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AIMS APAC REIT DPU Up 18.8% in End September

AIMS APAC REIT DPU Up 18.8% in End September

October 13, 2021 – AIMS APAC REIT (AA REIT) announced the results for the first half (1H FY2022) ended 30 September 2021.

Distributions to Unitholders for 1H FY2022 was S$33.6 million, which was approximately S$5.3 million or 18.9% higher year-on-year.

The distribution per unit (DPU) of 4.75 cents for 1H FY2022 represents an 18.8% increase from the DPU of 4.00 cents in the corresponding period ended 30 September 2020 (1H FY2021).

The DPU for 2Q FY2022 is 2.50 cents and represents a 25.0% increase from the DPU of 2.00 cents in 2Q FY2021. This was mainly buoyed by higher net property income, which rose 19.4% to S$47.7 million from S$40.0 million for the same period.

The 1H FY2022 gross revenue of S$65.2 million was S$7.5 million higher compared to 1H FY2021. This was mainly attributable to the rental contribution of 7 Bulim Street, and higher gross revenue from 20 Gul Way, 8 & 10 Pandan Crescent and 541 Yishun Industrial Park A.

Commenting on AA REIT’s 1H FY2022 performance, the Manager’s CEO-designate, Mr Russell Ng, said, “Broadening our portfolio and geographical diversity will enable us to stay resilient amidst the global pandemic. Our proposed acquisition of Woolworths HQ represents our third investment into Australia, and will further strengthen AA REIT’s foothold in Sydney’s resilient business park market. Our high quality asset base also continues to be driven by the logistics and warehouse sector, which represents just over half of the portfolio. Looking ahead, we are committed to seeking out quality assets that align with our investment criteria, which include stable income, annual rental escalations, long-term capital appreciation, and redevelopment potential.”

The Manager’s Chairman, Mr George Wang, added, “the proposed acquisition of Woolworths HQ is transformational and will be the largest asset in AA REIT’s high-quality portfolio. This business park property is wholly-leased for 10 years to Woolworths, Australia’s largest supermarket retailer and one of largest companies listed on the Australian Securities Exchange Ltd. Longer term, the site provides the Manager with future re-development potential to add a further circa 135,000 sqm (1.5 million sqft) of GFA. This is in addition to the potential to tap on unutilised GFA of more than 500,000 sqft within AA REIT’s Singapore portfolio.”

Read more here..

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