- While we still see positive rental growth extending into 2024, especially from its logistics ramp-up, contribution from asset enhancements (AEI) and redevelopment will likely drive growth.
- AIMS APAC REIT (SGX:O5RU) posted 3QFY24 DPU of S$2.34 cents, 0% q-o-q/-9.7% y-o-y mainly on an enlarged unitholder base from its equity raising. 9MFY24 DPU of S$6.99 cents forms 76% of our full year estimate.
- - Read this at SGinvestors.io -
Stable operating metrics
- Portfolio occupancy held up at 98.1%. In 3Q24, AIMS APAC REIT inked renewal leases with KWE (~6% GRI) and 16 others at +13% rental reversion. Logistics assets continued show the highest reversions (+13.5%), followed by industrial assets (+7.9%).
- - Read this at SGinvestors.io -
- WALE stood at 4.6 years as of 3Q24, with WALE for logistics at an extended 2.4 years. We like the strengthened lease profile in view of supply building up.
- Leasing demand for business park remains tepid. Nonetheless management does not expect downside surprise from 1A IBP. Australian BP assets (Optus Centre and Woolworths) remain 100% leased.
Growth prospects
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-01
Read also Maybank's most recent report:
2024-08-02 AIMS APAC REIT - Strengthening Resilience.
Previous report by Maybank:
2024-05-08 AIMS APAC REIT - Decent Start To The Year; DPU Yield Of 7.6%.
Price targets by other brokers at AIMS APAC REIT Target Prices.
Listing of research reports at AIMS APAC REIT Analyst Reports.
Relevant links:
AIMS APAC REIT Share Price History,
AIMS APAC REIT Announcements,
AIMS APAC REIT Dividends & Corporate Actions,
AIMS APAC REIT News Articles
