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AA Reit's Q1 DPU slips 10%
AIMS AMP Capital Industrial (AA Reit) on Thursday announced a distribution per unit (DPU) of 2.50 Singapore cents for the first quarter ended June 30, 2017, a decrease of 10 per cent from 2.78 cents a year ago.
Distributable income fell 9.9 per cent or S$1.8 million to about S$16 million, down from last year's S$17.8 million. AA Reit attributed this to its Q4 '17 distribution which included retained distributions from the previous three quarters of FY2017, and partial retention of the current quarter's distribution to fund the working capital and capital expenditure requirements of the trust.
Net property income came up to S$20.1 million in this quarter, about S$1 million higher than S$19.97 million in the previous year, on lower property operating expenses.
Gross revenue was stable at S$30.5 million, compared to last year's S$30.6 million. The marginal fall was due mainly to the expiry of the master lease at 3 Tuas Avenue 2 and lower rental and recoveries from 20 Gul Way as an additional phase of the property reverted to multi-tenancy leases on May 8 this year, said AA Reit.