AIMS AMP Reit

AIMS AMP Reit: 4QFY13 results above consensus - NPI increased 5.2% q/q to $15.5m; - 4QFY13 DPU increased 21.7% q/q to 3.14¢; FY13 DPU increased 2.6% y/y to 10.72¢ - Portfolio Occupancy declined 2.4ppts q/q to 96.1%; - Gearing at 34.0%; - FY13 dividend yield of 6.5% (based on $1.66 closing price on 15 Apr); - NAV/ share $1.476; P/B of 1.12x; Positive results mainly driven by full quarter contribution of 20 Gul Way property, and positive rent reversions at Penjuru Lane & Woodlands Industrial Park; Mgmt cites the payment of land premium upfront for all industrial building acquisitions on JTC-leased sites, that the longer-term impact remains to be seen; with a potential to impact industrial property prices and rentals. Mgmt maintains its guidance for a stable performance for FY14.