AIMS REIT: Stable results. 3Q DPU at 2.6c compared to 2.5c in 3Q2010 and prev quarter. NPI at $15.2m +4.3% yoy -1.8% qoq.
Increase in rev was due to contribution from 29 Woodlands Ind Park in Feb 2011 offset by sale of property in Changi South, Japan warehouse property and redev of 20 Gul Way.
Property at 31 Admiralty Rd classified as held for sale and the sale is expected to be completed in 1H2012 which may result in a one-off gain and DPU.
AIMS has current NAV of $1.37 and is trading at approx 0.7x P/B as of closing yday.