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AIMS AMP Capital Industrial Reit (AA Reit) recorded a distribution per unit (DPU) of 2.75 Singapore cents for the first quarter of its financial year, up 7.8 per cent from a year ago.
For the three months ended June 30, the trust saw gross revenue grow 10.7 per cent over the year to S$30.3 million, while net property income rose 3.7 per cent to S$20.2 million.
The trust's manager secured 15 new and renewal leases in the quarter, at a weighted average rental increase of 5.9 per cent. It also continued to maintain a high occupancy of 96.1 per cent - above what it said was the industrial average of 91 per cent.
AA Reit gave a cautious outlook for the industrial market for its current financial year. "Most industrialists are expected to stay cost sensitive and exercise prudence on their real estate requirements in second half 2015," it said. "In addition, given the reported near term supply, there may be short term impact on occupancy and rentals."