AIMS AMP Reit posts second quarter DPU of 2.77 cents

SINGAPORE - AIMS AMP Capital Industrial REIT (AA Reit) posted a distribution per unit (DPU) of 2.77 cents for the three months ended Sept 30, up 0.7 per cent from 2.75 cents a year ago.

Gross revenue climbed 5 per cent from a year ago to $28.3 million, while net property income rose 8.2 per cent from a year ago to $19.7 million.

Distribution to unitholders rose 19.2 per cent from a year ago to $17.3 million.

Mr Koh Wee Lih, chief executive of the manager of the real estate investment trust (Reit), said that the results "reflected the first partial contributions" from the Reit's newly completed developments at 103 Defu Lane 10 and phase 2 expansion of 20 Gul Way.

Mr Koh also noted a stable contribution from the Reit's investment in Sydney, as well as an average rental increase of 8.6 per cent on renewals.

Occupancy also stands at 96.6 per cent, above the industrial average of 90.9 per cent.

"While there remains some pressure in the industrial property sector with occupancy moderating, we are cautiously optimistic for the rest of the year," the Reit said in its report Thursday.

Payment of the distribution will be made on Dec 23.