AIMS APAC REIT has reported a distribution per unit (DPU) of 7.07 cents for the 9MFY2025 ended Dec 31, 2024, 1.1% higher y-o-y.
Gross revenue increased by 5.7% y-o-y to $139.1 million due mainly to sustained positive rental reversions across the portfolio’s segments. Net property income (NPI) grew by 1.9% y-o-y to $99.6 million for the same reasons.
Distributable income increased by 4.3% y-o-y to $57.5 million.
As at Dec 31, 2024, overall portfolio occupancy stood at 94.5%, down from 98.1% as at Dec 31, 2023. The portfolio’s weighted average lease expiry (WALE) stood at 4.7 years, up from 4.6 years last year.
Rental reversion for the 9MFY2025 stood at a positive 21.2%, compared to 22.7% in 9MFY2024, while 9MFY2025’s tenant retention rate came in at 76.3%, down from 80.3% in the 9MFY2024.
During the 9MFY2025, the manager executed 19 new and 41 renewal leases totalling 127,299 sqm, or 16.4% of the portfolio’s net lettable area (NLA).
See also: ESR REIT’s 2025 DPU set to rebound on full year impact of acquisitions, AEIs and lower debt costs
As at Dec 31, 2024, the REIT’s aggregate leverage stood at 33.7%, up from 32.2% as at Dec 31, 2023. Interest coverage ratio stood at 3.9 times as at the same period.
About 70% of debt were on fixed rates, compared to 76% as at Dec 31, 2023. The expected percentage of Australian dollars (AUD) hedged into Singapore dollars (SGD) was 72%, two percentage points lower y-o-y.
Looking ahead, the REIT manager says it remains “optimistic” as it progresses on its portfolio rejuvenation, capital recycling and sustainability initiatives.
See also: CapitaLand India Trust’s FY2024 and 2HFY2024 DPU rise 6% and 3% y-o-y, respectively
The REIT’s Singapore portfolio remains robust thanks to the “sustained demand for its portfolio of high-quality, modern and well-located assets” by global and domestic companies across several industries. Its Australian portfolio, which has assets that are anchored by quality tenants on long lease terms and built-in annual rental escalations, are supported by long term infrastructure works and government investments, adds the REIT manager.
Unitholders will receive their DPUs on March 26.
Units in AIMS APAC REIT closed at $1.27 on Jan 27.
