AA Reit declares flat DPU of 2.5 S cents for Q3
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Vivienne Tay
AIMS Apac Reit's (AA Reit) distribution per unit (DPU) stood at 2.5 Singapore cents for the third quarter ended Dec 31, unchanged from a year ago.
Gross revenue was down 1.2 per cent to S$29.5 million for the quarter, from S$29.8 million a year ago, according to a regulatory update on Friday.
This was mainly due to the conversion from master leases to multi-tenancy leases at its 1A International Business Park and one phase of the 30 Tuas West Road property.
AA Reit also saw lower rental and recoveries at 20 Gul Way and 15 Tai Seng Drive. The final phase of 20 Gul Way had reverted from a master lease to multi-tenancy leases during Q3.
The fall in gross revenue was partially offset by full-quarter rental contribution from Boardrisers Asia Pacific HQ - an Australia property which was recently acquired.
Net property income (NPI) grew 18.8 per cent on the year to S$23.1 million for the quarter, from S$19.4 million.
Distributions to unitholders rose 2.1 per cent year on year to S$17.6 million, from S$17.2 million.
The Q3 distribution will be paid out on March 26, after books closure on Feb 10.
AA Reit units closed flat at S$1.43 on Thursday.
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