The manager of AIMS AMP Capital Industrial Trust today reported first quarter results which saw a seven percent rise in net income to $14.9 million compared to the previous quarter of $14.0 million in 4Q FY2012.
The amount available for distribution also rose, up eight percent to $11.4 million, compared to the previous quarter 4Q FY2012.
AIMS AMP Capital Industrial REIT Chief Executive Officer Nick McGrath said: “The Trust delivered a solid result, despite the loss of rental income during 20 Gul Way’s redevelopment and the sale of 31 Admiralty Road. We increased net income with higher rental rates, maintained prudent gearing at 29.7 percent and delivered a stable distribution of 2.5 cents per unit. We achieved a solid uplift in net income, largely due to a 9.5 percent increase in average rental rates upon expiry of the master lease at 8 and 10 Pandan Crescent and our existing multi-tenancy properties. This reflects management’s active asset management and the market’s continued demand for high quality warehouse and logistics properties.”
The manager announced a stable distribution of 2.5 cents per unit for the 1Q FY2013 period, which was down seven per cent compared to the last quarter. The distribution in 4Q FY2012 was higher since retained distributable income from the first three quarters was distributed in Q4 FY2012.
For 1Q FY2013, the board decided to distribute 97.7 percent of taxable income available for distribution to unitholders, which is in line with the policy to distribute at least 90% of taxable income.
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