Singapore-listed factory and warehouse landlord AIMS AMP Capital Industrial REIT (AIMS AMP REIT) (SGX:O5RU) has announced a DPU of 2.75 cents for its 2Q 2014, up 10.0 per cent from the previous quarter. On a year-on-year basis, this represents a significant 29.2 per cent increase.

AIMS AMP REIT has attributed its strong showing to income from recent additions.

The strong results have been attributed to strong occupancy figures across the REIT’s portfolio and additional income received from its property at 20 Gul Way. The DPU of 2.75 cents represents a pay-out of 99.2 per cent of taxable income available for distribution, in line with the REIT’s distribution policy to pay at least 90 per cent of its taxable income.

The REIT’s Manager’s Chief Executive Officer, Mr Nick McGrath, said: “This very strong result was driven by the income contribution from Phase Two of 20 Gul Way, and a solid 98.0 per cent occupancy rate across our portfolio.”

“We reported a 9.8 per cent rise in gross revenue to $26.9 million from the last quarter. This was primarily due to S$1.6 million rental contribution from the completed 20 Gul Way Phase Two, as well as higher revenue of S$0.4 million from 56 Serangoon North Avenue 4 due to an increase in occupancy rate. In addition, we achieved net property income of S$18.2 million, up 15.8 per cent on the previous quarter.” Mr McGrath said.

REITSWEEK will be analysing AIMS AMP REIT’s results in further details in our next issue. Units of the AIMS AMP REIT are currently trading up 2.69 per cent on the Singapore Exchange at S$1.52