AIMS APAC REIT reports 20% fall in DPU for 1Q

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Data from AIMS APAC REIT’s latest results have been updated into the Singapore REITs table.

AIMS APAC REIT has declared a distribution per unit (DPU) of 2.00 cents for its 1Q 2021, a fall of 20% year-on-year.

The REIT registered gross revenue of SGD27.2 million (USD19 million) and net property income (NPI) of SGD18.6 million for 1Q FY2021, representing a year-on-year decrease of 10.9% and 18.8% respectively.

The decrease was mainly due to an estimated provision for waiver of rent of approximately SGD2.6 million, lower contributions from 1A International Business Park and 20 Gul Way, arising from the conversion from master leases to multi-tenancy leases.

The REIT also saw the expiry of two phases of the master lease at 30 Tuas West Road, and the master lease at 541 Yishun Industrial Park A.

This was partially offset by rental contribution from Boardriders Asia Pacific HQ which was acquired in July 2019, and the full quarter rental contribution from the recently completed property at 3 Tuas Avenue 2.

Portfolio occupancy increased to 93.6% from 89.4% in the preceding quarter, considerably above industrial average of 89.2%

As at 30 June 2020, the REIT’s aggregate leverage was 35.4%

AIMS APAC REIT was last done on the Singapore Exchange at SGD1.23, which implies a distribution yield of 6.5%.

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