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Frasers Logistics & Industrial Trust Q3 DPU up 2.9%

FRASERS Logistics & Industrial Trust (FLT) posted a 2.9 per cent rise in distribution per unit (DPU) to 1.8 Singapore cents for the fiscal third quarter ended June 30, it announced on Wednesday night after the market closed.

The reit's gross revenue for the quarter was up 22.6 per cent to A$49.3 million, from A$40.2 million for the year-ago period. Adjusted net property income was up 27.4 per cent to A$39.3 million from A$30.8 million previously.

Distributable income was A$30.7 million, up 22.4 per cent from A$25 million.

The quarter saw three leases executed in Australia, for a total gross lettable area of 118,279 sq m. As at June 30, FLT's portfolio remained at near full occupancy of 99.3 per cent.

As at June 30, FLT’s aggregate leverage was 36.3 per cent, "providing adequate available debt headroom for growth", said the reit's manager. Total borrowings were A$1.08 billion, 81 per cent of which were at fixed interest rates.

Frasers Logistics and Industrial Trust units closed unchanged at S$1.05 on Wednesday before the results release.

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