Has anyone noticed the vacancy rates in the investment property portfolio (as released in the full year Dec 2016 report of the REIT)? Vacancy rates went up in all six properties, bar one, and not just by a little bit. The worst offender was Wisma UOA Pantai which rocketed up to 44% vacancy, due to loss of an anchor tenant. But in 3 of the 4 remaining properties, vacancy rates increased by at least 40 basis points, and in fact doubled or more, in some cases. In the aggregate, on a lettable-floor-area adjusted basis, vacancy rates went from about 6% to 15%! That's a serious increase, and more than twice as high as at any time since FY 2011 (as far back as my vacancy records currently go), and kind of explains the drop in rental income.
I hate to say it, but it kind of makes the chairman's comments seem a little inadequate:
"This decline was due to the drop in occupancy rates of some properties in the portfolio."
Some properties?
Add to My Watchlist
What is My Watchlist?
