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

AIMS APAC REIT announced on 5 May that its FY2023 gross revenue and net property income has increased by 17.6% and 18.7% year-on-year to SGD167.4 million and SGD122.5 million respectively.

The increases have been attributed to higher rental and recoveries from the REIT’s logistics and warehouse, hi-tech and industrial properties and full year revenue contribution from the acquisition of Woolworths HQ in Australia.

Accordingly, distributions to unitholders for FY2023 rose 6.5% year-on-year to SGD71.6 million.

Meanwhile, the REIT’s distribution per unit (DPU) for FY2023 was 9.944 cents, representing a 5.1% year-on-year growth.

“We are pleased to report a strong set of financial and operational results for FY2023, including a record occupancy rate and double-digit rental growth driven by our active asset and lease management teams and sustained demand for modern and ramp up logistics and warehouse facilities, which represents over 42% of our portfolio”, said Russell Ng, CEO of the REIT’s manager.

“We ended the year with a strong balance sheet on the back of a proactive capital management approach which has also allowed us to mitigate the volatility in interest rates and positioned us well for the future”, he added.

As at 31 March 2023, the REIT’s aggregate leverage was 36.1% with a blended debt funding cost of 3.4% and a weighted average debt maturity of 3.1 years.

AIMS APAC REIT was last done on the SGX at SGD1.40, which presently implies a distribution yield of 7.1% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.