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FLT posts Q4 DPU of 1.77 S cents, 9% above forecast

FRASERS Logistics & Industrial Trust (FLT) on Thursday posted a distribution per unit (DPU) of 1.77 Singapore cents for its financial period ended Sept 30, 2017, an 8.6 per cent increase from its forecasted 1.63 cents.

Gross revenue for the quarter came up to A$42.2 million (S$44.07 million), 4.8 per cent higher than the forecasted A$40.3 million, while adjusted net property income was A$32.3 million, 4.7 per cent above forecast. FLT, whose fiscal year ended on Sept 30, was formed in June 2016, and so no year-on-year comparisons were provided.

Distributable income was 12.1 per cent above forecast at A$26.5 million, backed by contributions from the four completed properties acquired in August 2017, coupon interest income from the three development properties, and partially due to the recovery of an insurance claim provided for in the prior quarter, said FLT.

FLT had already paid an advanced distribution of 0.09 Singapore cent per unit in September for the period from July 1 to 5, 2017. The remaining payout of 1.68 Singapore cent per unit for the quarter will be paid on Dec 19, 2017. Including advanced distributions already paid in September, FLT's total distributions for the six-month period from April 1, 2017 to Sept 30, 2017 will amount to 3.52 Singapore cents.

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The total value of FLT's portfolio was A$1.91 billion as at Sept 30, 2017. FLT said that this represented a valuation uplift of A$35.5 million or 1.9 per cent following independent valuations of FLT's 61 properties as at Sept 30, 2017, compared to A$1.88 billion from previous valuations.