Frasers Logistics and Industrial Trust Q4 DPU up 2.2% in Australian cents on higher revenue

In a rare occurrence, of which there is only one other documented case, experts say the Nebraska woman was infected by a parasitic eye worm known as Thelazia gulosa , a species normally found in cattle.
In a rare occurrence, of which there is only one other documented case, experts say the Nebraska woman was infected by a parasitic eye worm known as Thelazia gulosa , a species normally found in cattle.PHOTO: UNSPLASH

SINGAPORE - Frasers Logistics and Industrial Trust's (FLT) distribution per unit (DPU) rose 2.2 per cent to 1.82 Australian cents for its fourth quarter ended Sept 30, from 1.78 Australian cents a year ago

However, in Singapore-dollar terms, DPU fell by 2.8 per cent to 1.73 cents, from 1.78 cents a year ago, the real estate investment trust (Reit) said on Wednesday morning (Nov 6).

Unitholders of FLT can choose to be paid in either currency.

Revenue was up 1.9 per cent to A$61.6 million for the quarter from A$60.4 million a year ago, while adjusted net property income (NPI) grew 1.9 per cent on the year to A$50.2 million from A$49.3 million.

This increase was thanks to contributions from FLT's acquisitions in Europe and Australia, and were partially offset by divestment activities in Australia.

Distributable income rose 9.3 per cent year on year to A$39.3 million for Q4 from A$36 million a year ago.

FLT's total distributions for the six months from April 1 to Sept 30 amounted to 3.46 cents per unit.

This comprises a distribution of 1.01 cents per unit for the period from Aug 8 to Sept 30, which will be paid out on Dec 16, as well as an advanced distribution of 2.45 cents per unit for the period from April 1 to Aug 7, which was paid on Nov 1.

Meanwhile, for the full year to Sept 30, DPU was up 4.8 per cent to 7.27 Australian cents from a year ago, or down 2.6 per cent to 7 cents.

Distributable income for the year surged 26.6 per cent to A$149.8 million and revenue increased 23 per cent to A$240.8 million. Full-year adjusted NPI was 26.1 per cent higher at A$195.9 million.

Robert Wallace, chief executive officer of the Reit manager, said on Wednesday: "We deepened our foothold in the major logistics markets of Australia, Germany and the Netherlands via the acquisitions of 11 freehold logistics properties and undertook three opportunistic divestments that were all transacted at premiums to book value."

"Leasing momentum for the year was strong with 11 deals signed, which will provide stability of income."

Units of FLT were flat at $1.25 at Tuesday's close, before the results were announced.