AIMS APAC Reit O5RU
Financials
AIMS APAC REIT Annual Report 2025
Explore the statements
24 tablesStatements of Financial Position as at 31 March 2025
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Investment properties$’000 | 1,968,203 | 1,973,169 | 1,601,672 | 1,570,037 | PDF p. 157 |
| Plant and equipment$’000 | 13,381 | 14,153 | 13,381 | 14,153 | PDF p. 157 |
| Subsidiaries$’000 | – | – | 373,694 | 360,433 | PDF p. 157 |
| Joint venture$’000 | 251,627 | 289,296 | – | – | PDF p. 157 |
| Trade and other receivables$’000 | 4,651 | 4,742 | 4,651 | 4,742 | PDF p. 157 |
| Derivative financial instruments$’000 | 2,993 | 9,137 | 452 | 3,609 | PDF p. 157 |
| Subtotal$’000 | 2,240,855 | 2,290,497 | 1,993,850 | 1,952,974 | PDF p. 157 |
| Current assets | |||||
| Investment property held for sale$’000 | 25,006 | – | 25,006 | – | PDF p. 157 |
| Trade and other receivables$’000 | 9,705 | 7,925 | 9,922 | 7,529 | PDF p. 157 |
| Derivative financial instruments$’000 | 598 | 382 | 598 | 294 | PDF p. 157 |
| Cash and cash equivalents$’000 | 14,456 | 17,816 | 10,954 | 9,170 | PDF p. 157 |
| Subtotal$’000 | 49,765 | 26,123 | 46,480 | 16,993 | PDF p. 157 |
| Total assets | |||||
| Total assets$’000 | 2,290,620 | 2,316,620 | 2,040,330 | 1,969,967 | PDF p. 157 |
| Non-current liabilities | |||||
| Trade and other payables$’000 | 24,702 | 25,991 | 24,702 | 25,991 | PDF p. 157 |
| Interest-bearing borrowings$’000 | 578,743 | 587,504 | 267,474 | 215,882 | PDF p. 157 |
| Derivative financial instruments$’000 | 1,221 | – | 1,221 | – | PDF p. 157 |
| Deferred tax liabilities$’000 | 15,794 | 20,406 | – | – | PDF p. 157 |
| Lease liabilities$’000 | 113,403 | 96,449 | 113,403 | 96,449 | PDF p. 157 |
| Subtotal$’000 | 733,863 | 730,350 | 406,800 | 338,322 | PDF p. 157 |
| Current liabilities | |||||
| Trade and other payables$’000 | 48,162 | 46,689 | 46,883 | 39,103 | PDF p. 157 |
| Interest-bearing borrowings$’000 | – | 99,910 | – | 99,910 | PDF p. 157 |
| Derivative financial instruments$’000 | 4 | 9 | 4 | 9 | PDF p. 157 |
| Liabilities directly associated with the investment property held for sale$’000 | 618 | – | 618 | – | PDF p. 157 |
| Lease liabilities$’000 | 4,669 | 5,388 | 4,669 | 5,388 | PDF p. 157 |
| Subtotal$’000 | 53,453 | 151,996 | 52,174 | 144,410 | PDF p. 157 |
| Total liabilities | |||||
| Total liabilities$’000 | 787,316 | 882,346 | 458,974 | 482,732 | PDF p. 157 |
| Net assets | |||||
| Net assets$’000 | 1,503,304 | 1,434,274 | 1,581,356 | 1,487,235 | PDF p. 157 |
| Represented by | |||||
| Unitholders’ funds$’000 | 1,005,891 | 1,060,709 | 1,083,943 | 1,113,670 | PDF p. 157 |
| Perpetual Securities holders’ funds$’000 | 497,413 | 373,565 | 497,413 | 373,565 | PDF p. 157 |
| Subtotal$’000 | 1,503,304 | 1,434,274 | 1,581,356 | 1,487,235 | PDF p. 157 |
| Units in issue and to be issued (‘000)units ('000) | 816,616 | 810,955 | 816,616 | 810,955 | PDF p. 157 |
| Net asset value/net tangible asset per Unit attributable to Unitholders1 ($)$ per Unit | 1.23 | 1.31 | 1.33 | 1.37 | PDF p. 157 |
Definitions & sources
Original report: PDF p. 157 ↗
Net asset value/net tangible asset is based on the net assets attributable to Unitholders and excluded the net assets attributable to Perpetual Securities holders. Number of units is based on units in the trust ("Units") in issue and to be issued at the end of the year.
Header units: $’000; units in issue in ‘000; NAV per unit in $. Rows with no label are unlabelled subtotals.
Statements of Total Return, year ended 31 March 2025
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Total return | |||||
| Gross revenue$’000 | 186,626 | 177,281 | 159,763 | 150,048 | PDF p. 158 |
| Property operating expenses$’000 | (52,884) | (46,302) | (52,819) | (46,201) | PDF p. 158 |
| Net property income$’000 | 133,742 | 130,979 | 106,944 | 103,847 | PDF p. 158 |
| Net foreign exchange gain$’000 | 331 | 300 | 3,716 | 1,128 | PDF p. 158 |
| Interest and other income$’000 | 338 | 443 | 170 | 271 | PDF p. 158 |
| Other non-operating income - insurance claims1$’000 | 1,753 | 1,111 | 1,753 | 1,111 | PDF p. 158 |
| Distribution income from a subsidiary$’000 | – | – | 18,698 | 20,119 | PDF p. 158 |
| Borrowing costs$’000 | (37,455) | (35,241) | (20,686) | (15,694) | PDF p. 158 |
| Manager’s management fees$’000 | (11,031) | (11,257) | (11,031) | (11,257) | PDF p. 158 |
| Manager’s performance fees$’000 | (2,172) | – | (2,172) | – | PDF p. 158 |
| Other trust expenses$’000 | (5,275) | (5,539) | (1,995) | (1,867) | PDF p. 158 |
| Non-property expenses$’000 | (55,933) | (52,037) | (35,884) | (28,818) | PDF p. 158 |
| Net income before joint venture’s losses$’000 | 80,231 | 80,796 | 95,397 | 97,658 | PDF p. 158 |
| Share of losses of joint venture (net of tax)$’000 | (18,213) | (24,766) | – | – | PDF p. 158 |
| Net income$’000 | 62,018 | 56,030 | 95,397 | 97,658 | PDF p. 158 |
| Net change in fair value of investment properties$’000 | (11,531) | 3,167 | 9,328 | 56,293 | PDF p. 158 |
| Net change in fair value of derivative financial instruments$’000 | (1,420) | (3,440) | (1,331) | (2,685) | PDF p. 158 |
| Gain on divestment of investment property$’000 | – | 637 | – | 637 | PDF p. 158 |
| Allowance for impairment loss – Subsidiaries$’000 | – | – | (39,900) | – | PDF p. 158 |
| Total return before income tax$’000 | 49,067 | 56,394 | 63,494 | 151,903 | PDF p. 158 |
| Income tax credit/(expense)$’000 | 4,387 | 6,512 | (225) | (71) | PDF p. 158 |
| Total return after income tax$’000 | 53,454 | 62,906 | 63,269 | 151,832 | PDF p. 158 |
| Attributable to | |||||
| Unitholders$’000 | 32,729 | 42,350 | 42,544 | 131,276 | PDF p. 158 |
| Perpetual Securities holders$’000 | 20,725 | 20,556 | 20,725 | 20,556 | PDF p. 158 |
| Subtotal$’000 | 53,454 | 62,906 | 63,269 | 151,832 | PDF p. 158 |
Definitions & sources
Original report: PDF p. 158 ↗
1 Relates to the claims from the insurer as settlement of the estimated insurance compensation for revenue loss due to business interruption and insurance compensation for property damage at 61 Yishun Industrial Park A, Singapore (refer to announcement dated 10 October 2023).
Header unit: $’000. Rows with no label are unlabelled subtotals.
Earnings per Unit (Singapore cents), Group
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per Unit (Singapore cents) | |||
| Basic and dilutedSingapore cents per Unit | 4.03 | 5.35 | PDF p. 158 |
Definitions & sources
Original report: PDF p. 158 ↗
EPS printed only in the Group columns; no Trust values printed.
Consolidated Statement of Cash Flows – Group, year ended 31 March 2025
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return after income tax$’000 | 53,454 | 62,906 | PDF p. 169 |
| Cash flows from operating activities – Adjustments for | |||
| Share of losses of joint venture (net of tax)$’000 | 18,213 | 24,766 | PDF p. 169 |
| Borrowing costs$’000 | 37,455 | 35,241 | PDF p. 169 |
| Depreciation of plant and equipment$’000 | 772 | 488 | PDF p. 169 |
| Net foreign exchange gain$’000 | (331) | (300) | PDF p. 169 |
| Manager’s management fees in Units$’000 | 4,456 | 3,623 | PDF p. 169 |
| Property management fees and lease management fees in Units$’000 | 552 | – | PDF p. 169 |
| Manager’s performance fees in Units$’000 | 2,172 | – | PDF p. 169 |
| Net change in fair value of investment properties$’000 | 11,531 | (3,167) | PDF p. 169 |
| Net change in fair value of derivative financial instruments$’000 | 1,420 | 3,440 | PDF p. 169 |
| Gain on divestment of investment property$’000 | – | (637) | PDF p. 169 |
| Income tax credit$’000 | (4,387) | (6,512) | PDF p. 169 |
| Cash flows from operating activities | |||
| Operating income before working capital changes$’000 | 125,307 | 119,848 | PDF p. 169 |
| Changes in working capital | |||
| Trade and other receivables$’000 | (3,020) | (2,320) | PDF p. 169 |
| Trade and other payables$’000 | 4,306 | (246) | PDF p. 169 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 126,593 | 117,282 | PDF p. 169 |
| Income tax paid$’000 | (70) | – | PDF p. 169 |
| Net cash from operating activities$’000 | 126,523 | 117,282 | PDF p. 169 |
| Cash flows from investing activities | |||
| Capital expenditure on investment properties$’000 | (25,425) | (3,781) | PDF p. 169 |
| Additions to plant and equipment$’000 | – | (487) | PDF p. 169 |
| Net proceeds from divestment of investment property1$’000 | – | 12,537 | PDF p. 169 |
| Additions of investment in a joint venture$’000 | (3,323) | – | PDF p. 169 |
| Loan to a joint venture$’000 | (2,288) | (7,101) | PDF p. 169 |
| Distributions and interest income received from a joint venture$’000 | 12,889 | 18,756 | PDF p. 169 |
| Net cash (used in)/from investing activities$’000 | (18,147) | 19,924 | PDF p. 169 |
| Cash flows from financing activities | |||
| Distributions to Unitholders$’000 | (76,714) | (74,292) | PDF p. 169 |
| Distributions to Perpetual Securities holders$’000 | (20,519) | (20,537) | PDF p. 169 |
| Issue costs paid in relation to Perpetual Securities$’000 | (1,358) | – | PDF p. 169 |
| Issue costs paid in relation to new units issued$’000 | – | (2,369) | PDF p. 169 |
| Proceeds from issuance of Perpetual Securities$’000 | 125,000 | – | PDF p. 169 |
| Proceeds from the issuance of new units2$’000 | – | 100,171 | PDF p. 169 |
| Proceeds from interest-bearing borrowings$’000 | 473,841 | 78,672 | PDF p. 169 |
| Repayments of interest-bearing borrowings$’000 | (565,256) | (177,922) | PDF p. 169 |
| Borrowing costs paid$’000 | (37,283) | (27,202) | PDF p. 169 |
| Repayment of lease liabilities$’000 | (9,219) | (9,040) | PDF p. 169 |
| Net cash used in financing activities$’000 | (111,508) | (132,519) | PDF p. 169 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (3,132) | 4,687 | PDF p. 169 |
| Cash and cash equivalents at beginning of the year$’000 | 17,816 | 13,223 | PDF p. 169 |
| Effect of exchange rate fluctuations on cash and cash equivalents$’000 | (228) | (94) | PDF p. 169 |
| Cash and cash equivalents at end of the year$’000 | 14,456 | 17,816 | PDF p. 169 |
Definitions & sources
Original report: PDF p. 169 ↗
Amounts in $’000. Note column refs: A = significant non-cash transactions (units issued/issuable as fees); B = rooftop solar plant and equipment installation (see page 168).
1 This relates to the deposit and net proceeds received for the divestment of a leasehold property at 541 Yishun Industrial Park A in Singapore.
2 The Trust issued 57,660,000 new units at the issue price of $1.2140 per unit on 12 June 2023 in relation to the Private placement and 25,376,361 new units at the issue price of $1.1890 per unit on 3 July 2023 in relation to the Preferential offering.
Only Group columns are presented (no Trust cash flow statement).
Statements of Movements in Unitholders’ Funds – Group and Trust, year ended 31 March 2025
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Unitholders’ Funds | |||||
| Balance at beginning of the year$’000 | 1,060,709 | 993,849 | 1,113,670 | 956,181 | PDF p. 161 |
| Unitholders’ Funds – Operations | |||||
| Total return after income tax, attributable to Unitholders and Perpetual Securities holders$’000 | 53,454 | 62,906 | 63,269 | 151,832 | PDF p. 161 |
| Less: Amount reserved for distribution to Perpetual Securities holders$’000 | (20,725) | (20,556) | (20,725) | (20,556) | PDF p. 161 |
| Net increase in net assets from operations$’000 | 32,729 | 42,350 | 42,544 | 131,276 | PDF p. 161 |
| Unitholders’ Funds – Foreign currency translation reserve | |||||
| Translation differences relating to financial statements of foreign subsidiaries and net investment in foreign operations$’000 | (12,438) | (4,180) | – | – | PDF p. 161 |
| Unitholders’ Funds – Hedging reserve | |||||
| Net change in fair value of cash flow hedges$’000 | (5,575) | 1,608 | (2,737) | (869) | PDF p. 161 |
| Unitholders’ Funds – Unitholders' contributions – Issuance of Units (including Units to be issued) | |||||
| – Manager’s management fees$’000 | 4,456 | 3,623 | 4,456 | 3,623 | PDF p. 161 |
| – Property management fees and lease management fees$’000 | 552 | – | 552 | – | PDF p. 161 |
| – Manager’s performance fees$’000 | 2,172 | – | 2,172 | – | PDF p. 161 |
| – Private Placement$’000 | – | 69,999 | – | 69,999 | PDF p. 161 |
| – Preferential Offering$’000 | – | 30,172 | – | 30,172 | PDF p. 161 |
| Unitholders’ Funds – Unitholders' contributions | |||||
| Issuance costs for new units$’000 | – | (2,369) | – | (2,369) | PDF p. 161 |
| Distributions to Unitholders$’000 | (76,714) | (74,343) | (76,714) | (74,343) | PDF p. 161 |
| Change in Unitholders’ funds resulting from Unitholders’ transactions$’000 | (69,534) | 27,082 | (69,534) | 27,082 | PDF p. 161 |
| Unitholders’ Funds | |||||
| Total (decrease)/increase in Unitholders’ funds$’000 | (54,818) | 66,860 | (29,727) | 157,489 | PDF p. 161 |
| Balance at end of the year$’000 | 1,005,891 | 1,060,709 | 1,083,943 | 1,113,670 | PDF p. 161 |
| Perpetual Securities holders’ funds | |||||
| Balance at beginning of the year$’000 | 373,565 | 373,546 | 373,565 | 373,546 | PDF p. 161 |
| Issuance of Perpetual Securities$’000 | 125,000 | – | 125,000 | – | PDF p. 161 |
| Issuance cost$’000 | (1,358) | – | (1,358) | – | PDF p. 161 |
| Amount reserved for distribution to Perpetual Securities holders$’000 | 20,725 | 20,556 | 20,725 | 20,556 | PDF p. 161 |
| Distribution to Perpetual Securities holders$’000 | (20,519) | (20,537) | (20,519) | (20,537) | PDF p. 161 |
| Balance at end of the year$’000 | 497,413 | 373,565 | 497,413 | 373,565 | PDF p. 161 |
Definitions & sources
Original report: PDF p. 161 ↗
Amounts in $’000. Note references: 15 and 16 appear in the Note column for foreign currency translation reserve, hedging reserve, issuance costs and Perpetual Securities balance at end of year.
Statement is in two sections: Unitholders’ Funds and Perpetual Securities holders’ funds. No separate statement of comprehensive income is presented; the Statements of Total Return is the income statement.
Financial Highlights – five-year summary: income and distribution
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 (year ended 31 March) | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Income | ||||||
| Gross RevenueS$’million | 122.6 | 142.4 | 167.4 | 177.3 | 186.6 | PDF p. 7 |
| Net Property IncomeS$’million | 87.5 | 103.2 | 122.5 | 131.0 | 133.7 | PDF p. 7 |
| Distribution | ||||||
| Distributions to UnitholdersS$’million | 63.2 | 67.2 | 71.6 | 74.3 | 78.2 | PDF p. 7 |
| Distribution per Unit (“DPU”) (Singapore cents)Singapore cents | 8.950 | 9.460 | 9.944 | 9.360 | 9.600 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
(S$’million unless otherwise stated). For the Financial Year ended 31 March.
Financial Highlights – five-year summary: balance sheet as at 31 March
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Balance Sheet | ||||||
| Total assetsS$’million | 1,846.6 | 2,403.7 | 2,336.4 | 2,316.6 | 2,290.6 | PDF p. 7 |
| Total liabilitiesS$’million | 759.2 | 1,029.9 | 969.0 | 882.3 | 787.3 | PDF p. 7 |
| Total borrowings1S$’million | 593.8 | 858.9 | 796.0 | 690.6 | 582.4 | PDF p. 7 |
| Unitholders’ fundsS$’million | 962.8 | 1,000.2 | 993.8 | 1,060.7 | 1,005.9 | PDF p. 7 |
| Perpetual Securities holders’ fundsS$’million | 124.6 | 373.6 | 373.6 | 373.6 | 497.42 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
1 Excluding unamortised loan transaction costs.
2 Includes S$125 million Perpetual Securities which was issued on 18 March 2025. Proceeds will be utilised to redeem the S$125 million Perpetual Securities that is maturing on 14 August 2025. (The FY2025 value prints as 497.4 with footnote marker 2.)
Financial Highlights – key financial ratios as at 31 March
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Key financial ratios | ||||||
| Aggregate leverage ratio (%)3% | 33.9 | 37.5 | 36.1 | 32.6 | 28.9 | PDF p. 7 |
| Interest coverage ratio (times)4times | 3.4 | 2.9 | 2.3 | 2.4 | 2.4 | PDF p. 7 |
| Interest coverage ratio, excluding distribution for Perpetual Securities (times)times | 4.0 | 5.1 | 3.8 | 4.1 | 3.9 | PDF p. 7 |
| Weighted Average All-in Cost of Debt (%)% | 3.0 | 2.7 | 3.4 | 4.1 | 4.3 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
3 Aggregate leverage ratio is computed as total borrowings as a percentage of total assets and includes lease liabilities that are entered into in the ordinary course of AA REIT’s business on or after 1 April 2019 in accordance with MAS guidelines. The total borrowings excluded Perpetual Securities holders’ funds.
4 The interest coverage ratio (“ICR”) is calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, foreign exchange translation and insurance compensation for property damage), by the trailing 12 months interest expense, borrowing-related fees and distributions on hybrid securities. The borrowing-related fees exclude the unwinding of discounting effect on the present value of lease liabilities and the deferred consideration.
Financial Review – Consolidated statement of total return FY2025 vs FY2024
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025, S$’000 | 2024FY2024, S$’000 | 2025Change (%), FY2025 vs FY2024 | Source |
|---|---|---|---|---|
| Statement of total return | ||||
| Gross revenueS$’000; change in % | 186,626 | 177,281 | 5.3 | PDF p. 32 |
| Property operating expensesS$’000; change in % | (52,884) | (46,302) | 14.2 | PDF p. 32 |
| Net property incomeS$’000; change in % | 133,742 | 130,979 | 2.1 | PDF p. 32 |
| Net foreign exchange gainS$’000; change in % | 331 | 300 | 10.3 | PDF p. 32 |
| Interest and other incomeS$’000; change in % | 338 | 443 | (23.7) | PDF p. 32 |
| Borrowing costsS$’000; change in % | (37,455) | (35,241) | 6.3 | PDF p. 32 |
| Manager’s management feesS$’000; change in % | (11,031) | (11,257) | (2.0) | PDF p. 32 |
| Manager’s performance feesS$’000; change in % | (2,172) | – | NM | PDF p. 32 |
| Other trust expensesS$’000; change in % | (5,275) | (5,539) | (4.8) | PDF p. 32 |
| Non-property expensesS$’000; change in % | (55,933) | (52,037) | 7.5 | PDF p. 32 |
| Net income before joint venture’s lossesS$’000; change in % | 80,231 | 80,796 | (0.7) | PDF p. 32 |
| Share of losses of joint venture (net of tax)S$’000; change in % | (18,213) | (24,766) | (26.5) | PDF p. 32 |
| Net incomeS$’000; change in % | 62,018 | 56,030 | 10.7 | PDF p. 32 |
| Net change in fair value of investment propertiesS$’000; change in % | (11,531) | 3,167 | NM | PDF p. 32 |
| Net change in fair value of derivative financial instrumentsS$’000; change in % | (1,420) | (3,440) | (58.7) | PDF p. 32 |
| Gain on divestment of investment propertyS$’000; change in % | – | 637 | (100.0) | PDF p. 32 |
| Total return before income taxS$’000; change in % | 49,067 | 56,394 | (13.0) | PDF p. 32 |
| Income tax creditS$’000; change in % | 4,387 | 6,512 | (32.6) | PDF p. 32 |
| Total return after income taxS$’000; change in % | 53,454 | 62,906 | (15.0) | PDF p. 32 |
| Attributable to | ||||
| UnitholdersS$’000; change in % | 32,729 | 42,350 | (22.7) | PDF p. 32 |
| Perpetual Securities holdersS$’000; change in % | 20,725 | 20,556 | 0.8 | PDF p. 32 |
| Distribution | ||||
| Distributions to UnitholdersS$’000; change in % | 78,154 | 74,321 | 5.2 | PDF p. 32 |
| Distribution per Unit (“DPU”) (Singapore cents)Singapore cents; change in % | 9.600 | 9.360 | 2.6 | PDF p. 32 |
Definitions & sources
Original report: PDF p. 32 ↗
NM: not meaningful.
1 (Other non-operating income: insurance claims) Relates to the claims from the insurer as settlement of the estimated insurance compensation for revenue loss due to business interruption and insurance compensation for property damage at 61 Yishun Industrial Park A, Singapore (refer to announcement dated 10 October 2023). The Other non-operating income: insurance claims row (1,753; 1,111; 57.8) was not extracted as a separate row.
Financial Review – Consolidated statement of financial position summary
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 March 2025, S$’000 | 2024As at 31 March 2024, S$’000 | Source |
|---|---|---|---|
| Financial position | |||
| Total assetsS$’000 | 2,290,620 | 2,316,620 | PDF p. 34 |
| Total liabilitiesS$’000 | 787,316 | 882,346 | PDF p. 34 |
| Perpetual Securities holders’ fundsS$’000 | 497,413 | 373,565 | PDF p. 34 |
Definitions & sources
Original report: PDF p. 34 ↗
Net assets attributable to Unitholders row (1,005,891; 1,060,709) wraps across lines and was not extracted as a separate row.
Capital Management – Key Financial Metrics
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 March 2025 | 2024As at 31 March 2024 | Source |
|---|---|---|---|
| Key Financial Metrics | |||
| Gross borrowings1 (S$’million)S$’million | 582.4 | 690.6 | PDF p. 35 |
| Total Assets (S$’million)S$’million | 2,290.6 | 2,316.6 | PDF p. 35 |
| Weighted average term to maturity (years)years | 3.0 | 2.3 | PDF p. 35 |
| Financial Flexibility & Liquidity | |||
| Cash and bank balancesS$’million | 14.5 | 17.8 | PDF p. 35 |
| Undrawn committed facilitiesS$’million | 275.0 | 135.7 | PDF p. 35 |
| Issue capacity under Euro Medium Term Notes ProgrammeS$’million | 250.0 | 275.0 | PDF p. 35 |
Definitions & sources
Original report: PDF p. 35 ↗
1. Total borrowings exclude unamortised loan transaction costs.
2. Aggregate leverage ratio is computed as total borrowings as a percentage of total assets and includes lease liabilities that are entered into in the ordinary course of AA REIT’s business on or after 1 April 2019 in accordance to MAS guidelines. The total borrowings excluded Perpetual Securities holders’ funds.
3. Weighted average all-in cost of debt is computed based on the average interest cost throughout the financial year.
4. The interest coverage ratio (“ICR”) is calculated by dividing the trailing 12 months earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, foreign exchange translation and insurance compensation for property damage) (“EBITDA”) by the trailing 12 months interest expense, borrowing-related fees and distributions on hybrid securities. The borrowing-related fees exclude the unwinding of discounting effect on the present value of lease liabilities and the deferred consideration.
5. 82% (31 March 2024: 73%) of fixed rate borrowings if excluding forward starting interest rate swaps.
Aggregate leverage ratio (28.9; 32.6), cost of debt (4.3; 4.1), ICR (2.4; 2.4), ICR excl. perpetual distributions (3.9; 4.1) and fixed rate borrowings % (85.0; 75.0) appear in this table but their rows wrap with footnote markers; not extracted separately (FY2025/FY2024 values duplicated on page 7 for ratios).
AA REIT Unit Price Performance (five years)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Unit price | ||||||
| Opening Price (S$)S$ | 1.04 | 1.30 | 1.39 | 1.33 | 1.29 | PDF p. 47 |
| Closing Price (S$)S$ | 1.29 | 1.39 | 1.32 | 1.28 | 1.27 | PDF p. 47 |
| High (S$)S$ | 1.33 | 1.60 | 1.43 | 1.43 | 1.37 | PDF p. 47 |
| Low (S$)S$ | 0.99 | 1.31 | 1.13 | 1.18 | 1.20 | PDF p. 47 |
| Trading volume (million units)million units | 284.4 | 477.7 | 270.6 | 341.5 | 221.0 | PDF p. 47 |
| Average Daily Traded Volume (million units)million units | 1.1 | 1.9 | 1.1 | 1.4 | 0.9 | PDF p. 47 |
| Market Capitalisation as at 31 March 2025 (S$’ million)S$’ million | 911.6 | 989.7 | 950.9 | 1,037.5 | 1,033.8 | PDF p. 47 |
Definitions & sources
Original report: PDF p. 47 ↗
Source: Bloomberg. Label as printed says 'as at 31 March 2025' for all years.
Note 24 Earnings per Unit (Group) and distribution statement per-unit data
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 2025 | 2024Group, 2024 | Source |
|---|---|---|---|
| Earnings per Unit (Singapore cents) | |||
| Basic and dilutedSingapore cents | 4.03 | 5.35 | PDF p. 211 |
| EPU computation | |||
| Total return after income tax attributable to Unitholders of the Trust$’000 | 32,729 | 42,350 | PDF p. 211 |
| Basic EPU, Trust number of Units | |||
| Weighted average number of Units at end of the year (Basic EPU)’000 Units | 812,259 | 790,965 | PDF p. 211 |
| Diluted EPU, Trust number of Units | |||
| Weighted average number of Units at end of the year (Diluted EPU)’000 Units | 812,343 | 790,999 | PDF p. 211 |
Definitions & sources
Original report: PDF p. 211 ↗
The earnings per Unit (“EPU”) is computed using total return after tax over the weighted average number of Units outstanding.
Distribution Statements – units entitled and DPU
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 2025 | 2024Group, 2024 | 2025Trust, 2025 | 2024Trust, 2024 | Source |
|---|---|---|---|---|---|
| Distribution statement | |||||
| Number of Units entitled to distributions at end of the year (’000)’000 Units | 816,616 | 810,955 | 816,616 | 810,955 | PDF p. 159 |
| Distribution per Unit (Singapore cents)Singapore cents | 9.600 | 9.360 | 9.600 | 9.360 | PDF p. 159 |
| Amount available for distribution to Unitholders$’000 | 97,393 | 93,577 | 97,393 | 93,577 | PDF p. 159 |
Definitions & sources
Original report: PDF p. 159 ↗
Distributions paid during FY2025 per Unit: 2.370, 2.270, 2.400, 2.400 cents (periods 1 Jan 2024–31 Dec 2024); distribution policy referenced to note 3.14.
Segment information — Note 28 Segment reporting - geographical segments, year ended 31 March 2025
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Singapore | 2025Australia | 2025Total | Source |
|---|---|---|---|---|
| Revenue and expenses | ||||
| Gross revenue$’000 | 159,763 | 26,863 | 186,626 | PDF p. 229 |
| Property operating expenses$’000 | (52,819) | (65) | (52,884) | PDF p. 229 |
| Net property income$’000 | 106,944 | 26,798 | 133,742 | PDF p. 229 |
| Share of losses of joint venture (net of tax)1$’000 | – | (18,213) | (18,213) | PDF p. 229 |
| Net change in fair value of investment properties$’000 | 14,460 | (20,859) | (6,399) | PDF p. 229 |
| Net change in fair value of right-of-use assets$’000 | (5,132) | – | (5,132) | PDF p. 229 |
| Net change in fair value of derivative financial instruments$’000 | (1,331) | (89) | (1,420) | PDF p. 229 |
| Subtotal (unlabelled)$’000 | 114,941 | (12,363) | 102,578 | PDF p. 229 |
| Interest and other income$’000 | 170 | 168 | 338 | PDF p. 229 |
| Other non-operating income: insurance claims$’000 | 1,753 | – | 1,753 | PDF p. 229 |
| Borrowing costs$’000 | (16,315) | (21,140) | (37,455) | PDF p. 229 |
| Manager’s management fees, Manager’s performance fees and other trust expenses$’000 | (15,207) | (3,271) | (18,478) | PDF p. 229 |
| Subtotal before unallocated item (unlabelled)$’000 | 85,342 | (36,606) | 48,736 | PDF p. 229 |
| Assets and liabilities | ||||
| Total assets$’000 | 1,663,061 | 627,559 | 2,290,620 | PDF p. 229 |
| Other segment items | ||||
| Joint venture$’000 | – | 251,627 | 251,627 | PDF p. 229 |
| Capital expenditure2$’000 | 25,328 | – | 25,328 | PDF p. 229 |
| Assets and liabilities | ||||
| Total liabilities$’000 | (383,357) | (403,959) | (787,316) | PDF p. 229 |
Definitions & sources
Original report: PDF p. 229 ↗
1 Included in the share of losses of joint venture (net of tax) is the share of revaluation loss recognised on the revaluation of Optus Centre of $32.7 million (2024: revaluation loss of $39.6 million).
2 Capital expenditure consists of additions to investment properties.
Segments are geographical (Singapore and Australia), per Note 28.
Segment information — Note 28 Segment reporting (cont'd) - geographical segments, year ended 31 March 2024
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Singapore | 2024Australia | 2024Total | Source |
|---|---|---|---|---|
| Revenue and expenses | ||||
| Gross revenue$’000 | 150,048 | 27,233 | 177,281 | PDF p. 230 |
| Property operating expenses$’000 | (46,201) | (101) | (46,302) | PDF p. 230 |
| Net property income$’000 | 103,847 | 27,132 | 130,979 | PDF p. 230 |
| Share of losses of joint venture (net of tax)1$’000 | – | (24,766) | (24,766) | PDF p. 230 |
| Net change in fair value of investment properties$’000 | 61,671 | (53,126) | 8,545 | PDF p. 230 |
| Net change in fair value of right-of-use assets$’000 | (5,378) | – | (5,378) | PDF p. 230 |
| Net change in fair value of derivative financial instruments$’000 | (1,130) | (2,310) | (3,440) | PDF p. 230 |
| Gain on divestment of investment property$’000 | 637 | – | 637 | PDF p. 230 |
| Subtotal (unlabelled)$’000 | 159,647 | (53,070) | 106,577 | PDF p. 230 |
| Interest and other income$’000 | 271 | 172 | 443 | PDF p. 230 |
| Other non-operating income: interim insurance proceeds$’000 | 1,111 | – | 1,111 | PDF p. 230 |
| Borrowing costs$’000 | (13,327) | (21,914) | (35,241) | PDF p. 230 |
| Manager’s management fees and other trust expenses$’000 | (13,134) | (3,662) | (16,796) | PDF p. 230 |
| Subtotal before unallocated item (unlabelled)$’000 | 134,568 | (78,474) | 56,094 | PDF p. 230 |
| Assets and liabilities | ||||
| Total assets$’000 | 1,605,411 | 711,209 | 2,316,620 | PDF p. 230 |
| Other segment items | ||||
| Joint venture$’000 | – | 289,296 | 289,296 | PDF p. 230 |
| Capital expenditure2$’000 | 7,729 | – | 7,729 | PDF p. 230 |
| Additions to plant and equipment3$’000 | 14,641 | – | 14,641 | PDF p. 230 |
| Assets and liabilities | ||||
| Total liabilities$’000 | (402,731) | (479,615) | (882,346) | PDF p. 230 |
Definitions & sources
Original report: PDF p. 230 ↗
1 Included in the share of losses of joint venture (net of tax) is the share of revaluation loss recognised on the revaluation of Optus Centre of $39.6 million.
2 Capital expenditure consists of additions to investment properties.
3 During financial year ended 31 March 2024, the Manager completed the installation of the Systems across 6 of the Trust’s properties in Singapore and are recognised as plant and equipment (refer to note 5)
No business segment information has been prepared as all investment properties are used mainly for industrial (including warehousing and business park) purposes ... the Group has only one reportable segment, which is the leasing of investment properties.
Major tenants: rental income from one major tenant represents approximately $23.8 million (2024: $24.1 million) of the Group’s rental income.
Borrowings — Note 12 Interest-bearing borrowings (Group and Trust)
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current - Secured | |||||
| Bank borrowings (Non-current, Secured)$’000 | 312,066 | 590,645 | – | 217,538 | PDF p. 200 |
| Non-current - Unsecured | |||||
| Bank borrowings (Non-current, Unsecured)$’000 | 270,334 | – | 270,334 | – | PDF p. 200 |
| Non-current | |||||
| Non-current borrowings before transaction costs$’000 | 582,400 | 590,645 | 270,334 | 217,538 | PDF p. 200 |
| Less: Unamortised borrowing transaction costs (Non-current)$’000 | (3,657) | (3,141) | (2,860) | (1,656) | PDF p. 200 |
| Non-current interest-bearing borrowings (net)$’000 | 578,743 | 587,504 | 267,474 | 215,882 | PDF p. 200 |
| Current - Unsecured | |||||
| Medium term notes (Current, Unsecured)$’000 | – | 100,000 | – | 100,000 | PDF p. 200 |
| Current | |||||
| Less: Unamortised borrowing transaction costs (Current)$’000 | – | (90) | – | (90) | PDF p. 200 |
| Current interest-bearing borrowings (net)$’000 | – | 99,910 | – | 99,910 | PDF p. 200 |
| Total | |||||
| Total$’000 | 578,743 | 687,414 | 267,474 | 315,792 | PDF p. 200 |
Definitions & sources
Original report: PDF p. 200 ↗
Note (a),(c) apply to secured bank borrowings; (b) to unsecured bank borrowings; (d) to medium term notes.
(a) Secured credit facilities at 31 March 2024 were repaid and securities released on 24 September 2024.
(d) $100.0 million five-year unsecured medium-term notes, fixed rate 3.60% p.a., matured and redeemed on 12 November 2024.
Page 200 is printed page 198 of the report.
Borrowings — Liquidity risk - contractual undiscounted cash flows, Group 2025 (borrowings and lease liabilities)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group carrying amount | 2025Group total contractual cash flows | 2025Group less than 1 year | 2025Group 1 to 5 years | 2025Group more than 5 years | Source |
|---|---|---|---|---|---|---|
| Group 2025 Non-derivative financial liabilities | ||||||
| Bank borrowings$’000 | (578,743) | (655,805) | (23,487) | (632,318) | – | PDF p. 216 |
| Lease liabilities$’000 | (118,072) | (172,659) | (8,842) | (33,585) | (130,232) | PDF p. 216 |
Definitions & sources
Original report: PDF p. 216 ↗
Expected contractual undiscounted cash inflows/(outflows), including estimated interest payments and excluding the impact of netting arrangements.
Printed page 214.
Borrowings — Liquidity risk - contractual undiscounted cash flows, Group 2024 (borrowings and lease liabilities)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group carrying amount | 2024Group total contractual cash flows | 2024Group less than 1 year | 2024Group 1 to 5 years | 2024Group more than 5 years | Source |
|---|---|---|---|---|---|---|
| Group 2024 Non-derivative financial liabilities | ||||||
| Medium term notes$’000 | (99,910) | (102,219) | (102,219) | – | – | PDF p. 217 |
| Bank borrowings$’000 | (587,504) | (667,475) | (26,681) | (640,794) | – | PDF p. 217 |
| Lease liabilities$’000 | (101,837) | (146,328) | (8,966) | (29,688) | (107,674) | PDF p. 217 |
Definitions & sources
Original report: PDF p. 217 ↗
Printed page 215.
Borrowings — Liquidity risk - contractual undiscounted cash flows, Trust 2025 (borrowings and lease liabilities)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust carrying amount | 2025Trust total contractual cash flows | 2025Trust less than 1 year | 2025Trust 1 to 5 years | 2025Trust more than 5 years | Source |
|---|---|---|---|---|---|---|
| Trust 2025 Non-derivative financial liabilities | ||||||
| Bank borrowings$’000 | (267,474) | (315,885) | (9,923) | (305,962) | – | PDF p. 218 |
| Lease liabilities$’000 | (118,072) | (172,659) | (8,842) | (33,585) | (130,232) | PDF p. 218 |
Definitions & sources
Original report: PDF p. 218 ↗
Printed page 216.
Borrowings — Liquidity risk - contractual undiscounted cash flows, Trust 2024 (borrowings and lease liabilities)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust carrying amount | 2024Trust total contractual cash flows | 2024Trust less than 1 year | 2024Trust 1 to 5 years | 2024Trust more than 5 years | Source |
|---|---|---|---|---|---|---|
| Trust 2024 Non-derivative financial liabilities | ||||||
| Medium term notes$’000 | (99,910) | (102,219) | (102,219) | – | – | PDF p. 219 |
| Bank borrowings$’000 | (215,882) | (240,406) | (9,695) | (230,711) | – | PDF p. 219 |
| Lease liabilities$’000 | (101,837) | (146,328) | (8,966) | (29,688) | (107,674) | PDF p. 219 |
Definitions & sources
Original report: PDF p. 219 ↗
Printed page 217.
Borrowings — Statements of Financial Position - borrowings and lease liabilities lines
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Interest-bearing borrowings$’000 | 578,743 | 587,504 | 267,474 | 215,882 | PDF p. 157 |
| Lease liabilities$’000 | 113,403 | 96,449 | 113,403 | 96,449 | PDF p. 157 |
| Current liabilities | |||||
| Interest-bearing borrowings$’000 | – | 99,910 | – | 99,910 | PDF p. 157 |
| Lease liabilities$’000 | 4,669 | 5,388 | 4,669 | 5,388 | PDF p. 157 |
Definitions & sources
Original report: PDF p. 157 ↗
Printed page 155. Rows appear in non-current then current liabilities sections.
Borrowings — Capital management key financial metrics (borrowings)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 March 2025 | 2024As at 31 March 2024 | Source |
|---|---|---|---|
| Key Financial Metrics | |||
| Gross borrowings (S$’million)S$’million | 582.4 | 690.6 | PDF p. 35 |
| Weighted Average All-in Cost of Debt (%)% | 4.3 | 4.1 | PDF p. 35 |
| Weighted average term to maturity (years)years | 3.0 | 2.3 | PDF p. 35 |
| Fixed rate borrowings as a percentage of total borrowings (%)% | 85.0 | 75.0 | PDF p. 35 |
| Financial Flexibility & Liquidity | |||
| Undrawn committed facilitiesS$’million | 275.0 | 135.7 | PDF p. 35 |
Definitions & sources
Original report: PDF p. 35 ↗
Gross borrowings exclude unamortised loan transaction costs. Aggregate leverage ratio includes lease liabilities entered into on or after 1 April 2019 per MAS guidelines. Weighted average all-in cost of debt computed on average interest cost throughout the financial year. Fixed rate borrowings: 82% (31 March 2024: 73%) if excluding forward starting interest rate swaps. Printed page 33.
Borrowings — Debt Maturity Profile (as at 31 March 2025) - % of debt expiring
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY2026 % of debt expiring | 2027FY2027 | 2028FY2028 | 2029FY2029 | 2030FY2030 | Source |
|---|---|---|---|---|---|---|
| Debt Maturity Profile | ||||||
| % of Debt Expiring - FY Ending% | - | 35.2 | 19.0 | 10.7 | 35.1 | PDF p. 37 |
Definitions & sources
Original report: PDF p. 37 ↗
Chart in S$’million; chart amounts (205, 107, 4, 62, 204) are extracted without clear column alignment, so only the printed percentage row is captured. FY2026 shown as '-' with label 'No Debt Maturing'. Printed page 35.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution policy | AA REIT’s distribution policy is to distribute at least 90% of its Singapore taxable income for the full financial year. For FY2025, AA REIT continued to pay out 100% of the Singapore taxable income available for distribution. | AA REIT FY2025 | PDF p. 34 |
| 3.14 Distribution policy | The Manager’s distribution policy is to distribute at least 90.0% of the Trust’s taxable income other than the gains on the sale of properties, unrealised surplus on revaluation of investment properties and net overseas income. | Trust | PDF p. 190 |
| Distribution Reinvestment Plan (“DRP”) | The Manager has also implemented a Distribution Reinvestment Plan (“DRP”), which provides eligible Unitholders with the option to elect to receive Units in lieu of the cash amount of any distribution | Trust | PDF p. 190 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per Unit (Singapore cents) | 9.600 Singapore cents per unit | Group and Trust, FY2025 (year ended 31 March 2025) | PDF p. 159 |
| Distribution per Unit (Singapore cents) | 9.360 Singapore cents per unit | Group and Trust, FY2024 (year ended 31 March 2024), comparative | PDF p. 159 |
| Distribution per Unit (“DPU”) (Singapore cents) | 2.6% | Change (%), FY2025 vs FY2024 | PDF p. 32 |
| Distributions to Unitholders | 78,154 S$’000 | Group, FY2025; comparative FY2024 is 74,321 | PDF p. 32 |
| 2.270 cents per Unit for the period from | 2.270 cents per Unit | Group and Trust, paid in FY2025, quarter 1 April 2024 – 30 June 2024 | PDF p. 159 |
| 2.400 cents per Unit for the period from | 2.400 cents per Unit | Group and Trust, paid in FY2025, quarter 1 July 2024 – 30 September 2024 | PDF p. 159 |
| 2.400 cents per Unit for the period from | 2.400 cents per Unit | Group and Trust, paid in FY2025, quarter 1 October 2024 – 31 December 2024 | PDF p. 159 |
| 2.370 cents per Unit for the period from | 2.370 cents per Unit | Group and Trust, paid in FY2025, quarter 1 January 2024 – 31 March 2024 (FY2024 final quarter) | PDF p. 159 |
| Tax-exempt income distribution | 1,435 $’000 | Group and Trust, FY2025 amount available for distribution; FY2024 is a dash | PDF p. 159 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Payout of Singapore taxable income | 100% | AA REIT FY2025 | PDF p. 34 |
Extracted from AIMS APAC REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregate leverage ratio (%)3 | 28.9% | As at 31 March 2025; comparative 31 March 2024: 32.6 · As at 2025-03-31 | PDF p. 7 |
| Interest coverage ratio (times)4 | 2.4 times | FY2025 as at 31 March 2025; comparative FY2024: 2.4 · As at 2025-03-31 | PDF p. 7 |
| Weighted Average All-in Cost of Debt (%) | 4.3% | FY2025 (financial year ended 31 March 2025); comparative FY2024: 4.1 | PDF p. 7 |
| Weighted average term to maturity (years) | 3.0 years | As at 31 March 2025; comparative 31 March 2024: 2.3 · As at 2025-03-31 | PDF p. 35 |
| Portfolio occupancy | 93.6% | As at 31 March 2025 (95.8% based on committed leases) · As at 2025-03-31 | PDF p. 10 |
| Portfolio WALE | 4.4 years | As at 31 March 2025 · As at 2025-03-31 | PDF p. 10 |
| Portfolio Value | S$2.1 billion | As at 31 March 2025, 28 properties · As at 2025-03-31 | PDF p. 38 |
| Net asset value per Unit (S$) | 1.23 S$ | As at 31 March 2025; comparative 31 March 2024: 1.31 · As at 2025-03-31 | PDF p. 7 |
| Distribution per Unit (“DPU”) (Singapore cents) | 9.600 Singapore cents | FY2025 (year ended 31 March 2025); comparative FY2024: 9.360 | PDF p. 7 |
Extracted from AIMS APAC REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group and Trust, year ended 31 March 2025 | PDF p. 156 |
| Engagement partner | Chu Joon Choong | Group and Trust, year ended 31 March 2025 | PDF p. 156 |
| Opinion | present fairly, in all material respects | Group and Trust, year ended 31 March 2025 | PDF p. 154 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The valuation process involves significant judgement in determining the appropriate valuation methodology to be used, and in determining the underlying assumptions to be applied. | Group · As at 2025-03-31 | PDF p. 154 |
Extracted from AIMS APAC REIT Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow AIMS APAC REIT Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.