The lower share of profits of the Optus Centre joint venture in the second half ended Mar 31, 2022 (2HFY2022) was mainly due to the lower revaluation gain of Optus Centre compared to 2HFY 2021. However, the share of profits for the full year registered an overall increase for FY2022 due to the higher revaluation gain of Optus Centre as at 31 March 2022 as compared to a year ago.
In 4QFY2022, the manager announced 6 new and 19 renewal leases, representing 46,626 sqm or 5.9% of total net lettable area (NLA). As at end-March 2022, AA REIT’s portfolio occupancy stood at 97.6%, while weighted average lease expiry (WALE) stood at 5.05 years. Portfolio occupancy is expected to be sustained, as demand for industrial space continues to be underpinned by the resilient e-commerce and logistics sectors as well as Singapore’s border and economy reopening, the manager says.
The valuation for Woolworths HQ was $474.1 million as at end-Mar. The valuation for Boardriders Asia Pacific HQ increased by $8.7 million or 19.0% $54.2 million in FY2022; the valuation on AA REIT’s 49% share for Optus Centre rose by $38.4 million or 11.6%, to $369.3 million in the same period. AA REIT’s Singapore portfolio also reported a valuation uplift of $22.0 million or 1.6% compared during the year.
