AA REIT’s net profit jumps 14.5% to $27.07m in Q3 FY22

This brought the REIT’s distributions to unitholders to $16.7m.

AIMS APAC REIT’s (AA REIT) net profit increased by 14.5% to $27.07m in the third quarter (Q3) of the financial year (FY) 2022, which ended 31 December 2021.

AA REIT’s net profit in Q3 FY2021 was $23.58m.

In a business update, AA REIT’s manager, IMS APAC REIT Management Limited, also reported a 14.5% increase in the REIT’s gross revenue for Q3 FY2022 to $36.8m.

The REIT’s manager attributed the revenue growth to “the rental contribution from Woolworths Headquarters which commenced on 15 November 2021 and higher gross revenue from 20 Gul Way, 27 Penjuru Lane and 541 Yishun Industrial Park A.”

Meanwhile, distributions to unitholders for Q3 FY2022 also increased by 15.3% to $16.7m.

In terms of portfolio, the REIT’s manager was able to execute 10 new and eight renewal leases representing 48,067 square metres or 6.1% of the total net lettable area in the third quarter.

AA REIT’s portfolio occupancy stood at 97.6%, whilst weighted average lease expiry stood at 4.85 years.

“We will continue to pursue opportunities in our key markets of Singapore and Australia that are a strategic fit to our current portfolio, and provides stable growing income for Unitholders, George Wang, chairman of the REIT’s manager, said.