The manager of AIMS AMP Capital Industrial REIT has announced a 2% year-on-year rise in Distribution Per Unit (DPU) to 2.55 cents per unit.
Net property income rose 23.9% year-on-year to $19.5 million and Distribution to unitholders rose 26.9 per cent year-on-year to $15.8 million.
The manager’s Chief Executive Officer, Koh Wee Lih, said: “We achieved a solid result this quarter with a full quarter’s income contribution from our Optus Centre investment in Australia, secured new leases and renewals for nine per cent of our portfolio and achieved significant weighted average rental increase of 11.9 per cent from the renewals. The manager also continued to take a prudent approach to capital management. We improved the Trust’s debt maturity profile with a $50 million issuance under the Medium Term Notes programme. The proceeds were used to repay the $50 million development loan for 20 Gul Way ahead of its October 2015 due date, enabling us to extend a portion of our debt for a further five years.”
The Net Asset Value increased to $1.48 per Unit from $1.47 per Unit due to the recognition of the development profits at 103 Defu Lane 10 and Phase Two extension of 20 Gul Way following obtaining the temporary occupation permit on 28 May 2014 and 14 June 2014 respectively.
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