DW 2Q2013 Industrial S-REITs Review
AIMS AMP Capital Industrial Trust – Waiting for Redevelopment Pipeline to Bear Fruits
  • Quarterly DPU was diluted due to the private placement done in April this year. Fortunately, even with the dilution effect, DPU still remains decent as a result of positive rental reversions and full rental contributions from 20 Gul Way Phase 1.
  • Gearing ratio is very healthy compared to its peers, at 25.4%. No refinancing need this year.
  • Occupancy rate increased from 96.1% to 98% quarter-on-quarter. Only 3.6% of Net Lettable Area will expire next year, followed by 17.2% in 2015, 21.2% in 2016 and 22% in 2017. Reasonably well staggered, unlike Sabana REIT. 
  • 20 Gul Way Phase 2 already received TOP in May 2013, 7 months ahead of schedule and within budget. After a 2-month rent free period, rental payment will start in July 2013. 
  • Looking forward, redevelopment of 103 …