In maiden results, Frasers Logistics & Industrial Trust's DPU of 1.84 cents tops its forecast

Frasers Logistics and Industrial Trust IPO assets in Australia.
Frasers Logistics and Industrial Trust IPO assets in Australia. PHOTO: FRASERS LOGISTICS

SINGAPORE - Frasers Logistics & Industrial Trust (FLT) reported distribution per unit (DPU) of 1.84 Singapore cents for the period June 20 to Sept 30, beating its forecast of 1.79 cents by 2.8 per cent.

Performance was mainly lifted by the exercise of two call option properties a month ahead of forecast, FLT said in an announcement late on Tuesday night (Nov 1).

Gross revenue rose 0.8 per cent to A$43.1 million (S$45.8 million) from the forecasted A$42.7 million, while distributable income was 2.3 per cent higher than projected at A$26.4 million.

Following the two property acquisitions, FLT's portfolio now comprises 53 industrial properties with a gross lettable area of about 1.2 million square metres, with a weighted average lease expiry of 6.6 years. Portfolio occupancy rate rose to 99.2 per cent from 98.3 per cent at listing.

Said Robert Wallace, CEO of the Reit manager: "FLT has achieved a good set of maiden results, surpassing IPO Forecast, attributable to our prime portfolio.

He added: "FLT is in a good position to capitalise on the rebalancing of Australia's economy towards a consumption drive economy, which will benefit both the consumer and logistics sectors, a majority of FLT's tenant profile."