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AA Reit's Q1 DPU flat at 2.5 Singapore cents

AIMS AMP Capital Industrial Reit's (AA Reit) distribution per unit (DPU) was 2.50 Singapore cents for the first quarter ended June 30, unchanged from the corresponding quarter of the previous year, the Reit reported on Thursday.

Gross revenue of S$29 million for Q1 2019 was down 5.2 per cent from Q1 2018.

The fall was mainly due to lower rental and recoveries from 20 Gul Way as five phases of the property reverted to multi-tenancy leases, lower occupancies at 27 Penjuru Lane and 1 Bukit Batok, and loss of revenue from 10 Soon Lee Road following the divestment of the property on March 29. 

This was partially offset by maiden rental contributions from 51 Marsiling Road from April 27 and rental contribution from 8 Tuas Avenue 20, which became income-producing in Q3 2018.

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Net property income (NPI) also fell 3.4 per cent to S$19.4 million from S$20.1 million.

However, distribution to unitholders rose 7.1 per cent to S$17.1 million from S$16 million for the first quarter of fiscal year 2018.

AA Reit closed at S$1.41 on Wednesday, down one Singapore cent.