AA Reit posts 9% drop in Q1 DPU

SINGAPORE - AIMS AMP Capital Industrial Reit (AA Reit) has posted a distribution per unit (DPU) of 2.5 Singapore cents in the first quarter, down 9.1 per cent from a year ago.

This was due mainly to the partial retention of the current quarter's distribution to fund the working capital and/or capital expenditure requirements, the Reit said.

Net property income in the quarter to June 30 was S$20.1 million, down 1.4 per cent from a year ago owing to the expiry of the master lease at 3 Tuas Avenue 2 and lower rental and recoveries from 20 Gul Way as three phases of the property reverted to multi-tenancy leases on December 28, 2016, Feb 13, 2017, and May 8, 2017.

Income available for distribution was S$16 million, down 8.7 per cent from a year ago.