FLCT posts 6.3% rise in H2 DPU to S$0.0388
FRASERS Logistics and Commercial Trust's (FLCT) BUOU distribution per unit (DPU) rose by 6.3 per cent to 3.88 Singapore cents for its second half ended Sep 30, from 3.65 cents a year ago.
Gross revenue was up 11.4 per cent to S$237.6 million for the half-year period, from S$213.3 million a year ago. This was mainly attributable to acquisitions undertaken in FY2020 and FY2021, although it was partially offset by divestment activities during the same period, the manager said in a bourse filing on Thursday (Nov 11).
Net property income (NPI) grew 12.3 per cent on the year to S$181.3 million for the half year, from S$161.4 million.
Distributable income rose 11.8 per cent on year to S$139.6 million, from S$124.9 million.
The DPU will be paid out on Dec 16, 2021, after the record date on Nov 19. Meanwhile, for the full year ended Sep 30, DPU was higher at 7.68 cents, versus 7.12 cents a year ago, and distributable income jumped 34.3 per cent to S$270.1 million.
Gross revenue was 41.4 per cent higher at S$469.3 million, while NPI climbed 37.5 per cent to S$355.2 million for the full year.
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In H2 FY2021, FLCT executed 60 leasing transactions across its logistics and commercial portfolio, representing a lettable area of 226,840 square metres (sq m), of which 151,975 sq m were completed during the fourth quarter ended Sep 30.
Its portfolio occupancy rate as at Sep 30 was 96.2 per cent, with a weighted average lease expiry of 4.8 years.
As at Sep 30, valuation of FLCT's portfolio increased to S$7.3 billion from S$6.2 billion a year ago, and net asset value per unit rose 12.7 per cent to S$1.24. This was mainly due to the acquisition of 6 freehold properties in Germany, the Netherlands and the UK, as well as a S$603.9 million valuation uplift in FLCT's investment properties.
Meanwhile, its aggregate leverage was at 33.7 per cent.
The Reit manager noted that even amid the uncertainty due to the pandemic, there has been no material impact on its portfolio to date. Only the retail segment of its commercial portfolio - representing a minor proportion of FLCT's total portfolio income - was more challenged.
The manager said capital and liquidity management remains a key strategic priority, and it will continue to focus on proactive asset and lease management strategies to generate sustainable long-term value for FLCT unitholders.
Units of FLCT closed at S$1.52 on Thursday, climbing three cents or 2.01 per cent.
READ MORE:
- Covid-19 impact expected to be limited for FY2021: FLCT
- Frasers Logistics & Commercial Trust H1 DPU up 9.5% to 3.8 S cents post merger
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