AIMS AMP Capital's property income fell 2.8% in 3Q2018

It was dragged by its gross revenue, which decreased by 4.9% YoY to $28.9m in Q3.

Industrial real estate solutions provider AIMS AMP Capital Industrial REIT (AIMS AMP Capital) reported that its net property income decreased by 2.8% to $19.2m in 3Q2018.

Gross revenue also fell down by 4.9% YoY, from $30.4m to $28.9m in 3Q2018, which was caused by lower rental and recoveries from 20 Gul Way during its reversion in the previous year, as well as the expiry of the master lease at 3 Tuas Avenue 2.

Property operating expenses for Q3 also decreased to $9.6m, which was due to lower property tax and land rent expenses in some properties.

Said losses were partially offset by high rental contribution from 30 Tuas West Road in 2017 and the new property at 8 Tuas Avenue 20.

AIMS AMP Capital, including its wholly-owned subsidiaries and its interest in a joint venture, currently has a portfolio of 27 industrial properties, 26 of which are located in Singapore, and one in Australia.

AIMS AMP Capital invests in a diversified portfolio of income-producing real estate assets in Singapore and throughout Asia-Pacific, focusing on warehousing and distribution activities, business park activities, and manufacturing activities.