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AIMS AMP Reit Q3 FY16 DPU up 0.7% to 2.85 cents

AIMS AMP Capital Industrial Reit (AA Reit) on Thursday reported a distribution per unit (DPU) of 2.85 Singapore cents for Q3 FY2016 ended Dec 31, 2015, up from 2.83 cents in the corresponding quarter a year ago.

Gross revenue increased 9.5 per cent to S$32.55 million while net property income edged up 2.7 per cent to S$21.06 million. Distribution to unitholders clocked S$18.11 million, or 2.2 per cent higher.

However, share of results of joint ventures (net of tax) plunged 76.8 per cent to S$3.54 million.

During the quarter, it secured 18 new and renewal leases, representing 23,276.3 sq m at a weighted average rental increase of 0.6 per cent on the renewals. The trust maintained portfolio occupancy of 93.4 per cent - above what it said was the industrial property average of 90.8 per cent.

"The industrial property market is expected to continue to remain challenging and AA REIT remains cautious on the outlook of the industrial market and will continue to proactively manage the trust's lease expiries," said AA Reit.