- Upcoming refinancing of S$100m MTN is due in Nov 24 and currently priced at 3.6%. We trim our FY25-26E DPU forecasts for AIMS APAC REIT by ~1-2% to account for potential increase in borrowing costs.
- - Read this at SGinvestors.io -
Two AEIs with pre-commitment
- Two proposed AEIs have been identified, with pre-commitment by master/anchor tenant, respectively.
- A global storage and information management company will start its 15-year master lease at 7 Clementi Loop post AEI in 1QFY26.
- Anchor tenant at 15 Tai Seng Drive has committed to a lease from 3QFY25.
Stable operations
- AIMS APAC REIT's 1QFY25 revenue and NPI are +5.6%/+2.8% q-o-q (see overleaf). Higher property expenses partially offset topline gains. Transient dip of 50bps in occupancy was from SG portfolio, while double-digit rental reversion is sustained. Management doesn’t see longer lead time by tenants to reach a leasing decision.
- - Read this at SGinvestors.io -
- DHL intends to return the space it occupied upon lease expiry (~9 months remaining). The space will be compartmented and backfilled at positive reversions. Despite sector headwinds, occupancy at 1A International Business Park remains stable at above 60% and is expected to hold, benefitting from nearby Tuas mega port.
Kick starting AEI
- Read more at SGinvestors.io.
