REIT Financial News - 12 MAY 2010: Quarterly Earnings Report for AIMSAMPI Reit

First quarter 2010 results for AIMS AMP CAP INDUSTRIAL REIT:

• Press Release 
• Financial Statements  
• Presentation Slides

Key Points 

• DPU of 0.5376 cents for 1Q 2010. 
• Distribution to Unitholders of S$7.9 million for the quarter.
• Gross revenue was up 19.4% period-on-period to S$15.6 million in 4QFY2010, reflecting the full quarterly rental income contribution from 1A IBP which was acquired in 3QFY2010 and 80 days rental income contribution from the four AMP Capital properties which were acquired in 4QFY2010.
• Net property income was up 28.2% period-on-period to S$11.9 million in 4QFY10 and up 8.9% year-on-year to S$40.1 million in FY2010.
• The amount available for distribution was up by 57.9% period-on-period to S$7.9 million in 4QFY2010 and was slightly down by 4.6% year-on-year to S$22.3 million for FY2010.
• Portfolio occupancy is 96.0%, which compares favourably with the Singapore industrial average of 91.2%.
• Aggregate leverage of 28.9% as at 31 March 2010.
• A robust net asset value (NAV) of 31 cents per unit as at 31 March 2010.
• Property portfolio of 26 properties with an independently assessed total value of S$635.25 million.

Author's Note
Based on the closing price of the Reit of 0.220 on 12 May 2010, the DPU of 0.5376 cents translates to an annualised yield of about 9.77%.

The DPU of 0.5376 cents will XD on 20 May 2010 and will be paid on 28 Jun 2010.

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