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AIMS AMP Capital Industrial REIT has suffered from negative sentiments and from some bigotry in the local investment community, no thanks in part to the acrimonious recapitalisation process of the former MI-REIT.
However, investors who were objective enough to recognise the stronger recapitalised REIT would have enjoyed some rather attractive income in the last two years.
AIMS AMP Capital Industrial REIT has delivered once again!
1. Distributable income increase 48%, year on year.
2. DPU of 2.5c, payable on 7 Dec 11, has been declared.
3. NAV per unit: $1.365
4. Interest cover ratio: 6.4x.
5. Gearing: 30%.
Although the annualised DPU of 10c (based on this latest set of numbers) will give us a distribution yield of 10.53% at today's closing price of 95c per unit, bear in mind that 20 Gul Way's redevelopment has started in August. This will likely result in lower distributable income in the coming quarters.
For my estimates, please see:
AIMS AMP Capital Industrial REIT: Consolidation and corporate rating.
See 2Q FY2012 results here.
Thursday, 06 October 2011
Bloggy Award