Frasers Logistics & Industrial Trust posts DPU of 1.84 Singapore cents, exceeding forecast

FRASERS Logistics & Industrial Trust (FLT) posted a distribution per unit (DPU) of 1.84 Singapore cents for the period June 20 to Sept 30, exceeding its own forecast of 1.79 cents.

The newly listed real estate investment trust (Reit) recorded gross revenue of A$43.1 million (S$45.8 million) for the quarter, against forecasts of A$42.7 million, as a tenant was found for the vacant Lot 5 Kangaroo Avenue in April, and two call option properties (Indian Drive and Pearson Road) were acquired one month ahead of forecast.

Following these acquisitions, FLT's asset portfolio now comprises 53 industrial properties with a gross lettable area of about 1.2 million square metres, with a weighted average lease expiry of 6.6 years and occupancy rate of 99.2 per cent.

The Reit manager's chief executive officer Robert Wallace said that FLT has achieved a good set of maiden results. "FLT is in a good position to capitalise on the rebalancing of Australia's economy towards a consumption drive economy, which will benefit both the consumer and logistics sectors - a majority of FLT's tenant profile," he added.