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5 Key things to know of Axis REIT FY21 Performance

Axis REIT is an industrial and business space focused REIT with 58 properties across Malaysia as at 31 December 2021. In one of our post, we have discussed on how industrial REIT segment has outperformed other REITs sector and in this post, we will look into Axis REIT FY21 performance to see how it has performed.

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1. Continuous expansion of portfolio

MYR in 000s FY17  FY18  FY19  FY20  FY21
No. of Properties                       40                 45                 48               5358
Properties Valuation         2,482,200   2,798,500   2,990,610 3,280,2403,614,230

One of Axis REIT key growth drivers is the proactive acquisition of new properties throughout the years. Axis REIT has grown from 40 properties with MYR 2.5 billion in property valuation to 58 properties with MYR 3.6 billion in properties valuation. During the year, Axis REIT has completed 5 new acquisitions as follows:

  • Indahpura Facility 2
  • Indahpura Facility 3
  • Beyonics i-Park Campus Block F
  • Bukit Raja Distribution Centre 2
  • Xin Hwa Warehouse

2. Improvement in overall operational performance

 FY17  FY18  FY19  FY20  FY21
Occupancy Rate91%94%92%91%96%

Amidst the uncertainty of COVID-19 pandemic, Axis REIT has managed to report an overall increase in occupancy rate from 91% in FY20 to 96% in FY21. Not only that, they have managed to secured tenancy renewal for 1.75 million square feet of space with a 5.6% positive rental reversion. A positive aspect which is worth calling out is the tremendous achievement throughout the year in sustaining overall occupancy rate above 90%.

As at 31 December 2021, its overall portfolio has a weighted average lease expiry of 5 years.

3. Year on year improvement in overall financial performance

MYR in 000s FY17  FY18  FY19  FY20  FY21
Revenue       172,715       210,588       222,464  232,234246,195
Net Property Income       146,203       182,761       191,708  198,518212,881

With the overall improvement operationally, it comes to no surprise that its financial performance would likewise be commendable. From a 5 year horizon, Axis REIT has been reporting a year on year increase in both revenue and net property income. Revenue grown from MYR 172.7 million in FY17 to MYR 246.2 million in FY21 while net property income grew from MYR 146.2 million in FY17 to MYR 212.9 million in FY21. This growth is mainly driven by the proactive acquisition which is evident from the increase in number of properties from just 40 in FY17 to 58 in FY21.

4. Increase in distribution per unit in FY21

MYR in cents FY17  FY18  FY19  FY20  FY21
Distribution Per Unit (DPU)                8.26                8.74                9.26              8.759.49

During the year, Axis REIT reported its highest distribution per unit over the last 5 years. Its distribution per unit increase from 8.75 cents in FY20 to 9.49 cents in FY21. This improvement is mainly due to the continuous expansion of its portfolio coupled with the overall improvement in occupancy rate and growth in rental reversion.

Based on its closing traded price on 31 December 2021, this would give investors a yield of 4.9%.

5. Healthy gearing level with a slight drop in FY21

 FY17  FY18  FY19  FY20  FY21

As at 31 December 2021, Axis REIT has a total borrowings of MYR1.2 billion which translates to a gearing level of 31%. This is a decline from 33% in FY20 to 31% in FY21 and is well below the permissible limit of 50% giving them ample debt headroom for future acquisition and asset enhancement initiatives. This is no doubt a plus given the managers ongoing proactive acquisition initiatives in growing the REIT.


From REIT Pulse perspective, Axis REIT has been performing tremendously well over the past few year. In FY21 itself, they continue to grow favorably despite the uncertainty of the COVID-19 pandemic. A key aspect of their growth is the management proactive acquisition and with the healthy gearing level, this would no doubt continue to drive growth for Axis REIT.

Based on its 31 December 2021 net asset value per unit of MYR 1.52 and closing price of MYR 1.94, this translates to a price to book ratio of 1.3.

What are you thoughts on Axis REIT FY21 performance? If you are just getting started, feel free to read more of our REIT Guide and REIT Analysis. You can also read more about what REITs are if you are new to REITs.

Chee Yang

Chee Yang is an investor and founder of REIT Pulse. Started out his career in both assurance and M&A, he is now in corporate and business development of a rising tech company. Being an active REIT investor, Chee Yang launch REIT Pulse to connect with seasoned investors and similarly help others learn more about REITs.

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