On 7 May 2026, AIMS APAC REIT (“AA REIT”) released their full year result for FY2026. The most notable shift in the balance sheet was a improvement in aggregate leverage, where the REIT’s debt ratio dropped significantly from 36.6% in December 2025 to 26.8% by March 2026. Management achieved this by issuing SGD250 million in perpetual securities during the quarter, which are officially treated as equity rather than debt, and using that cash to pay off existing borrowings. This accounting rule is what made their reported debt levels look much lower. Both Net Property Income (NPI) and Distribution Per Unit (DPU) increased this quarter, but DPU grew at a slower pace. This happened mainly because the REIT must pay the investors of those new perpetual securities first, which leaves a smaller share of the new income for regular unitholders. While the physical occupancy rate looked a bit low at 93.6% at the end of the quarter, management disclosed that...