AIMS APAC REIT (SGX:O5RU) obtained a tax ruling from the Inland Revenue Authority of Singapore (IRAS) for an advance tax ruling to confirm the classification of its Series 004 perpetual bonds, according to a filing with the Singapore Exchange late Thursday.

Under the tax ruling, the SG$125 million worth of 4.70% subordinated perpetual bonds will be regarded as debt securities and the distributions payable on the bonds will be regarded by the IRAS as interest payable on indebtedness.

Shares of the REIT were down nearly 1% in recent trading.