AIMS Apac Reit’s (AA Reit) distribution per unit (DPU) fell 1.7 per cent to S$0.0227 for the first quarter of FY2025, from S$0.0231 in the corresponding period a year ago.
The Reit’s manager said this was mainly due to enlarged units following the equity fundraising, which was completed in the second quarter of FY2024.
In a business update on Wednesday (Jul 31), the Reit’s manager noted that first-quarter gross revenue for the year grew 9.7 per cent to S$47.3 million, from S$43.1 million in the same period for FY2024.
Net property income (NPI) for the period was up 6.6 per cent on the year to S$34.4 million. This was driven by sustained rental reversions of 12.8 per cent for the quarter, the manager noted.
Higher rental growth, as well as high tenant retention rates, had also boosted gross revenue and NPI for the first quarter.
Distribution to unitholders for Q1 FY2025 increased 7.3 per cent to S$18.4 million, from S$17.2 million in the previous year. The distribution will be paid out on Sep 25, after the record date on Aug 12.
As at Jun 30, AA Reit’s overall portfolio occupancy was 97.3 per cent, with an aggregate leverage of 33.1 per cent and interest coverage ratio of 4.1 times. Weighted average debt maturity was at 2.1 years.
Units of AA Reit closed flat at S$1.30 on Tuesday.
