SINGAPORE (Nov 5): The manager of AIMS APAC REIT, formerly known as AIMS AMP Capital Industrial REIT, has announced distribution per unit (DPU) of 2.50 cents for the 2Q20 ended September, the same has a year ago.
This brings DPU for 1H20 to 5.00 cents, the same as a year ago.
Distribution to shareholders climbed 1.7% y-o-y to $17.4 million during the quarter, compared to $17.1 million in 2Q19.
2Q20 gross revenue grew 4.0% to $30.6 million, from $29.4 million a year ago.
The increase was mainly due to maiden rental contribution from the recently acquired Boardriders Asia Pacific HQ in Gold Coast, Queensland, Australia, as well as higher rental and recoveries at 8 Tuas Avenue 20 and 1 Bukit Batok Street 22.
However, this was partially offset by lower rental and recoveries for the properties at 20 Gul Way, 27 Penjuru Lane and 30 Tuas West Road.
Consequently, net property income (NPI) rose 16.6% to $22.5 million in 2Q20, compared to NPI of $19.3 million in 2Q19, as property operating expenses fell 19.9% to $8.1 million during the quarter with the adoption of a new accounting standard.
Share of results of joint venture, which comprised the group’s 49.0% interest in Optus Centre in Macquarie Park, New South Wales, Australia, jumped 70.0% to $6.0 million in 2Q20.The increase was attributed to share of revaluation surplus recognised from the valuation of Optus Centre.
As at end-September, cash and cash equivalents stood at $10.9 million.
“This quarter we successfully completed the strategic acquisition of Boardriders Asia Pacific HQ and continued to progress the asset enhancement initiative at NorthTech. We will continue to pursue opportunities to grow the portfolio, unlock value and future-proof AA REIT, in line with our strategy,” says Koh Wee Lih, CEO of the manager.
In October, S&P Global Ratings reaffirmed AA REIT’s “BBB-” investment grade rating with a stable outlook.
As at 1pm, units of AIMS APAC REIT are trading 3 cents higher, or up 2.2%, at $1.41.
