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FY result 7 May.
Stay tuned.
just matter of time.....unless Ascendas do it first? > <
pkli899 ( Date: 27-Mar-2024 13:34) Posted:
ESR please don' t touch Aims.
Not another low ball offer! |
|
ESR please don' t touch Aims.
Not another low ball offer!
https://www.dealstreetasia.com/stories/esr-divesting-ara-private-funds-387179
ESR cleaning up house. What does that mean for its stake in AIM APAC REIT? It is actually the biggest shareholder, and Charlie Chan is also a shareholder. Will ESR go big or go home?
Aims Apac Reit&rsquo s 9M DPU down 4.1% to S$0.0699 on enlarged unit base
AIMS : O5RU +1.55% Apac Reit : O5RU +1.55% (AA Reit) on Wednesday (Jan 31) posted a 4.1 per cent drop in distribution per unit (DPU) of S$0.0699 for the nine months ended Dec 31, 2023, from S$0.0729 in the same period the previous year.
This was due to an enlarged unit base resulting from an equity fundraising in July 2023 to strengthen the real estate investment trust&rsquo s (Reit) balance sheet and support asset enhancement initiatives and future growth opportunities, the manager said.
Gross revenue for the period rose 5.1 per cent to S$131.6 million from S$125.2 million in the same period the prior year, supported by higher portfolio occupancy, positive rental reversions and a high tenant retention rate across AA Reit&rsquo s Singapore properties.
As a result, net property income climbed 6.3 per cent to S$97.8 million from S$92 million in the previous corresponding period.
Distributions to unitholders increased 5.2 per cent to S$55.1 million from S$52.4 million recorded in the same period a year earlier. They will be paid on Mar 22, after the record date on Feb 9.
&ldquo The active asset management of our portfolio has resulted in resilient occupancy at around 98 per cent and sustained demand from national and global corporates,&rdquo said Russell Ng, chief executive of AA Reit&rsquo s manager.
The Reit recently renewed two master leases with Kintetsu World Express and Aalst Chocolate, which raised its portfolio weighted average lease expiry to 4.6 years as at Dec 31, 2023, from 4.2 years as at Sep 30, 2023.
Lease renewals in the third quarter helped the Reit achieve a rental reversion rate of 13 per cent.
Overall portfolio occupancy stood at 98.1 per cent as at Dec 31, 2023, up from 97.8 per cent as at Dec 31, 2022.
The Reit&rsquo s gearing fell 4.2 percentage points to 32.2 per cent as at end-December 2023, after the equity fundraising was completed. No debt refinancing is needed until Q2 2025, the manager noted.
It added that 76.4 per cent of debt is on fixed rates, and the average fixed debt tenure is around 1.9 years.
Although AA Reit&rsquo s 9M 2024 DPU missed DBS Group Research&rsquo s estimates, it is optimistic that Q4 distributions could make up for the shortfall, based on a research note on Wednesday.
The Reit&rsquo s ability to maintain high occupancy rates and sustain positive rental reversions, along with expectations of stable borrowing costs, are also seen as positive indicators.
DBS has maintained its &ldquo buy&rdquo recommendation on the counter, with a target price of S$1.60.
Great news - derisks the near term rental maturities. In fact given the rental uplifts agreed perhaps renewals should be seen as opportunities to increase rent rather than risk, at least for this company in the current strong market environment.
AA Reit renews master leases with Japanese logistics group KWE, Cargill&rsquo s Aalst Chocolate
AIMS Apac Reit (AA Reit) has renewed the master lease with Japanese logistics group Kintetsu World Express (KWE) for a new five year term, and extended the master lease term with Cargill&rsquo s chocolate manufacturer Aalst Chocolate for a further 10 years.
As at the end of September 2023, the two master leases contributed about 6.6 per cent to the gross rent of the Reit&rsquo s total portfolio, said its manager on Monday (Jan 8).
The two renewals will extend AA Reit&rsquo s portfolio weighted average lease expiry to 4.6 years from 4.2 years by gross rental income.
The manager noted both leases were signed at a positive rental reversion over their expiring rental rate and subject to rental escalations.
KWE, one of the Reit&rsquo s top ten tenants, has renewed the lease of the property to Dec 31, 2028. AA Reit will also carry out exterior building improvement works at the property, which spans a gross floor area of 68,190 square metres (sqm) at Jurong Innovation District.
The lease with Aalst Chocolate has been extended to April 18, 2035. Located within Jurong Industrial Estate, the property comprises a two-story industrial building with a leasable area of 5,858 sqm. The chocolate manufacturer and its parent company Cargill have been long-standing tenants since Apr 19, 2007, the Reit manager said.
&ldquo To support Aalst Chocolate&rsquo s business requirements, AA Reit will carry out electrical upgrading works,&rdquo the manager added.
Russell Ng, chief executive officer of the Reit manager, highlighted &ldquo the sustained demand&rdquo from the industry as a testament to the Reit&rsquo s strong tenant relationships.
The slight DPU slip the price paid for the rights issue.
Given the share price outperformance vs other more highly geared REITs in the interim, it seems the market is judging in retrospect that the rights issue was the correct decision.
Aims Apac Reit&rsquo s H1 DPU slips 1.1% to S$0.0465 on enlarged unit base
The overall DPU decline was due to an enlarged unit base following an equity fundraising exercise completed in July, said its manager on Friday (Nov 3).
Revenue for H1 FY2024 grew 4.4 per cent to S$86.8 million from S$83.2 million a year prior. This was driven by higher rental and recoveries from the real estate investment trust&rsquo s logistics, warehouse and industrial properties. This more than offset lower revenue from its Australia properties caused by the weakening of the Australian dollar.
Net property income (NPI) rose 5.1 per cent on the year to S$64.3 million from S$61.1 million, while NPI margin improved by half a percentage point to 74 per cent.
Distribution to unitholders grew 7.1 per cent to S$36.1 million across 810.1 million units, against distributions of S$33.7 million across 718 million units for H1 FY2023.
The enlarged unit base was the result of an equity fundraising exercise comprising a S$70 million private placement and a S$30 million preferential offering.
George Wang, chairman of AA Reit&rsquo s manager, said the completion of these activities fortifies the Reit&rsquo s balance sheet by providing funding for near-term organic growth initiatives.
It also provides the Reit with financial flexibility to capture opportunities amid an uncertain environment, he added.
Russell Ng, chief executive of the manager, said: &ldquo We remain confident in the defensiveness of our portfolio and see bright spots in our markets, where demand for logistics and high-spec industrial spaces, amid a tight supply situation, will continue to drive resilient returns.&rdquo
Over H1 FY2024, the Reit achieved a portfolio rental reversion rate of 37.7 per cent, with occupancy rising to 98.1 per cent as at end-September 2023, compared with 97.5 per cent in the same period last year.
Its aggregate leverage stood at 32.1 per cent with no debt refinancing until Q2 FY2025, and it has undrawn committed facilities and cash and bank balances of about S$188 million.
The manager noted that leasing activity within its Singapore market remains resilient as demand continues to outpace supply, with rents of most industrial properties remaining on an upward trend.
It expects infrastructure improvements in Macquarie Park and Norwest Business Park in Sydney, Australia, to support the Reit&rsquo s future growth.
Economic growth in Australia is however &ldquo likely to remain restrained&rdquo due to higher interest rates and cost-of-living pressures, cautioned the manager.
AIMS APAC REIT reports 1HFY2024 DPU of 4.65 cents, 1.1% lower y-o-y on enlarged unit base
Felicia TanFri, Nov 03, 2023 &bull 11:26 AM GMT+08 &bull 10 hours ago &bull 3 min read
Unitholders will receive their DPUs on Dec 22, 2023. Photo: AA REIT
AIMS APAC REIT (AA REIT) has reported a distribution per unit (DPU) of 4.65 cents for the 1HFY2024 ended Sept 30, 1.1% lower y-o-y.
The lower DPU comes in spite of the 7.1% y-o-y increase in 1HFY2024 distributable income, which stood at $36.1 million, as the REIT&rsquo s unit base expanded by 12.8% y-o-y to 810.1 million units. The REIT had conducted an equity fund raising (EFR) which was completed in July this year.
Gross revenue rose by 4.4% y-o-y to $86.8 million due to the higher rental and recoveries from the REIT&rsquo s logistics, warehouse and industrial properties. Revenue growth was partly offset by the lower revenue from the REIT&rsquo s Australian properties due to the weaker Australian dollar (AUD).
Net property income (NPI) rose by 5.1% y-o-y to $64.3 million due to the higher gross revenue while NPI margin increased by 0.5 percentage points y-o-y to 74.0%.
As at Sept 30, the REIT&rsquo s portfolio occupancy improved by 0.6 percentage points y-o-y to 98.1%. Its weighted average lease expiry (WALE) stood at 4.2 years, down from 4.8 years in the corresponding period the year before.
In the 1HFY2024, the REIT&rsquo s rental reversion stood at a positive 37.7% with a tenant retention rate of 70.1%. The manager had also executed 12 new and 26 renewal leases totalling some 103,063 sqm, or 13.1% of the portfolio&rsquo s net lettable area (NLA). For the remainder of FY2024, approximately 105,037 sqm is due for expiry, of which 100,926 sqm is in the logistics and warehouse segment.
See also: Riverstone 3QFY2023 net profit up 26.5% q-o-q, revenue flat q-o-q but down 17.5% y-o-y
Aggregate leverage stood at 32.1%.
As at Sept 30, cash and cash equivalents stood at $17.3 million.
&ldquo We are pleased to report another set of robust performance in the face of uncertain macroeconomic conditions. Our strong operational metrics are reflective of our high-quality portfolio assets, diversified quality tenant base and proactive asset management strategies that aims to meet our target occupier requirements and capture maximum rental reversions,&rdquo says Russell Ng, CEO of the manager. &ldquo We remain confident in the defensiveness of our portfolio and see bright spots in our markets, where demand for logistics and high-spec industrial spaces, amid a tight supply situation, will continue to drive resilient returns. Overall, we remain disciplined in executing our strategies to enhance returns for unitholders.&rdquo
&ldquo In evolving and volatile markets where interest rates are likely to remain higher for longer, it is important for AA REIT to maintain a prudent and conservative balance sheet. The completion of our recent EFR fortifies our balance sheet, provides funding for near term organic growth initiatives, whilst providing AA REIT with financial flexibility to capture opportunities amid an uncertain environment,&rdquo adds George Wang, chairman of the manager. &ldquo At the same time, we will continue to build on our proven track record to unlock untapped potential to strengthen and optimise our portfolio to deliver long-term sustainable returns to our unitholders.&rdquo
In its outlook statement, the REIT manager has indicated its confidence in the REIT&rsquo s high-quality assets and the on-going execution of its four strategic pillars.
&ldquo Operational performance and occupancy of the Singapore assets are well-supported by encouraging rental growth and sustained demand for quality industrials and logistics space. In Australia, strong tenant covenants on long lease terms and built-in rental escalations continue to bolster income stability of the portfolio, amid volatile macroeconomic conditions,&rdquo says the manager in its Nov 3 statement.
Unitholders will receive their DPUs on Dec 22.
As at 11.25am, units in AA REIT are trading flat at $1.25.
So low volume can up 4c........good results expected in 2 days' time?
Insurance fully covers any issue in such circumstances.
Aims Apac Reit expects &lsquo minimal financial impact&rsquo from Yishun industrial asset fire
AIMS Apac Real Estate Investment Trust : O5RU -0.77%&rsquo s (AA Reit) manager on Tuesday (Oct 10) reported a fire incident at one of the Reit&rsquo s properties at 61 Yishun Industrial Park A.
There were no casualties reported, the manager said. It noted that the fire broke out at around 5.15 pm and was brought under control by the Singapore Civil Defence Force by about 6.30 pm.
The asset accounted for 0.9 per cent of total portfolio value and 1.2 per cent of gross revenue as at end-June 2023. It is also insured for physical damage and any loss of business income for 36 months.
&ldquo Accordingly, the incident is expected to have minimal financial impact,&rdquo the manager added.
Sian. Still far from $1.80. 😕
Perhaps a factor in the share price increase is bid speculation following the AGM poll results.
Recently price moved up quite a bit.
Is it got news about them buying Australia properties?
They did mentioned sometime ago about them eyeing the properties.
The pro-rata DPU was materially higher in the portion of the quarter post the fundraise compared to the portion of the quarter pre-the fundraise.
Good news for investors.
Aims Apac Reit Q1 DPU rises 1.3% to S$0.0231 on enlarged unit base
AIMS Apac Reit : O5RU 0% (AA Reit)&rsquo s distribution per unit (DPU) rose by 1.3 per cent to S$0.0231 for its first quarter ended Jun 30, 2023, from S$0.0228 the year before.
This increase was due to an enlarged unit base from an equity fund-raising that occurred during the quarter, the Reit manager said on Thursday (Jul 27).
Gross revenue was up 4.5 per cent to S$43.2 million for the quarter, from S$41.3 million in the year-earlier period, while net property income grew 4.2 per cent on the year to S$32.3 million for the quarter, from S$31 million.
The manager attributed the rise in gross revenue and net property income to higher rental income from Singapore properties, partly offset by an increase in financing costs.
Distributable income rose 5.1 per cent year on year to S$17.2 million, from 16.3 million. The distribution will be paid out on Sept 22, 2023.
https://investor.aimsapacreit.com/newsroom/20230712_065222_O5RU_XMP60UQ8K5Y73X1F.1.pdf
DATE OF RELEASE OF BUSINESS UPDATE FOR THE FIRST QUARTER ENDED 30 JUNE 2023
AIMS APAC REIT Management Limited, as manager of AIMS APAC REIT (" AA REIT" ), is pleased to announce that the Business Update for AA REIT for the first quarter ended 30 June 2023 will be released on 27 July 2023, before trading hours.
I have 2 accounts of roughly same amounts
One got about 200% excess rights. The other one got 300%
My holdings are not a lot though only in a range of ten thousands.
