SINGAPORE (Apr 30): The manager of newly-merged enlarged REIT <a href="https://www.theedgesingapore.com/news/ma/frasers-enlarged-reit-be-known-frasers-logistics-commercial-trust-after-merger" target="_blank">Frasers Logistics Commercial Trust (FLCT)</a>, which was formerly Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT), has reported a distribution per unit (DPU) of 1.73 cents for 2QFY2020 ended March. This is a 1.7% dip y-o-y compared to last year’s 1.76 cents.

This brings the REIT's half year DPU to 3.47 cents, some 2% lower than DPU of 3.54 cents a year ago.

Distributable income for the quarter came in at A$43.1 million, up 16.7% from A$36.9 million a year ago.

Revenue grew 12.8% y-o-y to A$67.3 million from last year’s A$59.7 million, backed by contributions from acquisitions in Europe and Australia in FY2019. This was, however, partially offset by divestment activities in Australia including properties at 63-79 South Park Drive in Victoria, 99 Sandstone Place in Queensland, and Lot 1 Heatherton Road.

See also: <a href="https://www.theedgesingapore.com/news/ma/flt-fcot-unitholders-vote-overwhelmingly-favour-merger-create-57-bil-behemoth" target="_blank">FLT, FCOT unitholders vote overwhelmingly in favour of merger to create $5.7 bil behemoth</a>

Property expenses dropped 4.7% to A$10.2 million y-o-y from last year’s A$10.7 million.

Correspondingly, net property income (NPI) rose 14.2% y-o-y to A$54.7 million from last year’s A$47.9 million.

With the merger, FLCT’s enlarged portfolio of 99 quality industrial and commercial properties is valued at approximately A$3.8 billion, and maintains a high occupancy rate of above 97% as at March 31.

In its outlook statement, the manager of FLCT says the REIT is focused on managing any financial implications arising from Covid-19 and will continue to work closely with FLCT’s customers to overcome this trying period together”.

“Capital and liquidity management will continue to be a key strategic priority,” it adds.

As at 10.12am, units in FLT were trading at 3 cents higher, or 3% up at $1.03.

Frasers Logistics & Commercial Trust 2QFY20 DPU dips 1.7% to 1.73 cents

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Frasers Logistics & Commercial Trust 2QFY20 DPU dips 1.7% to 1.73 cents

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