KGI Securities has issued an unrated report on AIMS APAC REIT (AAREIT) following its 1Q21 results on July 23, came “in line with expectations of a weaker quarter” considering circuit breaker measures that were enforced two out of three months during the period.

According to KGI analyst Amirah Yusoff, AAREIT held steady 1Q21 results in spite of the measures that took a toll on other REITs.

In the same period, AAREIT secured two new additional leases and nine lease renewals even with the circuit breaker in full effect for most of 1Q21 due to logistics and warehouse demand. Having these leases secured along with improved the company’s portfolio occupancy from 89.4% in 4Q20 to 93.6%. 

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