UOA REIT currently owns five commercial properties in Kuala Lumpur. In terms of total shareholder performance, it is one of the top 5 Malaysian REITs that made you money if you invested from their IPOs.
I wondered how UOA REIT would fare amidst the increasing office supply in Kuala Lumpur with an additional 2.8 million square feet of commercial space from the Exchange 106 at the Tun Razak Exchange, 1.7 million square feet from Merdeka PNB 118 in the pipeline and more from the upcoming Bukit Bintang City Centre project.
Here are seven things I learned from the 2019 UOA REIT AGM:
1. Profit after tax increased 51.7% from RM37.9 million in 2017 to RM57.5 million in 2018. But if we take a closer look, this comprised an unrealised fair value gain of RM22.5 million from investment properties. Realised profit after tax actually slipped 7.9% year-on-year from RM38.0 million