SINGAPORE (May 9): Frasers Logistics & Industrial Trust’s (FLT) 2QFY18 results came in within the expectations of OCBC Investment Research.
Gross revenue rose 6.4% y-o-y to A$43.6 million ($43.5 million) while NPI grew 3.3% to A$35.7 million, driven largely by the acquisitions of four completed properties in FY17 and contribution from two development assets last year.
DPU in AUD terms declined 2.9% y-o-y to 1.70 A cents as only 67.5% of management fees were taken in units in 2Q18, versus 100% in 2Q17. If 100% of the fees were taken in units instead, 2Q18 DPU would have grown 1.1% y-o-y to 1.77 A cents.
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