years (2020-2024)	-24.5%

Annualised total return

Based on the Total Return of each year and the Opening Price as at 31 December 2024.

For 3 years (2022-2024)	13.9%
For 5 years (2020-2024)	-5.5%
For 10 years (2015-2024)	-1.4%

Debt structure As at 31 December 2024

Total debt	RM598.27 million
Weighted cost of debt	5.03%
Gearing ratio^[4]	41.72%
Interest cover	1.66

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

Distribution yields Comparative Yields^[5] FY2024

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

[5] Source: FTSE Russell, Maybank, Bank Negara (2024).

Unit price performance FY2024

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

Debt expiry profile 2025-2033