AIMS APAC REIT posted net property income of S$68.4 million for the six months ended 30 September 2025, up 1.1% year-on-year, as active leasing and rental reversions offset a muted topline performance.

Gross revenue edged 0.2% higher to S$93.7 million, while distributions to unitholders increased 1.6% to S$38.6 million, lifting distribution per unit (DPU) to 4.720 Singapore cents from 4.670 cents a year earlier.

The trust declared a distribution of 2.440 cents per unit for the quarter from 1 July to 30 September 2025, comprising 1.998 cents of taxable income and 0.442 cents of capital. The distribution will be paid on 24 December 2025 to unitholders on record as at 14 November 2025.

Operationally, the portfolio achieved positive rental reversions of 7.7% on 47 leasing transactions covering 97,175 sq m, equivalent to 12.6% of net lettable area. Portfolio occupancy stood at 93.3%—or 95.1% on a committed basis—supported by a weighted average lease expiry of 4.2 years. Approximately 76.3% of gross rental income was derived from Singapore assets, with the remainder anchored by long leases in Australia.

Financing costs remained contained. Aggregate leverage was 35.0%, with no refinancing due until FY2027 and S$169.7 million of undrawn committed facilities and cash. The weighted average cost of debt fell to 4.2% from 4.4% a year earlier, and 70% of borrowings were fixed-rate.

Management attributed the earnings resilience to ongoing asset enhancement and disciplined capital deployment. During the half, a comprehensive refurbishment of 7 Clementi Loop was completed, securing a 15-year master lease with a global storage operator and targeting BCA GreenMark GoldPLUS certification. In August the manager agreed to buy the Framework Building at 2 Aljunied Avenue 1 for S$56.65 million, expecting an initial NPI yield of 8.1% and 2.5% accretion to DPU.

Chief executive Russell Ng said the first-half performance reflected “active asset management and disciplined capital management,” noting that portfolio rejuvenation and sustainability upgrades should support long-term returns. Chairman George Wang added that the sponsor’s recent lift in its stake to 18.7% signalled confidence in the REIT’s growth prospects and execution capability.

Looking ahead, the manager plans to pursue selective acquisitions, further asset enhancements and partnership opportunities, while maintaining a cautious stance amid moderating economic growth in Singapore and mixed indicators in Australia. Lower interest-rate expectations and sustained demand for modern logistics and high-specification industrial space are expected to underpin rental growth and provide room for additional value-accretive investments.