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ARA Logos DPU for Q2 rises 0.4% to 1.326 S cents

ARA Logos Logistics Trust's (ALog) distribution per unit (DPU) rose 0.4 per cent to 1.326 Singapore cents for the second quarter ended June 30, 2020, from 1.321 cents a year ago.

Gross revenue was up 4.3 per cent to S$29 million for the quarter, from S$27.8 million a year ago.

The real estate investment trust's (Reit) manager said in a regulatory filing on Tuesday that its improved performance was underpinned by higher revenue generated from the commencement of new leases for certain properties during the quarter.

Net property income (NPI) rose 7 per cent on the year to S$21.9 million for the quarter, from S$20.5 million.

The distributable income rose 1.3 per cent year on year to S$14.5 million, from S$14.3 million. This distribution will be paid out on Aug 28, after books close on Aug 6.

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The Reit's manager said the Q2 distributable income includes S$500,000 of the S$2.5 million distributable income retained in Q1.

The remaining amount is being retained to address potential mandatory rental deferment and/or waivers required to support some tenants, it added.  No further distributable income was retained for Q2.

The manger added that it will continue to review the release of the remaining S$2 million while "remaining mindful of the current conditions". 

Meanwhile, for the half year ended June 30, DPU was lower at 2.323 Singapore cents, versus 2.834 cents a year ago, and the distributable income sank 17.3 per cent to S$25.3 million.

Without the S$2 million retention, H1 DPU would have been 2.506 cents, the manager said.

Gross revenue was 1.4 per cent lower at S$57.8 million, while NPI sank 0.7 per cent to S$43.9 million for the half year.

Chief executive officer of the Reit's manager, Daniel Cerf, said the Reit continues to see high rental collection rate across its portfolio.

He also pointed out the resilience of the logistics sector, which is "well-supported by structural demand drivers such as extraordinary growth in e-commerce and the distinct shifts in global supply chain management resulting from the (Covid-19) pandemic conditions".

Units of ALog were trading at S$0.63 as at 9.22am on Tuesday, up S$0.03 or 5 per cent, after the results were released.

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