AIMS AMP Capital Industrial REIT delivered a solid set of results with DPU at 2.6c. This is a 4% increase over the previous quarter.
As I was expecting a DPU of 2.5c with a possibility of a small reduction, this is good news indeed. It will go XD on 3 Feb and is payable on 20 Mar.
Upon completion of sale of 31 Admiralty Road for $16.438m, the REIT's gearing would drop to 29.4%. The REIT had purchased this building for $13.4m. So, the REIT will recognise a gain and have gearing comfortably under 30% at the same time.
NAV per unit: $1.367
Interest cover ratio: 5.6x
Occupancy: 98.9%
Average land lease expiry: 41.9 years
(Only 10.9% of nett lettable area will see land lease expiry within the next 21 to 30 years).
The REIT has no debt due until ......