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AIMS AMP Reit Q4 DPU up 1% to 2.95 Singapore cents

AIMS AMP Capital Industrial Reit's (AA Reit) distribution per unit (DPU) for the fourth quarter ended March 31, 2016, rose one per cent to 2.95 Singapore cents, up from 2.92 cents in the corresponding quarter a year ago.

Gross revenue edged up 0.7 per cent to S$30.29 million, and net property income was 0.3 per cent higher at S$20.37 million, said AA Reit Wednesday morning.

In quarter-on-quarter terms, however, Q4's gross revenue was 6.9 per cent lower than Q3's performance. This was mainly due to lower occupancies in December 2015 for Penjuru Lane and Pandan Crescent properties, and lower contribution from the property at 8 & 10 Tuas Avenue 20 due to "the fire incident", said AA Reit.

"Some of the vacancies at 27 Penjuru Lane have since been filled and rental contributions will commence after the rent-free fit-out periods," it added.

Looking forward, AA Reit said the weak economic climate and industrial oversupply situation in Singapore will mean that rents will continue to be under pressure.