Aims Apac REIT (AAREIT) has recently published its Q1 2025 financial report. In this article, we will deep dive into its performances.

Market cap: $1.01B

Dividend yield: 7.55%

Price to book: 0.95

Gearing: 34%

DPU 5Y Growth: -1.8%

Financial Highlights

AAREIT, the industrial real estate investment trust, has reported a slightly softer 1Q25 distribution per unit (DPU) of SGD2.27 cents, a 3% quarter-on-quarter (QoQ) and 1.7% year-on-year (YoY) decline. However, this performance still managed to meet 24% and 23% of the consensus and our own full-year estimates, respectively.

Despite the sector headwinds, AAREIT has demonstrated stable operations. Revenue and net property income (NPI) grew by 5.6% and 2.8% QoQ, respectively, though higher property expenses partially offset the topline gains. Occupancy dipped slightly by 50 basis points in the Singapore portfolio, but double-digit rental reversions were sustained. Management remains confident, not seeing any longer lead times for tenants to reach leasing decisions, and maintains its full-year guidance for high single-digit to low teens rental reversions.

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