The manager of AIMS AMP Capital Industrial REIT (AA REIT) has announced a DPU of 2.75 cents for the 1Q ended June, unchanged from the same period a year ago.
Gross revenue came in at $29.2 million in the first quarter, thanks to a property tax refund of $1.1 million. Net property income improved by 1.0% to $20.4 million compared to a year ago while distribution to unitholders was $17.5 million.
CEO Koh Wee Lih of AIMS AMP Capital Industrial REIT Management Limited, AA REIT’s manager, says: “We increased net property income with proactive asset and lease management focused on managing cost while maintaining prudent gearing of 33.1%, and continued on our strategy to unlock organic growth from our portfolio. Our redevelopments at 30 & 32 Tuas West Road and 8 & 10 Tuas Avenue 20 are tracking on time and budget and will further grow our portfolio value upon completion.”
As at end June, approximately 67% of AA REIT’s redevelopment at 30 & 32 Tuas West Road has been completed. Upon completion, the property will boost annual rental income four-fold to $4.15 million which is already 100% pre-committed. Meanwhile, demolition work at 8 & 10 Tuas Avenue 20 will be completed by end of this month, with the target completion in 2H of 2017.
In its outlook, AA REIT, which has a diversified portfolio of income-producing industrial real estate located throughout the Asia Pacific, will continue its proactive approach in managing its assets and leases to help navigate the short-term volatility and these challenging market conditions
Units of AA REIT closed 0.3% higher at $1.465.
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Gross revenue came in at $29.2 million in the first quarter, thanks to a property tax refund of $1.1 million. Net property income improved by 1.0% to $20.4 million compared to a year ago while distribution to unitholders was $17.5 million.
CEO Koh Wee Lih of AIMS AMP Capital Industrial REIT Management Limited, AA REIT’s manager, says: “We increased net property income with proactive asset and lease management focused on managing cost while maintaining prudent gearing of 33.1%, and continued on our strategy to unlock organic growth from our portfolio. Our redevelopments at 30 & 32 Tuas West Road and 8 & 10 Tuas Avenue 20 are tracking on time and budget and will further grow our portfolio value upon completion.”
As at end June, approximately 67% of AA REIT’s redevelopment at 30 & 32 Tuas West Road has been completed. Upon completion, the property will boost annual rental income four-fold to $4.15 million which is already 100% pre-committed. Meanwhile, demolition work at 8 & 10 Tuas Avenue 20 will be completed by end of this month, with the target completion in 2H of 2017.
In its outlook, AA REIT, which has a diversified portfolio of income-producing industrial real estate located throughout the Asia Pacific, will continue its proactive approach in managing its assets and leases to help navigate the short-term volatility and these challenging market conditions
Units of AA REIT closed 0.3% higher at $1.465.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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