Frasers Logistics & Commercial Trust posts lower H2 DPU
Patricia Karunungan
DESPITE no year-on-year change to its distributable income for the second half-year ended Sep 30, Frasers Logistics & Commercial Trust (FLCT) posted a lower distribution per unit (DPU) of 3.77 Singapore cents for the period, a 2.8 per cent fall from 3.88 cents.
The real estate investment trust recorded a distributable income of S$139.6 million for H2, largely unchanged from a year ago. The DPU of 3.77 cents brings total DPU for FY2022 to 7.62 cents, 0.8 per cent lower than the 7.68 cents for FY2021.
FLCT’s adjusted net property income fell 10.6 per cent to S$162.1 million from S$181.3 million, while its revenue decreased by 9.7 per cent to S$214.5 million from S$237.6 million.
The divestment of Cross Street Exchange, coupled with weaker exchange rates, resulted in lower adjusted net property income and half-year revenue, said the trust’s manager on Thursday (Nov 10). These were partially offset by contributions from acquisitions made in FY2021 and FY2022.
The distribution will be paid out on Dec 15, after books closure on Nov 18.
The trust’s weighted average lease expiry stood at 4.5 years, with a portfolio occupancy rate of 96.4 per cent.
Units of FLCT were up 1.8 per cent, or S$0.02, at S$1.13 as at 9.50 am on Thursday.
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