AIMS APAC REIT 2Q25 DPU of 2.40 cents was 5.7% higher than 1Q25 and 2.6% above 2Q24. AIMS APAC REIT 1H25 earnings and dividends AIMS APAC REIT (AAREIT) 1H25 results were marginally above our expectations. 1H25 distribution per unit (DPU) of 4.67 cents is equivalent to 51.4% of our FY25 estimates. 2Q25 DPU of 2.40 cents was 5.7% higher than 1Q25 and 2.6% above 2Q24. Gross revenue rose 7.7% yoy to S$93.5m, backed by rental reversions of 16.9% (1H24: 37.7%), despite lower occupancy rate of 95% (end-Sep 23: 98.1%). Logistics and warehouse delivered the strongest reversion (+28.1%), while industrial was +8.9%. The only business park property in Singapore bucked the industry trend with a +2.3% uplift. The climb in rental rates should moderate from here, given that the average passing rents, except for hi-tech space, are already at market rates. The current two asset enhancement initiatives - progressive upgrading work at 15 Tai Seng Drive and refurbishment of 7 Clementi Loop – could yield higher rental income when completed. AAREIT expects a NPI yield exceeding 7% for these projects....