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FLT raises Q3 DPU by 3.4% to 1.82 Australian cents

FRASERS Logistics & Industrial Trust (FLT) has nudged up third-quarter distribution per unit (DPU) by 3.4 per cent year-on-year, as earnings rose.

The manager announced on Friday a DPU of 1.82 Australian cents for the three months to June 30.

Otherwise, unitholders - who can choose to be paid in Singapore dollars or Australian dollars - would get 1.73 Singapore cents. FLT doles out its distributions twice-yearly.

Net property income rose by 24.4 per cent to A$48.9 million (S$46.3 million), while revenue was up by 21.6 per cent to A$60 million - fuelled by the past year's acquisitions in not just the portfolio's Australian home market, but also Germany and the Netherlands.

Distributable income came in 20.4 per cent higher at A$36.9 million.

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For the nine months, net property income was up by 37.3 per cent to A$145.7 million, on a 32.4 per cent increase in revenue to A$179.1 million.

FLT's 81 properties had a weighted average lease expiry of 6.27 years by gross rental income, and occupancy of 99.5 per cent, as at end-June. Gearing stood at 35.4 per cent.

The FLT portfolio has undergone reshuffles lately, including the A$134.2 million sale in June of a half-stake in a Queensland cold storage facility leased to supermarket chain Coles Group, which has been completed. The separate A$20.4 million disposal of a property in Victoria, which was announced in May, is expected to go through by year-end.

Meanwhile, the manager disclosed plans earlier this month to pick up 12 freehold logistics assets in Germany and Australia, which Robert Wallace, chief executive officer of the manager, said in a statement would expand the trust's footprint "in two sought-after logistics markets".

Calling the quarter "a busy period for FLT, in which we continued with our active asset management strategies", he added: "These portfolio optimisation initiatives are expected to provide further income stability and reduce tenant concentration."

The manager said in its outlook statement that it will continue to keep an eye on global trade tensions, as well as Britain's planned departure from the European Union.

FLT closed flat at S$1.21 on Friday before the results were announced.

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