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AIMS APAC REIT reports DPU of 2.35 cents in 3QFY2022, up 14.6%

Felicia Tan
·2-min read

Unitholders will receive their distributions on March 25.

The manager of AIMS APAC REIT (AA REIT) has reported a distribution per unit (DPU) of 2.35 cents for the 3QFY2022 ended December, 14.6% higher y-o-y, which was supported by the acquisition of the fully-leased Woolworths Headquarters in New South Wales, Australia.

Distributable income for the 3QFY2022 increased by 15.3% y-o-y to $16.7 million.

The quarter’s revenue increased 14.5% y-o-y to $36.8 million, mainly due to the rental contribution from Woolworths Headquarters which began on Nov 15, 2021, and higher gross revenue from 20 Gul Way, 27 Penjuru Lane and 541 Yishun Industrial Park A.

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3QFY2022 net property income (NPI) increased by 14.8% y-o-y to $27.1 million.

For the 9MFY2022, the group reported DPU of 7.10 cents, up 17.4% y-o-y. Distributable income for the same period stood 17.7% higher y-o-y at $50.3 million.

9MFY2022 gross revenue rose 13.6% y-o-y to $102.1 million, while NPI grew 17.7% y-o-y to $63.5 million.

As at end-December, AA REIT’s portfolio occupancy stood 0.3 percentage points higher q-o-q at 97.6%. The REIT’s weighted average lease expiry (WALE) stood at 4.85 years.

According to Russell Ng, CEO of the manager, the REIT’s strong set of results came on the back of the “gradual global economic recovery from Covid-19 and the resilient industrial market”.

“The portfolio maintained a high occupancy rate of 97.6%, above JTC’s industry average for 3QFY2021 of 90.1%, and recorded a positive rental reversion of 0.2%. In addition, our quality portfolio was strengthened by the addition of Woolworths Headquarters this quarter, which is anchored by Woolworths Group for 10 years,” he adds.

George Wang, chairman of the manager says the REIT will remain “firmly focused on executing our strategy of seeking strategic investments, active asset and leasing management, prudent capital and risk management, as well as capital and business partnerships to generate attractive long-term total returns”.

“Following the transformative acquisition of the Woolworths Headquarters, we will continue to pursue opportunities in our key markets of Singapore and Australia that are a strategic fit to our current portfolio, and provide stable growing income for unitholders,” he adds.

Unitholders will receive their distributions on March 25.

Units in AA REIT closed at $1.43 on Jan 26.

Photo: AA REIT

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