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Frasers Logistics & Industrial Trust DPU up 0.6% in Q4

FRASERS Logistics & Industrial Trust (FLT) has posted a distribution per unit (DPU) of 1.78 Singapore cents in its fiscal fourth quarter, up 0.6 per cent from 1.77 cents in the same period last year.

Revenue in the three months ended Sept 30 was A$60.4 million (S$60 million), up 43.2 per cent. Net property income rose 52.6 per cent to A$49.3 million.

The increases were due mainly to the acquisition of 21 properties in Germany and the Netherlands completed in May, as well as the acquisition of two prime grade properties in Australia in September.

As at Sept 30, portfolio occupancy was 99.6 per cent, with a weighted average lease expiry (WALE) by gross rental income of 6.87 years, with 2.5 per cent of leases expiring in the financial year ending Sept 30, 2019.

During the quarter, the Reit also divested two non-core properties in Australia in August. It acquired Mandeveld 12 in Meppel, the Netherlands on Oct 31.

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Robert Wallace, chief executive of the Reit manager, said: “The fundamentals for our key markets of Australia, Germany and the Netherlands are expected to remain positive, underpinned by healthy economic data and a burgeoning e-commerce sector, which has driven demand for industrial and logistics properties. For Australia, high levels of public infrastructure spending, population and consumption growth will continue to drive demand for industrial and logistics space. The German and Dutch markets are similarly in an upswing with growing demand for industrial and logistics space set against a backdrop of limited supply.”

Full-year DPU was 7.19 Singapore cents, up 2.6 per cent from FLT's 2017 fiscal year. Distributable income in the 12 months ended Sept 30 rose 16.6 per cent to A$118.3 million. Full-year revenue was 20.1 per cent higher at A$195.8 million while net property income rose 20.8 per cent to A$161.8 million.

Net asset value per unit was S$0.94 as at Sept 30, unchanged from Dec 31 last year.

FLT units fell 1.92 per cent or two Singapore cents to S$1.02 before results were released on Monday evening.

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