The manager of Frasers Logistics & Commercial Trust (FLCT) has posted an 83.5% growth in distributable income to $61.1 million for the 3Q20 ended June, from the $33.3 million last year.
This is the first financial quarter for FLCT as an enlarged REIT after the merger of Frasers Logistics Trust and Frasers Commercial Trust in April.
Revenue for the quarter came in 91.9% y-o-y higher at $103.7 million. Adjusted net profit income (NPI) stood 77.0% higher y-o-y at $78.0 million.
For the quarter, the REIT’s portfolio occupancy rate stood at 97.2%, with a weighted average lease expiry (WALE) of 5.2 years.
FLCT on August 3 announced the acquisition of a freehold prime logistics property in Melbourne, Australia, and a 100% interest in a freehold business park in Thames Valley, UK for a total purchase consideration of $89.9 million.
See: FLCT buys two properties from sponsor Frasers Property for $89.9 million
On the same day, FLCT also announced the divestment of its remaining 50% stake in the cold storage facility in Australia for a sale consideration of A$152.5 million ($150.5 million). The sale amount represents a 12.2% premium to the book value of the property at A$135.9 million as at June 30.
Units in FLCT closed flat at $1.32 on August 3.
