May 5, 2021
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Distributions to unitholders stood at $20.5 million in Q4 FY2021, with a DPU of 2.90 cents, up 41.5% from 2.05 cents from the previous quarter. Source: AIMS APAC REIT

AIMS APAC REIT (AA REIT) posted a distribution per unit (DPU) of 2.90 cents for the fourth quarter (4Q FY2021), which ended 31 March 2021, up 41.5% from 2.05 cents from the previous quarter, revealed its manager in an SGX filing on Wednesday (5 May).

In Q4 FY2021, distributions to unitholders stood at $20.5 million. 

This brings DPU for FY2021 to 8.95 cents, down 5.8% from 9.50 cents in FY2020. Distributions to unitholders for the entire year fell 4.9% from $66.5 million in FY2020 to $63.2 million in FY2021.

AIMS APAC REIT Management Limited attributed the lower distribution to lower net property income and management fees paid fully in cash for FY2021 “but partially offset by the full release of the Australian distributable income of $2.9 million previously retained in 4Q FY2020”.

AA REIT saw its gross revenue for FY2021 increase 3.2% to $122.6 million, mainly due to the full-year contribution from Boardriders Asia Pacific HQ, the newly redeveloped 3 Tuas Avenue 2 and 7 Bulim Street.

Net property income declined 1.7% to $87.5 million, mainly due to higher property operating expenses offset by higher gross revenue.

AIMS APAC REIT Management Limited also shared that AA REIT’s portfolio occupancy stood at 95.4% as at 31 March 2021, or way above the 90% industry average. The REIT’s weighted average lease expiry was 3.95 years.

Meanwhile, the REIT’s aggregate leverage was 33.9% as at 31 March 2021, which was well within the 50% aggregate leverage limit set by the Monetary Authority of Singapore. It also had a cash balance of around $11.2 million.

“We continue to see high resiliency across our portfolio, underpinned by quality assets, with over 50% of tenants in the essential services,” said Koh Wee Lih, CEO of AA REIT’s manager.

He noted that more than half of the REIT’s tenants “by gross rental income, operate in the logistics and warehouse space, which is well-supported by structural demand drivers such as the growth in e-commerce”.

“This, coupled with the untapped GFA of approximately 0.5 million sq ft, provides a stable income stream and further avenue for organic growth,” he said.

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg 

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