AIMS APAC REIT (O5RU) Q4 2026 earnings summary

Executive summary

• Achieved full-year revenue of S$190.7 million (+2.2% y-o-y) and net property income of S$141.3 million (+5.7% y-o-y), driven by positive rental reversions and cost efficiencies.

• Distribution per unit (DPU) rose 2.6% to 9.850 Singapore cents, with distributions to unitholders up 3.1% to S$80.6 million.

• Portfolio occupancy remained strong at 93.6% (96.8% committed), with positive rental reversion of 7.7% across 98 leases.

• Strategic acquisitions and asset enhancements, including the purchase of 2 Aljunied Ave 1 and upgrades at 15 Tai Seng Drive and 7 Clementi Loop, as well as divestments at premiums to valuation, supported growth.

• Sustainability initiatives advanced, achieving all KPIs for sustainability-linked loans, reducing carbon emissions by 31% from FY2020 baseline, and expanding solar capacity by 40%.

Financial highlights

• Gross revenue: S$190.7 million (+2.2% y-o-y); net property income: S$141.3 million (+5.7% y-o-y).

• DPU for FY2026 was 9.850 Singapore cents (+2.6% y-o-y); distributions to unitholders totaled S$80.6 million (+3.1% y-o-y).

• Aggregate leverage reduced to 26.8% as of 31 March 2026.

• Interest cover ratio improved to 2.7x; net asset value per unit rose to S$1.28.

• Portfolio valuation increased by 5.9% to S$2.25 billion.

Outlook and guidance

• Cautious outlook amid macroeconomic volatility, with Singapore’s GDP growth expected to slow and inflation remaining elevated.

• Focus on stable income growth, progressing development pipeline, and selective acquisitions.

• Continued demand for well-located industrial and warehouse assets in Singapore and Australia, supported by manufacturing expansion and infrastructure investments.

• Data centre sector identified as a key growth area, with two Australian assets endorsed for future data centre development.

• Prudent capital management and portfolio diversification to navigate inflation and geopolitical volatility.