Friday, April 20, 2012
AIMS REIT: DPU was approx 2.7c, with annualized yield of 9.1% at current price of $1.19. 4Q rev at $20.3m -2.5% yoy with net income at $29.0m -2.3% yoy which also includes fair value gains of $21.2m compared to prev yr 4Q’s $19.4m. Distributable income was up 6.1% yoy at $12.0m. Occupancy is high and at 99.2% is above industry avg of 93.6%. As at Mar-end, WALE is approx 2.62 yrs with bulk 38.9% maturing in FY2013. Total DPU was 10.5c this yr approx 5.3% increase of that in FY2011 Co is cautiously optimistic with potential moderate increases in rental rates.