Aims Amp Industrial REIT

Aims Amp Industrial REIT: 1Q13 results in-line. DPU of 2.5 cts. Overall portfolio performance remained robust, with high overall portfolio occupancy of 99.1%. Mgt also managed to achieve ~9.5% increase in average rents for ~18% of its portfolio by NLA (much of it due to the expiry of the master lease at 8 & 10 Pandan Crescent, AAREIT’s 2nd largest property by NLA). Gearing remains healthy at `30%. StanChart believes AAREIT continues to provide investors with a high and sustainable FY13E DPU yield of 8.6%. Maintains Outperform, TP$1.50/unit.