Axis-REIT: Axis REIT posts small rise in 1Q net property income, declares 2.05 sen income distribution

KUALA LUMPUR (April 18): Axis Real Estate Investment Trust's (Axis REIT) posted a marginal increase of 0.92% in its net property income (NPI) to RM58.93 million for the first quarter ended March 31, 2023 (1QFY2023), from RM58.39 million a year earlier, due mainly to rental from newly acquired properties and positive rental reversion in 2022. However, the property income was partly offset by lower occupancy rate as two properties are undergoing development and major enhancement, the REIT said in a bourse filing.