AIMS AMP Capital Industrial REIT has reported a DPU of 2.77 Singapore cents for its 3Q 2017, a 2.8% decline compared to the 2.85 cents achieved in the corresponding period of the previous financial year.

Gross revenue and net property income for the period came in at SGD30.4 million (USD21.5 million) and SGD19.8 million, year-on-year declines of 6.7% and 6.0% respectively.

Correspondingly distributable income for the period slid by 2.3% to SGD17.7 million.

The REIT’s portfolio occupancy for the quarter improved to 94.0% as at 31 December 2016, up from 92.7% at 30 September 2016.

However weighted average lease expiry (WALE) slid to 2.49 years from 2.6 years in the previous quarter.

Average leverage for the period was at 34.6% with a weighted average debt maturity of 2.1 years.

“Given the uncertain macroeconomic and geopolitical outlook and the industrial oversupply situation in Singapore, rentals continue to be under pressure”, said the REIT, in its statement on the quarter’s results.

“To overcome this and to create a sustainable future for the REIT, [AIMS AMP Capital Industrial REIT] is proactively managing its lease expiries with tenant retention as the top priority”, it added.

Books closure has been set for 17 February at 5 p.m. while distribution payment date will be on 23 March.

Units of AIMS AMP Capital Industrial REIT finished the trading day about 1% higher from its previous close on the Singapore Exchange to end at SGD1.385.