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Frasers Logistics & Industrial Trust Q2 distributable income rises 3% to A$25.9m
FRASERS Logistics & Industrial Trust (FLT) posted an increase in distributable income of 3.2 per cent to A$25.9 million (S$26 million) in its second quarter.
Distribution per unit stood at 1.81 Singapore cents, up from 1.75 Singapore cents.
Gross revenue increased 6.4 per cent to A$43.6 million from the preceding year, while adjusted net property income rose 8.1 per cent to A$33.4 million from the previous year.
This was due to additional contributions from four completed industrial properties in Australia that were acquired in mid-June 2017, as well as the Beaulieu and Stanley Black & Decker facilities, which had achieved practical completion on Oct 13, 2017 and Nov 17, 2017 respectively.
A higher hedged exchange rate also helped, FLT said.
FLT declared a distribution of 3.61 Singapore cents per unit for the period from Oct 1, 2017 to March 31 this year, to be paid on June 26.
The books closure date is May 18.
FLT's portfolio comprises 61 Australian industrial and logistics real estate assets concentrated within markets such as Sydney, Melbourne and Brisbane.
It said that national supply levels are above the long-term average with development activities concentrated in Sydney and Melbourne, while Brisbane is at parity with its long-term average.
Occupier demand from third-party logistics, retail goods and e-commerce have helped with above-average take-up levels in the three markets, and is well-supported by government infrastructure spending and strong population growth, particularly in New South Wales and Victoria.
The company also announced a proposed acquisition on April 20 of a portfolio of 21 logistics and industrial properties in Germany and the Netherlands. The transaction is expected to be completed by June this year, subject to unitholders' approval at an extraordinary general meeting on May 8.
FLT units closed S$0.03 or 2.9 per cent down at S$1.02 on Monday.