- AIMS APAC REIT (SGX:O5RU) reported healthy revenue and net property income (NPI) growth in FY24, driven by strong positive rental reversions and high occupancy rates.
Revenues & NPI increased 6%-7% y-o-y.
- - Read this at SGinvestors.io -
- Overall, AIMS APAC REIT's portfolio achieved positive rental reversions of +31.7%. Portfolio occupancy rates also remained robust at 97.8%, with the only major vacancy at International Business Park, where the occupancy rate inched down further to ~61%.
Expectations are that the positive rental reversions would persist
- - Read this at SGinvestors.io -
- Looking ahead, ~18.1% of portfolio leases are due to expire in FY25F, with the bulk of expiries coming from the logistics & warehouse segment, which is anticipated to continue outperforming. Rental reversions are projected to remain positive, albeit likely in the high single-digit to low double-digit range.
- Furthermore, the renewal of two major master leases in FY24 contributed significantly to the strong positive rental reversions. KWE-Kintetsu World Express renewed its master lease at 7 Bulim Street for five years, while Aalst Chocolate renewed its master lease at 26 Tuas Avenue 7 for a further 10 years.
FY24 DPU of 9.36 cents, slightly below our projections.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Dale LAI DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-05-08
Previous report by DBS:
2023-05-08 AIMS APAC REIT - Portfolio Occupancy At Record-High; +36.8% Rental Reversions.
Price targets by 2 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
