AIMS APAC REIT

The portfolio

AIMS APAC REIT held 28 properties valued at S$2,252,163,000 as at 31 March 2026 — 25 in Singapore, worth S$1,612,300,000, and 3 in Australia, worth S$639,863,000. Portfolio valuation rose about 5.9% over the year, or S$125.8 million.

The Singapore holdings break into four asset classes: logistics and warehouse, valued at S$955,700,000; industrial at S$420,500,000; hi-tech space at S$163,500,000; and business park at S$72,600,000. The weighted average capitalisation rate across the whole portfolio was 6.14%.

Measured by gross rental income rather than valuation, the shape is similar: logistics and warehouse contributed 47.4%, business park 24.5%, industrial 21.3% and hi-tech 6.8%. Singapore properties accounted for 76.5% of gross rental income, Australia 23.5%.

What the tenant list tells you

183 tenants occupied the portfolio, and the top ten accounted for 49.5% of gross rental income with a weighted average lease expiry of 4.6 years. Woolworths was the largest at 12.4%, followed by Optus at 9.5%, Illumina Singapore at 6.6%, KWE-Kintetsu World Express at 6.1% and Schenker Singapore at 3.7%. Beyonics International, ResMed Asia, Racks Central, Blue Water Shipping and Boardriders complete the ten.

Read by trade sector, logistics is the largest single block at 27.4% of gross rental income, then food and staples at 18.5%, data centre and telecommunications at 13.9%, and healthcare and life sciences at 9.6%. The manager's summary of it is that more than 80% of income derives from essential and defensive industries — groceries, medical devices, genomics, freight and data. These are tenants whose businesses do not stop.

The leases are built to hold: 98.2% of single-user leases carry built-in rental escalations of 2.0% to 3.25% a year.

The year in numbers

For the financial year ended 31 March 2026, gross revenue was S$190,665,000, up 2.2%. Net property income rose faster, up 5.7% to S$141,349,000, as property expenses came down. Distributions to unitholders were S$80,613,000, up 3.1%, and distribution per unit was 9.850 Singapore cents, up 2.6%.

The balance sheet did the more interesting work. Aggregate leverage fell to 26.8% from 28.9%, with total gross debt of S$570 million and around S$263.4 million of undrawn committed facilities and bank balances. 80% of borrowings sat on fixed rates and the interest coverage ratio was 2.7 times. The trust issued S$150 million of perpetual securities at 4.10% and a further S$100 million at 4.25%, and divested two non-core assets above valuation — 3 Toh Tuck Link at a 32.5% premium and 8 Senoko South Road at 11.1%.

Leasing is the day job

Across the year the manager signed 33 new leases and 65 renewals, covering over 2.3 million sq ft — 27.4% of the portfolio's net lettable area. Rental reversion across the Singapore portfolio came in at +7.7%, led by logistics and warehouse at +9.8% and hi-tech at +11.7%. Tenant retention was 69.5%.

Portfolio occupancy was 93.6%, or 96.8% counting committed leases, against a JTC national average of 88.9%. Weighted average lease expiry stood at 4.0 years, and more than half of lease expiries extend beyond FY2030. Two asset enhancement initiatives completed during the year locked in long tenures: an anchor tenant for ten years at 15 Tai Seng Drive, and a master tenant for fifteen years at 7 Clementi Loop.

The roofs

Industrial roofs are the largest under-used surface in Singapore, and this is where the trust has been spending. Solar capacity across the portfolio grew 40% during the year to 15.46 MWp.

The rest of the environmental record moves with it: a 31% reduction in emissions against the FY2020 baseline, more than 60% of new and renewed leases signed as green leases, and a fifth consecutive year of improvement in the trust's GRESB score, from 63 to 66. All three sustainability-linked loan targets were met during the year. 7 Clementi Loop attained Water Efficiency Building (Basic) certification, and solar-reflective cool paint was deployed at 27 Penjuru Lane.

For a landlord, none of this is decoration. A tenant signing a fifteen-year lease is buying that building's running costs for fifteen years, and the roof is where a good part of them is decided.