AIMS APAC REIT's net income soars 16.6% YoY to $55.48m

Despite the income growth, the REIT's DPU still decreased by 4.8% YoY.

AIMS APAC REIT (AA REIT) saw its net income soar by 16.6% in 2H FY2022, reaching $55.48m.

Despite the income growth, the REIT's Distributions to Unitholders and distribution per unit (DPU) still declined in the same period, with the former dropping by 3.8% to $33.64m and the latter declining by 4.8% to $0.0471.

The REIT's manager said the decline in DPU and Distributions to Unitholders was largely due to the distributions related to the $250.0m perpetual securities issued on 1 September 2021 for the acquisition of Woolworths HQ.

Looking at the full-year figures, however, DPU and Distributions to Unitholders both rose by 5.7% to $0.0946 and by 6.3% to $67.25m, respectively. The increase was on the back of a 17.9% higher full-year net income of $103.19m.

The improvement in the REIT's full-year performance was mainly due to contributions from the recently acquired
Woolworths HQ in November 2021, a full-year contribution from 7 Bulim Street acquired in October 2020, as well as higher rental and recoveries at 20 Gul Way, 8 & 10 Pandan Crescent, 29 Woodlands Industrial Park, and 541 Yishun Industrial Park A.

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