SINGAPORE (Apr 30): The manager of newly-merged enlarged REIT Frasers Logistics Commercial Trust (FLCT), which was formerly Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT), has reported a distribution per unit (DPU) of 1.73 cents for 2QFY2020 ended March. This is a 1.7% dip y-o-y compared to last year’s 1.76 cents.
This brings the REIT's half year DPU to 3.47 cents, some 2% lower than DPU of 3.54 cents a year ago.
Distributable income for the quarter came in at A$43.1 million, up 16.7% from A$36.9 million a year ago.
Revenue grew 12.8% y-o-y to A$67.3 million from last year’s A$59.7 million, backed by contributions from acquisitions in Europe and Australia in FY2019. This was, however, partially offset by divestment activities in Australia including properties at 63-79 South Park Drive in Victoria, 99 Sandstone Place in Queensland, and Lot 1 Heatherton Road.
See also: FLT, FCOT unitholders vote overwhelmingly in favour of merger to create $5.7 bil behemoth
Property expenses dropped 4.7% to A$10.2 million y-o-y from last year’s A$10.7 million.
Correspondingly, net property income (NPI) rose 14.2% y-o-y to A$54.7 million from last year’s A$47.9 million.
With the merger, FLCT’s enlarged portfolio of 99 quality industrial and commercial properties is valued at approximately A$3.8 billion, and maintains a high occupancy rate of above 97% as at March 31.
In its outlook statement, the manager of FLCT says the REIT is focused on managing any financial implications arising from Covid-19 and will continue to work closely with FLCT’s customers to overcome this trying period together”.
“Capital and liquidity management will continue to be a key strategic priority,” it adds.
As at 10.12am, units in FLT were trading at 3 cents higher, or 3% up at $1.03.
