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AIMS AMP Capital Ind. REIT: Making good progress in restructuring

  • AAREIT SP | Mkt Cap USD432.8m | ADTV USD0.4m

  • AAREIT enjoys high portfolio occupancy of 99.2% with an average security deposit of approx. 8.1 months per property. Since 2011, it has divested several low-yield properties such as 23 Changi South, Asahi Ohmiya Warehouse, and 31 Admirality Road.

  • It also has six properties, apart from 20 Gul Way, whose plot ratio utilisation is below 60%, thus making them potential candidates for redevelopment. AAREIT is presently in a sweet spot with its exposure in the logistics and multi-factory space (price index rose by 31.6% and 25.4% YoY in 1Q12, respectively). 
  • Downside risk, in our view, includes a relatively short lease expiry of 2.62 years. Upside risk includes more yield-accretive acquisitions, redevelopment projects, and better-than-expected positive rental reversions moving forward.

           AIMS AMP Capital Ind. REIT Making good progress in restructuring.pdf