ILAM Fahari I-Reit has posted a net loss of Ksh297,642 for the full-year period ended December 31st, 2023.
This is a 99 per cent decrease compared to a net loss of Ksh28.36 million it posted in a similar period a year prior.
ILAM has attributed the decrease in loss to fair value loss on investment property.
Operating expenses for the trading period dropped to Ksh225.8 million from Ksh243.3 in a similar period the previous year.
Rental and related income reduced 9 per cent to Ksh322.4 million from Ksh354.2 million in a similar period in 2022 due to the lease expiry at 67 Gitanga Place property.
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In addition, ILAM’s property expenses for the full year period to December 2023 decreased 26 per cent to Ksh97.1 million from Ksh131.2 million due to lower repairs and maintenance costs in addition to reduced provision for doubtful debts.
Fund operating expenses on the other hand jumped 15 per cent to Ksh128.6 million from Ksh112 million in a similar period the previous year on account of restructuring costs incurred during the review year.
“The REIT Manager has recommended and the Trustee has approved a first and final distribution of Ksh26,680,610 in relation to the year ended 31st December 2023 (2022: Ksh 117,631,995) subject to Unitholders approval at the annual general meeting scheduled for 18th April 2024. This amounts to 70 cents per unit (2022: 65 cents per unit) and is payable by no later than 30th April 2024,” stated ILAM.
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