May 6, 2021
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Frasers Logistics & Commercial Trust announced its distribution per unit increased 9.5% year-on-year to 3.80 cents, up from 3.47 cents. Source: Frasers Logistics & Commercial Trust

Frasers Logistics & Commercial Trust (FLCT) saw its distribution per unit (DPU) increase 9.5% to 3.80 Singapore cents in the first half ended 31 March 2021 from 3.47 cents over the same period last year, revealed Frasers Logistics & Commercial Asset Management Pte. Ltd. in an SGX filing on Thursday (6 May).

This comes as FLCT registered a record revenue of $231.7 million in 1H FY2021, which was a 95.1% increase from the $118.7 million posted in 1H FY2020. 

Adjusted net property income also surged 79.3% to $173.9 million from $96.98 million previously.

Frasers Logistics & Commercial Asset Management Pte. Ltd. attributed the hike mainly to contributions from Frasers Logistics Trust’s merger with Frasers Commercial Trust in April 2020, the acquisitions made within the financial year ended 30 September 2020 and the strengthening of the Australian dollar and euro to the Singapore dollar.

The increases were partly offset by FLCT’s divestments in 1H FY2021 as well as the rental waivers and allowance for doubtful receivables of $1.2 million due to the COVID-19 pandemic.

With this, FLCT’s distributable income jumped 71.1% to $130.4 million in 1H FY2021 from $76.2 million in 1H FY2020.

The trust executed 33 leasing transactions in 1H FY2021, representing a lettable area of 126,133 sq m. The healthy leasing momentum allowed FLCT to maintain a robust occupancy rate of 96.8% as well as a weighted average lease expiry of 4.7 years. 

FLCT also completed the divestment of its three leasehold properties in South Australia on 24 March 2021.

“FLCT’s performance in the year-to-date demonstrates the strength and resiliency of our prime logistics and commercial portfolio, further reinforced by our proactive asset, capital and investment management approach,” said Robert Wallace, CEO of the REIT manager.

“We also achieved two milestones in April 2021, firstly with FLCT being included as a constituent stock of the benchmark Straits Times Index and secondly, the assignment to FLCT of an inaugural ‘BBB+’ credit rating with a ‘Stable’ outlook by global rating agency S&P Global. Both achievements are expected to elevate FLCT’s profile and will assist it to generate sustainable long-term growth for unitholders.”

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg 

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