Financial Highlights| YTD Sep 2024 | YTD Sep 2025 | Quarter Ended 30 September 2025 | |
|---|---|---|---|
| Actual | Actual | Actual | |
| Total assets (RM million) | 5,464.2 | 5,533.3 | 5,533.3 |
| Gross Revenue (RM million) | 334.8 | 352.1 | 116.0 |
| Net Property Income (RM million) | 191.4 | 207.9 | 69.1 |
| Distributable Income (RM million) | 97.6 | 106.9 | 35.1 |
| Distribution Per Unit (sen) | 3.43 | 3.57 | 1.11 |
| Distribution Yield (%) 1 | 5.0 | 5.8 | 1.8 |
| Distribution Per Unit (sen) - annualised 2 | 4.58 | 4.77 | - |
| Distribution Yield (%) 1 - annualised | 6.7 | 7.8 | - |
* Unbilled lease income receivable is recognised pursuant to the requirements of MFRS 16, to recognise rental income from operating lease on a straight-line basis over the lease term.
** This was calculated with reference to the net property income of all properties except for East Coast Mall which is payable in cash. With effect from 1 January 2025, all performance fees will be payable in cash.
The unaudited condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying explanatory notes attached to the interim financial statements and the audited financial statements for the year ended 31 December 2024.
The unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying explanatory notes attached to the interim financial statements and the audited financial statements for the year ended 31 December 2024.
Quarter Results (3Q 2025 vs 3Q 2024)
The Group recorded gross revenue of RM116.0 million in 3Q 2025 against RM109.2 million for 3Q 2024. Revenue for the quarter under review has increased by RM6.8 million mainly due to higher revenue recorded by most of the properties within CLMT portfolio as a result of positive rental reversions, rental step-up and the commencement of rental income recognition from Glenmarie Distribution Centre.
Property operating expenses for 3Q 2025 was RM46.9 million, a decrease of RM0.3 million or 0.7% against 3Q 2024, mainly due to lower utilities expenses which was partially offset by higher service charges imposed by the management corporations of Queensbay Mall and Sungei Wang Plaza.
Net property income for 3Q 2025 of RM69.1 million has increased by 11.5% against 3Q 2024.
Finance costs for 3Q 2025 of RM24.8 million was lower than 3Q 2024 mainly due to repayment of borrowings using the proceeds from equity fund raising exercise, savings arising from refinancing done in 3Q 2024, interest rate refixing done during the previous quarter and the OPR cut in July 2025. The reduction was offset by additional borrowings incurred for the acquisition of new assets and cessation of capitalisation of borrowings cost for Glenmarie Distribution Centre. The average cost of debt was 4.27% p.a. (2024: 4.56% p.a.).
Distributable income increased by RM4.3 million or 14.0% as compared to 3Q 2024 due to the abovementioned factors.
As at 30 September 2025, the Group had taken possession of the three newly acquired properties, namely Senai Airport City Facilities, Synergy Logistics Hub and Iskandar Puteri Facilities. These properties are expected to contribute positively to full quarter results and DPU from 1Q 2026 onwards.
Financial Year-to-date Results (YTD 2025 vs YTD 2024)
The Group recorded gross revenue of RM352.1 million for YTD 2025. Excluding the RM3.0 million one-off compensation income recognised in 2Q 2024, revenue for the period under review has effectively increased by RM20.3 million or 6.1% against the same period last year. The increase in gross revenue was mainly due to higher revenue recorded by most of the properties within CLMT portfolio as a result of positive rental reversions, rental step-up and the commencement of rental income recognition from Glenmarie Distribution Centre.
Property operating expenses for YTD 2025 were RM144.2 million, an increase of RM0.9 million or 0.6% mainly due to higher service charges imposed by the management corporations of Queensbay Mall and Sungei Wang Plaza, which was partially offset by lower utilities expenses.
Excluding the effect of the aforementioned one-off compensation income, net property income for the period under review in 2025 of RM207.9 million has effectively increased by 10.3% against corresponding period in 2024.
Finance costs for YTD 2025 of RM74.4 million was slightly higher than corresponding period in 2024 mainly due to additional borrowings incurred for the acquisition of properties and cessation of capitalisation of borrowings cost for Glenmarie Distribution Centre, and was offset by repayment of borrowings in the current quarter using the proceeds from equity fund raising exercise as well as the OPR cut in July 2025. The YTD average cost of debt was 4.36% p.a. (2024: 4.52% p.a.).
Distributable income to Unitholders for YTD 2025 was RM106.9 million. Excluding the effect of the aforementioned one-off compensation income, distributable income increased by RM12.3 million or 13.0% as compared to corresponding period in the prior year due to the abovementioned factors.
| Key Financial Indicators | ||
| YTD Sep 2024 | YTD Sep 2025 | |
|---|---|---|
| Unencumbered assets as % of total assets | 22.0% | 33.1% |
| Gearing ratio | 42.1% | 39.8% |
| Average cost of debt (YTD) | 4.52% | 4.36% |
| Fixed:Floating rate debt ratio | 85%:15% | 84%:16% |
| Net Debt / EBITDA (times) 1 | 9.2 | 9.1 |
| Interest coverage (times) 2 | 2.4 | 2.4 |
| Average term to maturity (years) | 4.9 | 4.1 |
