Frasers Logistics & Commercial Trust posts fiscal 2H21 adjusted net property income grew 12 percent

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Frasers Logistics & Commercial Trust reported Thursday its fiscal second half adjusted net property income grew 12.3 percent on-year to S$181.27 million, mainly on acquisitions, partly offset by divestments and rental waivers.

Adjusted net property income excludes straight lining adjustments for rental income and adds lease payments for right-of-use assets, the trust said. Excluding the adjustments, net property income for the six-month period grew 11 percent on-year to S$186.82 million, FLCT said.

Revenue for the April-to-September period increased 11.4 percent on-year to S$237.63 million, the trust said in a filing to SGX.

The distribution per unit (DPU) for the six-month period rose 6.3 percent on-year to 3.88 Singapore cents, up from 3.65 Singapore cents in the year-ago period, FLCT said.

Rental waivers were S$1.6 million in fiscal 2021, compared with S$5.7 million in the year-ago period, FLCT said.

Portfolio occupancy was at 96.2 percent at end-September, the trust said.

For the full fiscal year ended 30 September, Frasers Logistics & Commercial Trust reported adjusted net property income rose 37.5 percent on-year to S$355.16 million on revenue of S$469.33 million, up 41.4 percent on-year. The DPU grew 7.9 percent on-year to 7.68 Singapore cents, up from 7.12 Singapore cents in the year-ago period.

“Amidst the uncertainties brought about by the Covid-19 Delta variant in our operating markets, we are pleased to deliver a strong performance for FY2021,” Robert Wallace, CEO of the REIT’s manager, said in the statement. “Our quality portfolio continued to demonstrate resiliency, with our core logistics and industrial properties contributing significantly to our valuation uplift.”

FLCT’s portfolio had 103 properties valued at around S$7.3 billion at end-September, up from S$6.2 billion a year earlier, mainly on the acquisition of six properties in Germany, the Netherlands and the U.K. during the year as well as a S$603.9 million valuation boost to investment properties, the filing said.

“Backed by the strengths of our attractive portfolio and our global customer network, FLCT is well-positioned to capitalise on strong logistics industry tailwinds and continue to seek further exposure to attractive growth sectors,” Wallace said.

Read more about Frasers Logistics & Commercial Trust’s full-year earnings.

Correction: An earlier version of this article misspelled the company name in the headline; the correct spelling is Frasers Logistics & Commercial Trust.