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Frasers Logistics & Industrial Trust records lower DPU of 1.70 Australian cents for Q1

MAINBOARD-LISTED Frasers Logistics & Industrial Trust (FLT) posted a 2.3 per cent decrease in distribution per unit (DPU) for the first quarter.

For the three months ended Dec 31, 2017, DPU was 1.70 Australian cents, down from 1.74 Australian cents in Q1 2017.

The DPU in Q1 2018 was calculated based on 78.1 per cent of management fees to be taken in the form of units and after taking into consideration the forward foreign currency exchange contracts entered into to hedge the currency risk for distributions to unitholders at A$1:S$1.0583. In Q1 2017, the exchange rate was A$1:S$1.

If recorded in Singapore cents, DPU will be 1.80 in Q1 2018, up from 1.74 Singapore cents the year before.

FLT's Q1 2018 revenue rose 6.9 per cent to A$42.4 million, while adjusted net property income (NPI) rose 8.9 per cent to A$33.4 million.

The adjusted NPI comprises the actual net property income excluding straight lining adjustments for rental income, and after adding back straight lining adjustments for ground leases, FLT said.

Distributable income grew 3.9 per cent to A$25.9 million in Q1 2018, lifted by contributions from four completed properties acquired in August last year, contributions from the Beaulieu and Stanley Black & Decker facilities, as well as the recognition of a full quarter's contribution from the Martin Brower call option property which was acquired on Nov 30, 2016.

Separately, FLT held an annual general meeting on Thursday, where a third supplemental deed has been entered into on Jan 25 between Frasers Logistics & Industrial Asset Management, FLT's manager, and Perpetual (Asia) Limited, in its capacity as trustee of FLT.

This is to amend the deed of trust dated Nov 30, 2015, constituting FLT, as amended, restated or supplemented from time to time, in accordance with the proposed electronic communications trust deed supplement.

FLT closed unchanged at S$1.16 on Thursday.

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