AIMS APAC REIT (AA REIT) has reported a distribution per unit (DPU) of 9.60 cents for the FY2025 ended March 31, 2.6% higher y-o-y.
Distributable income was up by 5.2% y-o-y to $78.2 million.
Gross revenue rose by 5.3% y-o-y to $186.6 million due to resilient portfolio performance and strong rental reversions.
Net property income (NPI) rose by 2.1% y-o-y to $133.7 million for the same reasons.
During the year, AA REIT’s rental reversion stood at 20%, down from 24.3%.
Portfolio occupancy as at March 31 fell to 93.6% from 97.8% the year before. Excluding the ongoing asset enhancement initiatives (AEIs) and tenants’ “transitory movements”, the portfolio occupancy rate based on committed leases would be 95.8%.
See also: UOB reports 1QFY2025 net profit of $1.49 bil, unchanged y-o-y but down 2% q-o-q
Weighted average lease expiry (WALE) stood at 4.4 years, down from 5.1 years.
The REIT’s tenant retention rate stood at 64.8% from 79.1%
As at March 31, aggregate leverage stood at 28.9%, down from last year’s 32.6%. The REIT has about 85% of borrowings on fixed rates as at the same period, up from 75% last year.
“Through disciplined execution of our strategies, we have continued to drive strong operational and financial performance that support the delivery of sustainable growth for our unitholders,” says Russell Ng, CEO of the manager.
“Over the year, we achieved several key milestones including securing a new master tenant for 15 years and an anchor tenant for 10 years for our two AEIs, obtaining new sustainability-linked loans of $400 million and A$150 million ($125.7 million) and achieving competitive pricing of 4.70% for our $125 million five-year perpetual securities,” he adds.
George Wang, chairman of the manager, says the REIT manager will continue to “exercise a prudent capital and risk management strategy” amid the current volatile environment, a move, which has “supported” its progress over the financial year.
“We have demonstrated how our portfolio and strategic approach provide resilience while being able to capture new growth opportunities,” he adds.
As at March 31, AA REIT owns 28 properties valued at $2.13 billion.
Units in AA REIT closed 1 cent higher or 0.79% up at $1.27 on May 6.
