SINGAPORE - Frasers Logistics & Industrial Trust (FLT) reported on Friday (May 5) a first-quarter distribution per unit (DPU) of 1.75 Singapore cents, beating its own projection of 1.64 cents.
Distributable income for the Reit, which gained its listing in June last year, came in at A$25.1 million (S$26 million) for the quarter, 5.9 per cent above forecast.
Gross revenue for the three months to end-March, 2017, was 1.6 per cent higher than projected at A$40.9 million while net property income was 2.4 per cent more than forecast at A$34.5 million.
Mr Robert Wallace, chief executive officer of the Reit manager, said, "We are heartened that FLT has achieved results ahead of forecast for the third consecutive financial period. This was made possible on the back of interest cost savings, proactive leasing activities and the acquisition of the three call option properties in late 2016."
The Reit manager said it expects FLT to at least meet the FY2017 DPU Forecast of 6.50 cents contained in its prospectus barring any unforeseen circumstances.
FLT is the first Singapore-listed Reit with an initial pure-play Australian industrial portfolio.
Some 13,111 square metres of new lease and lease renewals were completed in the quarter, bringing total new leases and renewals executed since FLT's listing to 113,956 sq m, or 9.3 per cent of the total portfolio gross leasable area.
Portfolio occupancy held firm at 99.3 per cent as at end-March., while the total value of FLT's portfolio stood at A$1.75 billion.