AA Reit's Q3 DPU down 2.8% to 2.77 cents
AIMS AMP Capital Industrial Reit (AA Reit) on Thursday announced a 2.8 per cent decrease in distribution per unit (DPU) to 2.77 Singapore cents for its third quarter ended Dec 31, 2016, down from 2.85 Singapore cents a year ago.
This came on the back of a 6.7 per cent fall in gross revenue from S$32.5 million last year to S$30.4 million this year, due mainly to lower rental contributions for the properties at 27 Penjuru Lane, 8 &10 Pandan Crescent as well as the loss in revenue due to the redevelopment of 8 & 10 Tuas Avenue 20.
This was partially offset by higher rental and recoveries for the property at 29 Woodlands Industrial Park E1.
Net property income slipped 6 per cent, from S$21 million a year ago to S$19.8 million. AA Reit said this was in line with lower gross revenue, and higher property expenses from higher expenditure to maintain its properties.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
GE Aerospace raises earnings goal on strong engine sales
BRC Asia to buy 19.9% of steel reinforcement company for S$16 million
Lockheed Martin reports higher sales on strong defence demand
UOI reports 67% surge in Q1 profit before tax to S$8 million, driven by favourable market conditions
Euro at highest to yen since 2008, markets nervy over Tokyo stepping in
Apac Realty enters the Philippines with franchise agreement